MIRA INFORM REPORT
|
Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KIMIA FARMA Tbk |
|
|
|
|
Formerly Known As : |
P.T.
KIMIA FARMA |
|
|
|
|
Registered Office : |
Jalan Veteran No.
9, Gambir, Jakarta Pusat, 10110 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1817 |
|
|
|
|
Com. Reg. No.: |
No. AHU-47137.AH.01.02.Tahun 2008 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Pharmaceutical and Cosmetic Manufacturing, Distribution, Wholesaler and Retailer |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 39,200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of
Company
P.T. KIMIA FARMA Tbk
company Address
Head Office
Jalan Veteran No.
9
Gambir
Jakarta Pusat,
10110
Indonesia
Phone -
(62-21) 384 7709 (Hunting)
Fax - (62-21) 345 4338
E-mail - ipo@kimiafarma.co.id
Website - http://www.kimiafarma.co.id
Building Area - 2 storey
Office Space - 1,600 sq.
meters
Region - Commercial
Building
Status - Owned
Factories
a. Jalan Rawa Gelam V
Gambir
Jakarta Pusat, 10110
Indonesia
Phone - (62-21) 460 9354 (Hunting)
Fax -
(62-21) 460 3143
Building Area - 9,600 sq. meters
Building Space - 7,500 sq. meters
Region - Industrial Estate
Status - Owned
b. Jalan Cicendo
No. 43
Bandung 40171
West Java
Indonesia
Phone - (62-22) 420 4044 (Hunting)
Fax -
(62-22) 420 4662
Building Area - 7,600 sq. meters
Building Space - 5,500 sq. meters
Region - Industrial Zone
Status - Owned
c. Jalan Medan Tanjung Morawa Km. 9
Medan, North Sumatera
Indonesia
Phone - (62-61) 765 744, 767022
Fax -
(62-61) 765 744
Building Area - 8,600 sq. meters
Building Space - 6,500 sq. meters
Region - Industrial Estate
Status - Owned
d. Jalan
Watudakon
Mokokerto 61301
East Java
Indonesia
Phone - (62-31) 397 300-2
Fax -
(62-31) 397 303
Building Area - 7,600 sq. meters
Building Space - 5,700 sq. meters
Region - Industrial Zone
Status - Owned
e. Jalan
Pajajaran No. 29-31
Bandung 40171
Indonesia
Phone - (62-22) 420 4043 (Hunting)
Fax -
(62-22) 437 7070
Building Area - 8,700 sq. meters
Building Space - 7,000 sq. meters
Region - Industrial Zone
Status - Owned
f. Jalan Simongan
Semarang 50148
Central Java
Indonesia
Phone - (62-24) 604 060, 605 273
Fax -
(62-24) 605 265
Building Area - 7,500 sq. meters
Building Space - 6,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 1817 as N.V. CHEMICALIEN HANDELRATHKAMP & CO.
b. 1865 as N.V. PHARMACEUTISCHE HANDEL VERENEGING J.VAN GORKOM & CO.
c. 1960 as P.N. FARMASI DAN ALAT-ALAT KESEHATAN BHINEKA KIMIA FARMA
d. 16 August 1971 as P.T.
KIMIA FARMA
e. 27 April 2001 as P.T.
KIMIA FARMA Tbk
Legal Form
P.T. (Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. J.A.5/184/21
Dated 14 October 1971
- No. AHU-47137.AH.01.02.Tahun 2008
Dated 04 August 2008
Company Status
State Owned Enterprise
Permit by the Government
Department
The Department of Finance
NPWP No. 1.001.627.7-051.000
The Department of Industry and Trade
TDP No. 09.05.1.51.36864
The Capital Investment Coordinating Board
No. 74/II/PMDN/1985
Dated 14 October 1985
The Department of Health
No. 13/Ph/54/b
Dated 21 January 1954
The Capital Market Supervisory Agency
No. S-1415/PM/2001
Dated 14 June 2001
Subsidiary Companies
a. P.T. KIMIA FARMA APOTEK (Retail Pharmaceutical, Health Clinic)
b. P.T. KIMIA FARMA HEALTH CARE (Health Care Guarantee Services)
c. P.T. KIMIA FARMA TRADING & DISTRIBUTION (Trade and Distribution)
d. P.T. SINKONA INDONESIA
LESTARI (Kina Processing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital :
Rp. 2,000,000,000,000.-
Issued Capital :
Rp. 555,400,000,000.-
Paid up Capital :
Rp. 555,400,000,000.-
Shareholders/Owners
:
a. The
Government of the Republic of Indonesia -
Rp. 500,000,000,000.-
b. Employees
and Management of PT. Kimia Farma - Rp.
