MIRA INFORM REPORT
|
Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TUNAS INTI ABADI |
|
|
|
|
Registered Office : |
Gedung TMT 1, 9th Floor Suite 901, Jalan Cilandak KKO No. 1, Jakarta
Selatan, 12560, Jakarta Barat, 11520 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
11.11.2003 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-17625 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Trading,
Development, Industry, Agribusiness, Services, Mining |
|
|
|
|
No. of Employees
: |
112 persons |
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$ 6,250,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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. TUNAS INTI ABADI
company Address
Head Office
Gedung TMT 1, 9th
Floor Suite 901
Jalan Cilandak KKO No. 1
Jakarta Selatan, 12560
Jakarta Barat,
11520
Indonesia
Phones - (62-21) 299 76733 (Hunting)
Fax - (62-21) 299 76731, 299 76732
E-mail - marketing@tiacoal.co.id
officemanagement@tiacoal.co.id
Website - http://www.tia-compliantcoal.co.id
Building Area - 22 storey
Office Area - 200 sq. meters
Region - Commercial
Status - Rent
Branch
Jalan Provinsi
Km. 204
Sebamban, Kec.
Sei Loban
Kabupaten Tanah
Bumbu, 70249
South Kalimantan
Indonesia
Phone -
(62-21) 299 76733 Ext. 5420 VSAT
Land Area - 1,200 sq.
meters
Building Area - 500 sq. meters
Region -
Industrial Zone
Status -
Rent
Mining Site
Sei Loban, Angsana and Kusan Hulu
Kabupaten Tanah
Bumbu
South Kalimantan
Date of Incorporation
11 November 2003
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. C-09745 HT.01.01.TH.2004
Dated 21 April 2004
- No. AHU-57347.AH.01.02.TH.2008
Dated 1 September 2008
- No. AHU-54866.AH.01.02.TH.2009
Dated 11 November 2009
- No. AHU-45954.AH.01.02.TH.2010
Dated 28 September 2010
- No. AHU-AH.01.10-17625
Dated 9 June 2011
Company Status
National Private
Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
02.361.752.5-017.000
Tanah Bumbu
Regency (Bupati Tanah Bumbu)
- No. 545/45-EX/KP/D.FE/2005
Dated 16 March 2005
- No. 545/054/IUP-OP/D.PE/2010
Dated 22 March 2010
- No. 545/055/IUP-OP/D.PE/2010
Dated 22 March 2010
Tanah Bumbu
Government Authority (Department of Industry and Trade)
No. 733/Perindag/PTBB/2010
Related Company
A Member Company of the TIARA MARGA TRAKINDO Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 200,000,000,000.-
Issued Capital - Rp. 150,000,000,000.-
Paid up Capital - Rp. 150,000,000,000.-
Shareholders/Owners
:
a. P.T.
RESWARA MINERGI HARTAMA -
Rp. 149,987,500,000.-
Address : Gedung TMT 1, 18th
Floor Suite 1802
Jl. Cilandak KKO No. 1
Jakarta Selatan, Indonesia
b. P.T. SANGGAR SARANA BAJA - Rp. 12,500,000.-
Address : Jl. Rawa Sumur No. 10
Kawasan
Industri Pulogadung, Cakung
Jakarta Timur,
Indonesia
BUSINESS ACTIVITIES
Lines of
Business (Source Notary Deed of P.T. TIA) :
Trading,
Development, Industry, Agribusiness, Services, Mining
Actual Lines
of Business :
Coal Mining
Production Capacity :
Coals -
1,000,000 tons per annum
Total
Investment :
Owned Capital - Rp. 200.0 billion
Started
Operation :
July 2009
Brand Name :
Tunas Inti Abadi (TIA)
Technical
Assistance :
None
Number of
Employee :
112 persons
Marketing Area :
Export -
90%
Local - 10%
Main Customer
:
Buyers in China,
India, Philippine, Thailand and South Korea
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ANTANG
GUNUNG MERATUS
b. P.T. BAHARI
CAKRAWALA SEBUKU
c. P.T. INTEREX
SACRA RAYA
d. P.T. MAHAKAM
SUMBER JAYA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 3-38
Jakarta Selatan
Indonesia
b. STANDARD CHARTERED Bank
Wisma
Standard Chartered Bank
Jalan
Jend. Sudirman Kav. 33 A
Jakarta Pusat
Indonesia
c. CITIBANK N.A.
