MIRA INFORM REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. SUMATERA PRIMA FIBREBOARD |
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Formerly Known As : |
P.T. MEGARIMBA
KARYATAMA |
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Registered Office : |
Wisma Indocement, 7th Floor, Jalan Jend. Sudirman Kav. 70-71, Jakarta Selatan, 12910 |
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Country : |
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Date of Incorporation : |
10.11.1993 |
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Com. Reg. No.: |
No. AHU-AH.01.10-00354 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Medium Density Fiberboard (MDF) Manufacturing |
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No. of Employees
: |
335 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 6,000,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
P.T. SUMATERA PRIMA FIBREBOARD
Head Office
Wisma Indocement,
7th Floor
Jalan Jend.
Sudirman Kav. 70-71
Jakarta Selatan,
12910
Indonesia
Phones -
(62-21) 57940499 (Hunting)
Fax - (62-21) 57940495
Building Area - 25 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya
Prabumulih Km. 28
Desa Pulau
Semambu, Ogan Ilir
Indralaya, 30622
South Sumatera
Indonesia
Phones -
(62-711) 580321 (Hunting)
Fax - (62-711) 580323, 581660
Land Area - 50,000 sq.
meters
Building Space - 27,000 sq. meters
Region - Industrial
Zone
Status - Owned
a. 10 November
1993 as P.T. MEGARIMBA KARYATAMA
b. 14 July 2003
as P.T. SUMATERA PRIMA FIBREBOARD
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
- No. C2-6290 HT.01.01.TH.1994
Dated 21 April 1994
- No. C-17829 HT.01.04.TH.2003
Dated 30 July 2003
- No. AHU-62735.AH.01.02.TH.2008
Dated 15 September 2008
- No. AHU-AH.01.10-00354
Dated 7 January 2010
Foreign
Investment (PMA) Company
The Department of Finance
NPWP No.
01.642.919.3-057.000
The Capital Investment Coordinating Board
No. 77/V/PMA/2003
Dated 15
September 2003
A Member Company
of the NAPAN Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000,000.-
Issued Capital : Rp. 519,000,000,000.-
Paid up Capital : Rp. 519,000,000,000.-
Shareholders/Owners
:
a.
INTERNATIONAL VENTURES (L) LIMITED -
Rp. 221,400,000,000.-
Address : Level 2, Lot 19, Lazenda
Commercial
Center, Phase
3, 87000 Labuan F.T.
Malaysia
b. ASIA CIRCLE
INC. -
Rp. 206,400,000,000.-
Address : Portcullis Trustnet
Chambers
PO Box. 3444,
Road Town, Tortola
British Virgin
Island
c. P.T. MURNI
CIPTASENTOSA -
Rp. 41,400,000,000.-
Address : Wisma Indocement
Jl. Jend.
Sudirman Kav. 7—71
Jakarta Selatan
Indonesia
d. Mr. Andry
Pribadi -
Rp. 15,000,000,000.-
Address : Jl. Sekolah Duta 1 No. 14-16
Jakarta Selatan
Indonesia
e. Mr. Wilson
Pribadi -
Rp. 13,200,000,000.-
Address : Jl. HOS
Cokroaminoto No. 39
Jakarta Pusat
Indonesia
f. Mr. Deddy
Kusuma -
Rp. 12,000,000,000.-
Address : Jl. Gunawarman Block
Q No. 67
Jakarta
Selatan, Indonesia
g. Mr. Surya
Widjaja -
Rp. 9,600,000,000.-
Address : Jl. Terusan Hanglekir
No. IV/41
Jakarta Selatan
Indonesia
Lines of
Business :
Medium Density
Fiberboard (MDF) Manufacturing
Production
Capacity :
Medium Density
Fiberboard (MDF) - 125,000 cu. meters
p.a.
Total
Investment :
a. Equity Capital - Rp. 519.0 billion
b. Loan Capital -
Rp. 127.0 billion
c. Total Investment - Rp. 646.0 billion
Started
Operation :
2003
Brand Name :
Sumatera Prima
Fibreboard
Technical
Assistance :
None
Number of
Employee :
335 persons
Marketing Area
:
Export -
60%
Local -
40%
Main Customer
:
Buyers in Japan,
South Korea, China, Europe Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CANANG
INDAH
b. P.T. HIJAU
LESTARI RAYA FIBREBOARD
c. P.T. PARINDO PERMAI
d. P.T. RIMBA PARTIKEL INDONESIA
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan
Jend. Sudirman Kav. 22-23
Jakarta 12910
Indonesia
b. P.T. Bank MANDIRI Tbk
Wisma Indocement
Jalan Jend. Sudiman Kav.