1,514,300,000.-
c. Publics -
Rp. 53,885,700,000.-
BUSINESS ACTIVITIES
Lines of
Business :
a. Pharmaceutical and Cosmetic Manufacturing, Distribution, Wholesaler
and Retailer
b. Sole Agent and Distribution of Pharmaceutical
c. Investment Holding
Production
Capacity :
a. Liquids -
48,000 litres p.a.
b. Suspensions - 48,000 litres p.a.
c. Tablets - 240 million pcs.
p.a.
d. Capsules - 240 million pcs.
p.a.
e. Syrups - 120,000 litres p.a.
f. Injections - 30 million vials
p.a.
g. Powders - 120,000 Kgs. p.a.
h. Drops - 12,000 litres p.a.
i. Ointments - 12,000 Kgs. p.a.
j. Creams - 12,000 Kgs. p.a.
k. Crystals - 24,000 Kgs. p.a.
l. Granulars - 12,000 Kgs. p.a.
m. Condoms - 300,000 pcs. p.a.
o. Infusions - 300,000 litres p.a.
p. Injection for Family Planning -
300,000 litres p.a.
q. Iodines - 100,000 Kgs. p.a.
As Agent for :
- AIRSHIELDS Suction Units, Respirator & Ventilator Equipment of the
USA
- ALASWERK WETHEIM Glasswares and other Laboratory Apparatus of Germany
- ANSELL Gloves, Face Mask & Surgical Drops of Australia
- AQUA LOGISTIC Oxygen Therapy Equipment of the USA
- BECTON DICKSON Histopathology Equipment of the USA
- CORNING General Chemicals, Reagent, Radio Chemicals, Glassware and
Laboratory Apparatus
- KARL HECHT Culture Media of Germany
- NUCLETRON Radiotherapy Equipment of the USA
- OLYMPUS Microscope & Photomicrographic Equipment of the USA
- RUD RUSTER Sphygmomanometers and Stethoscopes of Germany
- SHIMADZU Radiodiagnostic & Radiotheraphy Equipment of Japan
- STOPLER General Medical Equipment of the Netherlands
- STORZ Endoscope & Fibre Optic Equipment of Germany
- TECNICON Hematology Equipment and Encephalograph of Germany
- NIHON KOHDEN Cardiology Equipment of Japan
- ROBERT MATHYS Orthopedic Implants & Related Instruments of
Switzerland
- Others
Total Investment
a. Equity Capital -
Rp. 300.0 billion
b. Loan Capital -
Rp. 160.0 billion
c. Total Investment - Rp. 460.0 billion
Started Operation
1960
Brand Name
KIMIA FARMA
Technical Assistance
None
Number of Employee
5,597 persons (including its two subsidiary companies)
Marketing Area
Domestic - 85%
Export - 15%
Main Customer
Hospital, Medical Check Up, Drug Store, Dispensaries, etc
Market Situation
Very Competitive
Main Competitors
a. P.T. KALBE FARMA Tbk
b. P.T. DEXA MEDICA
c. P.T. PHAPROS Tbk
d. P.T. INDOFARMA Tbk
e. P.T. SANBE FARMA
f. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan
Ir. H. Juanda No. 25
Jakarta
Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma
46-Kota BNI
Jalan
Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Hendrawinata Gani & Hidayat (Grant Thornton)
Litigation :
The Subject was involved dispute with SOLVAY PHARMACEUTICAL B.V.,
Netherlands regarding Sercol brand. According verdict of Supreme Court that
Subject did not allow to produces and distributed drugs used Sercol.
FINANCIAL FIGURE
Annual Sales :
2008 – Rp. 2,704.7 billion
2009 – Rp. 2,854.1 billion
2010 – Rp. 3,183.8 billion
Net Profit :
2008 – Rp. 55.4 billion
2009 – Rp. 62.5 billion
2010 – Rp. 138.7 billion
Total Assets :
2008 – Rp.