Landmark
Centre
Jalan
Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
The Subject was involved in dispute with Mr. Haji Adi Yusuf
and Mr. Syamsudin recorded on Tanah Bumbu Regency Court. According information
that P.T. TIA was paid as compensation amounted Rp. 3.0 billion to Mr. Haji Adi
Yusuf and Mr. Syamsudin.
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 237.5
billion (July – December)
2010 – Rp. 475.0
billion
2011 – Rp. 245.0
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 19.0
billion (July – December)
2010 – Rp. 38.0
billion
2011 – Rp. 20.8
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Harry Asmar
Director -
Mr. Danan Kadarachman
General Manager -
Mr. Beverly Shutt
Board of Commissioners :
President Commissioner -
Mr. Achmad Ananda Djajanegara
Commissioners -
a. Mr. Syahnan Poerba
b. Mr. Willy Agung Adipradhana
c. Mr. Yovie Priadi
Signatories :
President Director (Mr.
Harry Asmar) or the Director (Mr. Danan Kadarachman) which must be approved by
Board of Commissioner
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$ 6,250,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. TUNAS INTI ABADI (P.T. TIA) was incorporated in Banjarmasin, South Kalimantan on November 11, 2003 with the authorized capital of Rp. 1,500,000,000 issued capital of Rp. 1,231,000,000 entirely paid up. The founding shareholders of the company are P.T. SUMBERDDAYA SEWATAMA (98.98%) and P.T. SANGGAR SARANA BAJA (1.02%). The company notary deed was made by Mrs. Veronika Nataadmadja, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. C-09745 HT.01.01.TH.2004 dated April 21, 2004. The company notary deed had been changed a couple of times.
In August 2008 P.T. SUMBERDAYA SEWATAMA pulled out and the whole share had been taken over by P.T. ABM INVESTAMA as new shareholder. With this time the composition of its shareholders has been changed to become P.T. SUMBERDAYA SEWATAMA (98.98%) and P.T. SANGGAR SARANA BAJA (1.02%). However the composition of the board of director and the board of commissioner remained the same. The deed of amendments was made by Mrs. Rina Utami Djauhari, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-57347.AH.01.02.TH.2008 dated September 1, 2008.
Later in October 2009 the authorized capital was increased to Rp. 200,000,000,000 issued capital to Rp. 50,000,000,000 fully and paid up. With this development the composition of its shareholders has been changed to become P.T. ABM INVESTAMA (99.98%) and P.T. SANGGAR SARANA BAJA (0.02%). Meanwhile the composition of the board of director and the board of commissioner remained the same. The deed of amendments was made by Mr. Mansur Ishak, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-54866.AH.01.02.TH.2009 dated November 11, 2009.
Then in September 2010 P.T. ABM INVESTAMA pulled out and the
whole share sold to P.T. RESWARA MINERGI HARTAMA as new shareholder. With this
development the composition of its shareholders has been changed to become P.T.
RESWARA MINERGI HARTAMA (99.98%) and P.T. SANGGAR SARANA BAJA (0.02%). The deed
of amendments was made by Mrs. Djumini Setyoadi, SH., K.Kn., a public notary in
Jakarta and was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-45954.AH.01.02.TH.2010 dated September 28, 2010.
The latest on June 1, 2011 the issued capital was raised to Rp. 150,000,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become P.T. RESWARA MINERGI HARTAMA (99.99%) and P.T. SANGGAR SARANA BAJA (0.01%). The latest revision of notary documents was made by Mrs. Djumini Setyoadi, SH., M.Kn., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-17625 dated June 9, 2011.
We observe the majority shareholder namely P.T. RESWARA MINERGI HARTAMA (P.T. RMH) was formed on 19th October 2010, and is positioned as a sub-holding integrated coal-mine company. P.T. RMH owns 99.99% of P.T. TUNAS INTI ABADI (TIA), a medium-sized coal mine concession; and also owns 99.99% of P.T. PELABUHAN BUANA REJA (P.T. PBR), a seaport terminal that is currently in the completion stage. P.T. RMH also owns 70% shares of P.T. MEDIA DJAYA BERSAMA (P.T. MDB) that fully owns 2 coal-mine concessions located in Aceh Province under the name P.T. BARA ENERGI LESTARI that operates in the district of Seunagan and Suka Makmue, Nagan Raya Regency, and P.T. MIFA BERSAUDARA (MIFA) that operates in the Meureboe district. Besides, P.T. SANGGAR SARANA BAJA is a private national company dealing with heavy equipment and component manufacturing.