70-71
Jakarta 12910
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 388.0
billion
2010 – Rp. 398.0
billion
2011 – Rp. 412.0
billion
Net Profit
(estimated) :
2009 – Rp. 34.9
billion
2010 – Rp. 35.8
billion
2011 – Rp. 40.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Andry Pribadi
Directors -
a. Mr. Hendrianto Winata
b. Mr. Michael Pribadi
c. Mr. John Hendrarso
d. Mrs. Caecilia Vonny Nuraini Juwono
e. Mr. Tee Thye Kuian
Board of Commissioners :
President Commissioner -
Mr. Wilson Pribadi
Commissioners -
a. Mr. Deddy Kusuma
b. Mr. Surya Widjaja
c. Mr. Tejo Utomo
Signatories :
President Director (Mr.
Andry Pribadi) or one of the Directors (Mr. Hendrianto Winata, Mr. Michael
Pribadi, Mr. John Hendrarso, Mrs. Caecilia Vonny Nuraini Juwono or Mr. Tee Thye
Kuian) which must be approved by Board of Commissioner.
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$ 6,000,000 on
90 days D/A
Initially named P.T. MEGARIMBA KARYATAMA it was established in November 1993 with the authorized capital of Rp. 50,000,000,000 issued capital of Rp. 40,000,000,000 entirely paid-up. Founders and original shareholders are Mr. Sudwikatmono, Mr. Eddy Sariatmadja, P.T. MURNI CIPTASENTOSA, Mr. Andry Pribadi AKA Liek Like Mien, Mr. Deddy Kusuma, Mr. Wilson Pribadi AKA Liem Oen Djoe and Mr. Surya Widjaja. They are all Indonesian businessmen of Chinese descent. The articles of association have frequently been revised. In July 2003, the company renamed to P.T. SUMATERA PRIMA FIBREBOARD (P.T. SPF). In July 2008, the authorized capital of the company was raised to Rp. 1,000,000,000,000 of which Rp. 519,000,000,000 was issued and fully paid up and concurrently whole shares of the company were controlled by Mr. Andry Pribadi AKA Liem Like Mien, Mr. Wilson Pribadi AKA Liem Oen Djoe, Mr. Deddy Kusuma, Mr. Surya Widjaja, P.T. MURNI CIPTASENTOSA, ASIA CIRCLE INC of British Virgin Island and INTERNATIONAL VENTURES (L) Ltd of Malaysia. We have since never heard of any changes having occurred in the capital structures and shareholder composition of the company to date. The latest in December 2009 the board of director and the board of commissioner has been changed (see profile of this report).
The latest revision of notary was made by Mrs. Agnes Angelika, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-00354, dated January 07, 2010. P.T. SPF's shareholder namely P.T. MURNI CIPTASENTOSA is a private company whose majority business stakes are controlled by the Pribadi family. The Pribadi family is also founders and majority business stakes owner of the NAWA PANDUTA Group or the NAPAN Group, a medium sized business group in Indonesia.
P.T. SPF obtained license from Indonesian Investment Coordinating Board (BKPM) for dealing with medium density fiber board (MDF) manufacturing by managing a plant located at Desa Tanjung Seteko Km. 28, Indralaya, Ogan Komering Ilir, South Sumatra standing on 5.0 hectares land operating as from October 2003 with a capacity of 125,000 cubic meters of MDF per annum. The supply of raw material in the form of rubber woods is purchased from the Department of Forestry and smallholder’s plantation in South Sumatra. Construction of the plant absorbed an investment of Rp. 646.0 billion. Some 60% of her company products is exported to various countries including China, South Korea and Japan, Germany and the rest 40% is marketed locally to wooden furniture manufacturing companies through out Indonesian major cities. Some of the medium density fiberboard supplied wooden furniture among others are P.T. CIPTA PANEL BUANA, P.T. RIMBAWOOD ARSILESTARI, P.T. CAHAYA BUANA INTITAMA and other companies. We observe that P.T. SPF is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, demand for processed wood including medium density fiber (MDF) has been fluctuating in the last five years in line with the fluctuating export and domestic markets. It is estimated that the demand will kept on rising in the coming two-three years. Meanwhile, the competition is very tight on account of lots of similar companies operating in the country. The woodworking industry had been turning down within the last five years due to lack of raw materials, as far from transportation facility and fluctuation of export demand. It is estimated will keep going down within the coming two or three years as the impact of global economic crisis and tight banking liquidity since October 2008 hitherto. But we are sure that P.T. SPF will be able to maintain its business in the next years. The growth of said business is evident from the production and utility growth of the processed wood export volume and export value of plywood and sawn timber below:
The Export Growth of
the Indonesian Main Processed Wood Products
2005 – 2010
|
Type of
Commodities |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Plywood : -Volume (000 tons) -Value (US$ million) |
2,214.8 1,374.7 |
1,979.1 1,506.6 |
1,754.2 1,524.7 |
1,659.3 1,527.2 |
1,430.4 1,189.5 |
1,834.7 1,635.3 |
|
San Timber: -Volume (000 tons) -Value (US$ million) |
371.7 281.6 |
474.5 414.8 |
151.0 144.1 |
51.1 55.6 |
36.4 36.7 |
32.3 31.3 |
|
Other Wood Products: -Volume (000 tons) -Value (US$ million) |
2,143.5 1,430.2 |
1,926.2 1,403.4 |
1,713.0 1,409.0 |
1,059.3 1,238.2 |
1,201.4 1,048.8 |
1,825.1 1,204.0 |
Source: Central Bureau of Statistics (BPS)
Until this time P.T. SPF has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. SPF is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2009 amounted to Rp. 388.0 billion
rose to Rp. 398.0 billion in 2010 increased to Rp. 412.0 billion in 2011 and
projected to go on rising by at least 5% in 2012. The operation in 2011 yielded
an estimated net profit of at least Rp. 40.4 billion and the company has an
estimated total net worth of at least Rp. 551.0 billion. We observe that P.T.