1,445.7 billion
2009 – Rp.
1,565.8 billion
2010 – Rp.
1,657.3 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Syamsul Arifin
Directors - a. Mr. Rusdi Rosman
b. Mr. Agus Anwar
c. Mr. Jisman Siagian
d. Mr. Zurbandi
Board of Commissioners :
President Commissioner - Drs. Agus Muhammad, MAcc
Commissioners -
a. Dr. Sjafi’I Ahmad, MPH
b. Mr. Effendi Rangkuti, SH
c. Dr. H. Darmansyah
d. Mr. Dandossi Matram
Signatories :
President Director (Mr. Sjamsul Arifin) or
one of the Directors (Mr. Rusdi Rosman, Mr. Agus Anwar, Mr. Jisman Siagian or
Mr. Zurbandi) which must be approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 39,200,000 on the 90 days of payments
OVERALL PERFORMANCE
Initially named N.V. CHEMICALIEN HANDEL RATHKAMP & CO., established in 1817. The previous founding shareholders are a number of Dutchmen. In 1865 it was renamed N.V. PHARMACEUTISCHE HANDEL VERENEGING J. VAN GORKOM & CO. In 1954 after the independence of the Republic of Indonesia, it had been taken over by the state and in 1960 the name was changed to P.N. Alat-Alat Kesehatan BHINEKA KIMIA FARMA. In 1971 the name was changed again to P.T. KIMIA FARMA (P.T. KF) with a legal status of P.T. (Perseroan Terbatas) or Limited Liability Company. According to the latest notarial act in April 2001 the authorized capital was raised to Rp. 2,000,000,000,000 issued and paid up capital to Rp. 555,400,000,000. The whole share of P.T. KF is controlled by the government. To comply with the new law on public listed company, behind PT KIMIA FARMA, a new word Tbk., (Terbuka) was added.
In July 2001, the company became a public listed company by selling 9% its shares to the public through Jakarta Stock Exchange (BEJ). P.T. KFT is a state-owned enterprise (BUMN) under the Department of Health. The deed of amendment was made by Mrs. Imas Fatimah, SH., a public notary in Jakarta under Company Registration Number C-00458 HT.01.04.TH.2001, dated May 1, 2001. In 2008, the Articles of Association was amended based on dded No. 79 dated June 20, 2008 from Imas Fatimah, SH, notary in Jakarta. The amendment was approved by the Ministry of Law and Human Rights of Republic of Indoneesia in its Decisions Letter No. AH-47137.AH.01-02 dated August 4, 2008.
P.T. KF continues the operation of a company founded in the Dutch colonial era dealing with pharmaceutical industry (ethical and OTC). In the restructurization and development P.T. KF has acquired a Domestic Capital Investment (PMDN) facility. The company manages 6 plants consisting of 3 formulating plants and 3 manufacturing plants. The formulating plants are each located at Kawasan Industri Pulogadung, East Jakarta, 1 unit; Cicendo, Bandung, West Java, 1 unit and in Medan, North Sumatra, 1 unit.
The manufacturing plants are each located at Watudakon, Mojokerto, East Java, 1 unit for iodine processing; in Bandung, West Java, 1 unit, and in Semarang, Central Java, 1 unit. The drugs produced by the company are including seven OTC, Six ethical and 14 generics. Besides that, P.T. KF is the only company in producing iodine and iodized oil in soft capsule as well as scientific Indonesian traditional drugs. Besides,P.T. KF is also an agent for health, laboratory and hospital equipment.
To support the activities P.T. KF has managed 180 dispensaries spread over major cities in the country, 7 units of distribution and marketing offices each located at Jakarta, Medan, North Sumatra, Palembang, South Sumatra, Bandung, West Java, Semarang, Central Java, Surabaya, East Java and Ujung Pandang, South Sulawesi, for Indonesian Eastern part marketing area. Some 15% of the products of P.T. KFT are exported to Asian countries and the USA, 85% is marketed to government sectors and the rest is distributed to dispensaries and drug stores throughout the country. P.T. KF and other state-owned company P.T. INDOFARMA are appointed by the government to produce generic medicines and the basic material mostly imported is subsidized by the government.