We note that the both shareholders of P.T. RESWARA MINERGI HARTAMA and P.T. SANGGAR SARANA BAJA a member company of the TIARA MARGA TRAKINDO Group or TRAKINDO UTAMA Group, a medium sized company group in the country of which its majority business stakes are controlled by Mr. Drs. Achmad Hadiat Kismet Hamami and his family members.
P.T. TIA started to be operating since July 2009 in coal mining and distillation by manages a concession area located at Sei Loban, Angsana and Kusan Hulu, Tanah Bumbu Regency, South Kalimantan.
P.T. TIA has two IUPs with production operation No 545/054/IUP-OP/D.PE/2010 and 545/055/IUP-OP/D.PE/2010 released by local government Tanah Bumbu on March 22, 2010, also has a Trading License No 733/Perindag/PTBB/2010. The concession area of 3,074 Ha is located in the administrative region of Sei Loban, Angsana and Kusan Hulu, Kab. Tanah Bumbu, approximately 204 km north-east of the city of Banjarmasin, South Kalimantan Province.
P.T. TIA started its Commercial production on July 2009, supported by qualified mining contractor P.T. CIPTA KRIDATAMA (CK). The coal deposit in concession area is mined using open pit mining method with excavators, loader, rigid and articulated dump trucks, graders and bulldozer for overburden removal and coal mining activities. Experienced Mining Engineers carry out short term and long term mine plan to support our mining activities. The main activity in mining operation are land clearing, topsoil removal, overburden removal, coal cleaning and loading, coal hauling and road maintenance. TIA constructed a dedicated 20 meter wide semi all weather hauling road from pit to port (27 Km) and underpass at Km 204 from Banjarmasin. Port infrastructure is under construction and will support TIA operation both mining and port activities. The Port with an annual capacity of 5,000,000 MT per year.
Based on geological studies, the proven coal reserves found in the concession area could be mined for a period of up to 12 years, with a maximum production of about 3 (three) million tons per year. The concession is a mere of 27 km from the port Sebamban Baru Kab. Tanah Bumbu, the port facility that we use is an open sea which can be loaded 270-300 feet barge, and haul road with 50 tons truck capacity are owned by the P.T. TIA. P.T. TIA produces sub-bituminous blending coal under the trading name of TIA Compliant Coal, which is generally defined as low sulphur and ash coal. P.T. TIA started its first mining activities in July 2009 and had its first sale in October 2010. According information from Mr. Nurcahyo (Marketing of Sebamban mining site) and Mr. Farid (Marketing Jakarta) explained that currently the production of coal is amounted at 1,000,000 tons per annum.
P.T. TIA concession area is 4.305 Ha, based on exploration data and geological study, P.T. TIA reserves is 27.8 million MT with main seam coal average thickness 3-4 m. It is expected that mine able reserves with increase as further exploration drilling is carried out. TIA Compliant Sub Bituminous Coal for power plant and blending coal which is generally described as a low sulphur and ash. This type of coal is currently sought by Asian power generation companies for blending purpose due to its low sulphur and ash characteristics.
TIA Compliant Coal is generally described as low sulphur and ash. This type of coal is currently sought by Asian power generation companies for blending purpose due to its low sulphur and ash characteristics. The wide range of Total Moisture depends on the weather condition which mostly in the rainy season the Total Moisture increases. The table below describes the coal quality for TIA Compliant Coal. TIA produce low rank steaming and blending coal under the trade name of Compliant Coal which is described and ash as below table.
Tia Compliant Coal
|
Parameter |
Unit |
Value |
|
Total Moistures (arb) |
% |
34 –
37 |
|
Inherent Moisture (adb) |
% |
14 –
15 |
|
Ash (adb) |
% |
5 –
7 |
|
Volatile Matter (adb) |
% |
38 –
40 |
|
Fixed Carbon (adb) |
% |
By
different |
|
Gross Calorific (adb) |
kcal/kg |
5400
– 5600 |
|
Sulphur (adb) |
% |
0.3
– 0.5 |
|
HGI |
|
55
Approx |
|
Size (mm) |
|
0 –
50 |
Source: P.T. TIA and APBI-ICMA
P.T. TIA port had been construction and operational in January 2011. Stockpile capacity 150,000 MT, weigh bridge, crushing plant (capacity 750 MT/Hour) and conveyor loading with capacity 1,400 MT/Hour. Our crushing plant can have coal size from 0-50 mm, 0-80 mm or 0-100 mm. The jetty also can load for manual coal with size 0-250 mm. TIA Compliant Coal marketed to India, China, and Philippines as well as domestic market. Medium term plan is to get long term supply contracts to Asian Market (India, China, Thailand and Philippines) for Power Plant and cement factory. Due to the high market demand with the superior blending characteristic of TIA Compliant Coal and further benefited by Indonesia’s close proximity to key Asian Markets. Projection for 2011 TIA Compliant Coal will produce 3,000,000 MT per year. TIA
In order to assist small coal companies in the area adjacent to TIA, Tia Coal Trading was established to trade coal and increases various coal qualities for the National and International coal market.