Beside the above activities, P.T. KF has also engaged in the investment holding, it controls 99.99% shares of P.T. KIMIA FARMA APOTEK (Retail Pharmaceutical and Health Clinic) and 99.99% shares of P.T. KIMIA FARMA TRADING & DISTRIBUTION (Trade and Distribution), 19% shares of P.T. KIMIA FARMA HEALTH CARE in health care guarantee services and 15% shares of P.T. SINKONA INDONESIA LESTARI in kina processing industry. In 2009, the company has also recorded export sale with quite good growth, namely Rp. 57.067 billion rising by 52.26% from the year 2008 at Rp 37.48 billion. This increase of export sales was due to among other thins more intensive handling and addition of export destination countries.
According to data from Intercontinental medical Services (IMS), it is predicted that the growth of the national pharmaceutical market up to the end of 2009 reached 13.31% hence indicating a decrease compared to 2008 which grew by 16.59%. In 2009, two important events took place in this county, namely Legislative Election and Presidential Election. Business players had been waiting for the outcomes and these democratic outcomes serve as foundation to the company to grow in the future.
Generally, demand for laboratory and medical equipment and various
pharmaceutical products had been growing in the last five years up to the end
2007 as pictured in sales value of national pharmaceutical products, import
value and export value issued by the Food and Drug Controlling Board (BPOM).
The national pharmaceutical sales, export and import value of products are estimated
to be rising by 6% to 8% in the next year. The competition is very tight on
account many similar companies operating in the country. The business position
of P.T. KF is a sufficiently fairly good because the company has captive market
namely the state-owned hospital and private hospital in the country. According
the BPOM that national pharmaceutical sales as shown are as the following
table.
National Market Trend
of Drugs, 2001-2010 (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 |
7.891
9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21,142 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 |
Source: Food and Drug Controlling Board (BPOM)
The total sales turnover of P.T. KF in 2008 amounted to Rp. 2,704.7
billion with a net profit of Rp. 55.4 billion, increased to Rp. 2,854.0 billion
with a net profit of Rp. 62.5 billion in 2009 and rose again to Rp. 3,183.8
billion with a net profit of Rp. 138.7 billion in 2010. It is projected that
total sales turnover of the company will increase at least 6% in 2011We observe
that P.T. KF is supported by financially fairly strong behind it. So far, we
did not hear that the company having been black listed by the Central Bank
(Bank Indonesia). The financial statement of P.T. KF as per 31 December 2008,
2009 and 2010 is attached.
Litigation Matter
On January 26, 2009 the Central Jakarta Commercial Court decided the Company should abandon Sercol brands that have been used for one of the drug product. Thus, the court has granted a Dutch pharmaceutical company lawsuit Solvay Pharmaceuticals BV for using the brand. In its legal considerations, the judges stated, between the brand Sercol and Serc have proven the existence of elements similarities, after the above decision, the Company will continue its legal action. That decision had no impact on year 2009 financial statements.
The management of P.T. KF is led by Mr. Sjamsul Arifin (57). He is a
pharmacist graduated from Gajah Mada University, a leading university in the
country. In daily operation, he is assisted by four directors namely Mr. Rsdi
Rosman, Mr. Agus Anwar, Mr. Jisman Siagian and Mr. Zurbandi. The management of the company is handled by
professional managers having wide relation with private businessmen within and
outside the country and with the government sectors as well. We observed that management’s
reputation in said business is fairly good. So far, we did not hear that the
company’s management involved in a dirty business practice or detrimental cases
that settled in the country. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. PT. KIMIA FARMA
Tbk is fairly good for business transaction.