Tia Coal Trading
|
<Parameter |
Unit |
TIA |
TIA |
|
Total Moistures (arb) |
% |
37 – 39 |
35 – 37 |
|
Inherent Moisture (adb) |
% |
15 |
15 |
|
Ash (adb) |
% |
5 – 8 |
5 – 8 |
|
Volatile Matter (adb) |
% |
38 – 40 |
38 – 40 |
|
Fixed Carbon (adb) |
% |
By different |
By different |
|
Gross Calorific (adb) |
kcal/kg |
5300 – 5100 |
5500 – 5300 |
|
Sulphur (adb) |
% |
0.4 – 0.6 |
0.4 – 0.6 |
|
HGI |
|
55 Approx |
55 Approx |
|
Size (mm) |
|
0 – 50 |
0 – 50 |
Source: P.T. TIA and APBI-ICMA
We observe the operation of P.T. TIA has been growing and developing well in the last three years. In its operation its supported by the TIARA MARGA TRAKINDO Group.
Source: Investigation
from P.T. TIA, Mr. Nurchahyo and Mr. Farid (marketing staff)
We find that the demand for coal mining contracting services, heavy/mining equipment rental, repair and maintenance services and mining contracting services was rising by about 7% to 8% on the average per year in the five years, in close correlation with the fast development of mining companies in the country. The international market demand for coal has kept on rising within the last five years as evident from the data put-out by the Central Bureau of Statistic (BPS) regarding Indonesian coal product export as bellows. The national coal industries in Indonesia have swiftly been growing. According to the Central Bureau of Statistics (BPS), the national coal export in 2005 amounted US$ 4,354.0 million rocketed to US$ 6,085.7 million in 2006 to US$ 6,681.5 million in 2007 and rose again to US$ 10,485.1 million in 2008 rocketed to US$ 13,817.3 million in 2009 to US$ 18,499.3 million in 2010 and projected to go on rising by at least 6% in 2011.
Whereas, the national coal production in 2005 reached 152.7 million tons rocketed to 193.8 million tons in 2006 to 216.9 million tons in 2007 to 240.2 million tons in 2008 increased to 256.2 million tons in 2009 and rose again to 275.2 million tons in 2010. The growth of coal production and export in Indonesia in 2005 to 2010 is pictured on the following table:
|
Year |
Production (thousand tons) |
Export (thousand tons) |
Value (US$ million) |
|
2005 |
152,722 |
110,790 |
4,354.0 |
|
2006 |
193,761 |
143,633 |
6,085.7 |
|
2007 |
216,946 |
163,000 |
6,681.5 |
|
2008 |
240,249 |
191,430 |
10,485.1 |
|
2009 |
256,181 |
198,366 |
13,817.3 |
|
2010 |
275,164 |
208,000 |
18,499.3 |
Source: Directorate General Coal and
Mineral, Statistic of Central Board and processed by ICB
P.T. TIA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. TIA is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in the first operation July to December 2009 amounted to Rp. 237.5 billion increased to Rp. 475.0 billion in 2010. As from January to June 2011 the sales turnover has reached at least Rp. 245.0 billion with a net profit of Rp. 20.8 billion and projected to go on rising by at least 5% in 2012. The company has an estimated total net worth by at Rp. 176.0 billion. So far we did not hear that the company registered with the black list of Bank of Indonesia (Central Bank) or involved in the civil case that settled through the country court.