Attachment:
P.T. KIMIA FARMA Tbk
FINANCIAL STATEMENT
Per
31 December 2007, 2008, 2009 and 2010
A. BALANCE SHEETS
STATEMENT
(in Rp million)
|
D e s c r i p t i
o n |
31 December |
|||
|
2010 |
2009 |
2008 |
2007 |
|
|
A. Current
Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
265,445 |
163,821 |
221,956 |
224,514 |
|
- Trade Receivable |
357,712 |
304,591 |
265,127 |
300,141 |
|
- Other Receivables |
10,908 |
7,262 |
3,803 |
3,930 |
|
- Inventories |
386,654 |
437,406 |
414,916 |
302,486 |
|
- Prepaid Taxes |
103,229 |
91,514 |
28,268 |
50,600 |
|
- Advance |
1,161 |
1,285 |
2,526 |
1,325 |
|
- Prepaid Expenses |
14,439 |
15,005 |
14,022 |
10,451 |
|
Total Current Assets |
1,139,549 |
1,020,884 |
950,618 |
893,447 |
|
B. Non Current
Assets |
|
|
|
|
|
- Due to related Parties |
1,360 |
3,803 |
3,622 |
6,046 |
|
- Deferred Tax Assets |
31,764 |
27,935 |
26,122 |
24,391 |
|
- Long Term Investment |
262 |
737 |
737 |
737 |
|
- Fixed Assets |
413,197 |
402,062 |
397,948 |
395,334 |
|
- Non Used Assets |
9,302 |
9,122 |
9,122 |
9,122 |
|
- Deferred Expenses - Land |
5,166 |
6,171 |
9,434 |
12,382 |
|
- Other Non Current Assets |
56,693 |
91,910 |
48,077 |
45,281 |
|
Total Non Current Assets |
517,743 |
541,740 |
495,052 |
493,292 |
|
TOTAL ASSETS |
|
1,562,625 |
1,445,670 |
1,386,739 |
|
C. Current
Liabilities |
|
|
|
|
|
- Bank Loan |
39,312 |
59,775 |
150,387 |
76,690 |
|
- Trade Payable |
300,987 |
357,285 |
228,281 |
270,062 |
|
- Tax Liabilities |
26,723 |
26,581 |
21,155 |
24,379 |
|
- Advance Selling |
378 |
96 |
2,067 |
20,261 |
|
- Deferred Payables |
63,299 |
56,877 |
39,155 |
30,541 |
|
- Leasing loan - Short term |
4,062 |
2,985 |
-- |
-- |
|
- Other Current Liabilities |
35,060 |
7,254 |
8,809 |
11,631 |
|
Total Current Liabilities |
469,823 |
510,854 |
449,855 |
433,564 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Leasing loan - Long term |
4,658 |
5,452 |
- |
- |
|
- Allowance for Employees
Services |
68,777 |
51,003 |
48,050 |
45,147 |
|
- Loans from Government |
- |
- |
- |
- |
|
- Other Non Current
Liabilities |
|
|
- |
- |
|
Total Non Current Liabilities |
73,435 |
56,455 |
48,050 |
45,147 |
|
E. Equity |
|
|
|
|
|
- Issued and Paid up
Capital |
555,400 |
555,400 |
555,400 |
555,400 |
|
- Additional Paid up
Capital |
43,580 |
43,580 |
43,580 |
43,580 |
|
- Other option Capital |
- |
-- |
-- |
- |
|
- Revaluated of Fixed
Assets |
- |
-- |
-- |
44,862 |
|
- Retained Earnings |
515,049 |
396,336 |
348,785 |
264,196 |
|
Total Equity |
1,114,029 |
995,315 |
947,764 |
908,028 |
|
TOTAL LIABILITIES & EQUITY |
1,657,292 |
1,562,625 |
1,445,670 |
1,386,739 |
B. PROFIT &
LOSS STATEMENT
(in
Rp million)
|
D e s c r I p t I
o n |
|
31 December |
||
|
|
2009 |
2008 |
2006 |
|
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
3,183,829 |
2,854,058 |
2,704,728 |
2,365,636 |
|
b. Cost of Goods Sold |
(2,279,310) |
(2,065,808) |
(1,982,480) |
(1,717,631) |
|
c. Gross Profit |
904,519 |
788,250 |
722,248 |
648,005 |
|
d. Operational Expenses |
(758,321) |
(676,317) |
(615,211) |
(570,506) |
|
e. Operational Profit |
146,198 |
111,933 |
107,037 |
77,500 |
|
f. Other Income (Expenses) |
32,413 |
(12,204) |
(10,931) |
4,970 |
|
g. Profit Before Income Tax |
178,611 |
99,730 |
96,106 |
82,470 |
|
h. Income Tax |
(39,895) |
(37,223) |
(40,712) |
(30,280) |
|
i. Net Profit |
138,716 |
62,507 |
55,394 |
52,189 |
Remarks: a. 31 December 2007, 2008, 2009 & 2010 audited by Hendrawinata
Gani & Hidayat, public accountant
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.