Pursuant to the Deed of Notary, President Director of P.T. TIA is Mr. Harry Asmar (52) a professional manager with has experience in the field of coal mining and distillation. Prior he is a former professional manager and director mining of P.T. INCO Tbk and also former manager of P.T. KALTIM PRIMA COAL. Besides, he is also assisted by Mr. Danan Kadarachman (51) as director. Mr. Kadarachman is also former professional manager of P.T. CHANDRA SAKTI UTAMA LEASING and director of P.T. CLEMON FINANCE INDONESIA both are engaged in multi finance services. The management is also backed and handled by experts and professionals in their respective field having wide relation with home and overseas private businessmen.
But the prime mover of the company is Mr. Achmad Ananda Djajanegara (45), a professional manager of the TIARA MARGA TRAKINDO Group. Andi Djajanegara obtained his Bachelor of Business Administration from the Faculty of Social and Political Sciences, University of Indonesia in 1990 and his Master of Business Administration from the Rotterdam School of Management, Erasmus University, Rotterdam, the Netherlands in 1992. He was appointed President Director of P.T. ABM Investama in 2010. Previously he served as ABM’s Managing Director (2009-2010), Chief Strategy Officer of PT Tiara Marga Trakindo (2008-2009), Managing Director of Standard Chartered Bank (2007-2008), Senior Director of Standard Chartered Bank (2006-2007), Partner Corporate Finance and Advisory Fund Asia (2006-2006), Managing Director of Abacus Capital (2001-2003), and some various assignments at Bank of America since 1992.
They have wide relations with private businessmen within and outside the country and with the government sector. So far we have never heard that the board of directors and commissioners of the company involved in business malpractices or detrimental cases that settled through the court. Their litigation record is clean and they have never involved in civil or criminal cases or politics in the country. Both are not in bankruptcy condition as their business is running well. We are convinced P.T. TUNAS INTI ABADI is sufficiently fairly good for business cooperation.
Attachment:
List of TIARA
MARGA TRAKINDO or TRAKINDO UTAMA Group
1.
ABM
INVESTAMA, P.T. (Investment Holding)
2.
ALFA
TRANS RAYA, P.T. (Ship Chartering Services)
3.
BARA ENERGI LESTARI, P.T. (Coal Mining)
4.
BARUNA
DIRGA DHARMA, P.T. (Coal Shipping Transportation/Shipping Services)
5.
CATERPILAR
FINANCE INDONESIA, P.T. (Financing Services)
6.
CHAKRA
JAWARA, P.T. (Trading and Distributor of Iveco and Kenworth Truck)
7.
CHANDRA
SAKTI UTAMA LEASING, P.T. (Finance and Leasing Services)
8.
CHITRA
PARATAMA, P.T. (Manpower and Outsourcing Services)
9.
CIPTA
KRIDA BAHARI, P.T. (Integrated Logistic Services)
10.
CIPTA
KRIDATAMA, P.T. (Heavy Equipment Services and Investment Holding)
11.
CIPTA
KRIDA BAHARI, P.T. (Freight Forwarding Services)
12.
MEDIA
DJAYA BERSAMA, P.T. (Investment Holding)
13.
MIFA
BERSAUDARA, P.T. (Coal Mining)
14.
MITRA
SOLUSI TELEMATIKA, P.T. (Information and Technology Services)
15.
NAGATA
BISMA SHAKTI, P.T. (Renewable Energy Services)
16.
PELABUHAN
BUANA REJA, P.T. (Port Services Management)
17.
PRADIPA
ARYASATYA, P.T. (Independent Power Plant Services)
18.
PRIMA
WIGUNA PARAMA, P.T. (Material Handling Services)
19.
RESWARA
MINERGI HARTAMA, P.T. (Holding Company/Investment Holding)
20.
SANGGAR
SARANA BAJA, P.T. (Specialist Steel Fabrication, Pressure Vessels and Heavy
Equipment Services)
21.
SUMBERDAYA
SEWATAMA, P.T. (Trading and Rental of Heavy Equipments)
22.
TIARAMARGA
TRAKINDO, P.T. (Investment Holding)
23.
TRAKINDO UTAMA SERVICES Pte. Ltd. (Exporter of Earthmoving Equipment
Related Product & Services)
24.
TRAKINDO
UTAMA, P.T. (Trading, Sole Agent and Distribution of Heavy Duty Equipment,
Machinery and Technical Goods and Investment Holding)
25.
TUNAS
INTI ABADI, P.T. (Coal Mining)
26.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.42 |
|
UK Pound |
1 |
Rs.81.92 |
|
Euro |
1 |
Rs.69.94 |
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.