SPF is supported by foreign partner with has financially strong and sound
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank Indonesia). The company usually pays its debts
punctually to suppliers.
The management of P.T. SPF is led by Mr. Andry Pribadi (63) a
businessman and professional manager of the NAPAN Group with experience in
medium density fibreboard manufacturing and trading. The company's management
is handled by professional manager in the above business. They have wide
relations with private businessmen within and outside the country. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. SUMATERA
PRIMA FIBREBOARD is sufficiently fairly good for business transaction.
Attachment:
List of the NAPAN
Group Members
1.
ACRINDONUSA FIBRE PRATAMA, P.T. (Acrylic Fibre
Manufacturing)
2.
ADHIKARA SANDIKA, P.T. (Rubber Thread Manufacturing)
3.
ADIKARSA RAYAPRIMA, P.T. (Trading and Suppliers)
4.
ADIKRIDA PRIMALESTARI, P.T. (Trading and Suppliers)
5.
AMCOL HOLDING (S) PTE. LTD., Singapore (Investment Holding)
6.
ANDALAN PRIMULA, P.T.
(Investment Holding)
7.
ARCOM PRIMANTARA SYSTEMS, P.T. (Agency and Distribution of Computers
and Peripherals)
8.
ARGA INDAH PRATAMA, P.T. (Housing Development)
9.
ARGA MOLEK KENCANA, P.T. (Real Estate Development)
10.
ARGHA KARYA PRIMA INDUSTRY Tbk., P.T. (Oriented
Polypropylene Film Manufacturing)
11.
ARGHA SEALINDOPRIMA INDUSTRY, P.T. (Automotive Seal
Manufacturing)
12.
ASIAN CONRAD HOLDING Ltd., British Virgin Island (Investment
Holding)
13.
ASTENIA, P.T. (Investment Holding)
14.
BAHANAJAYA ADISAKTI, P.T. (General Contracting, Trading and
Transportation Service)
15.
BATAVIA CITY REALTY, P.T. (Properties Development and
Management)
16.
BHASKARA DUNIAJAYA, P.T. (Investment Holding)
17.
BHUMANDALA AGUNG, P.T. (Investment Holding)
18.
BINA TAMBAK LESTARI, P.T. (Shrimp Culture)
19.
BRANTA MULIA Tbk., P.T. (Nylon Tyre Cord Manufacturing)
20.
BRANTA MULIA MALAYSIA, Malaysia (Nylon Tyre Cord Manufacturing)
21.
BRANTA MULIA TEIJIN INDONESIA, P.T. (Nylon Filament Yarns
Manufacturing)
22.
BUMI LESTARI ABADI, P.T. (Housing Development)
23.
CATERISON SUKSES, P.T. (Country Club Management)
24.
CENTRALINDO PANCASAKTI, P.T. (Cellular Telephone Operator
and Investment Holding)
25.
CITRA MARGA NUSAPHALA PERSADA, P.T. (Toll Road Management)
26. DERMAGA PERKASA PRATAMA, P.T. (Coal Terminal
Management)
27.
DJATI YUDHA CELLULAR, P.T. (Telecommunication Development)
28.
DUABANU INTERNUSA, P.T. (Granite Mining and Processing)
29.
DUTA NUSABINA LESTARI, P.T. (Property Management)
30.
DUTA PERKASA UNGGULESTARI, P.T. (Real Estate Management)
31. ELANGMAS PERKASA SEJATI, P.T. (Industrial Estate
Management)
32.
FOREVERGREEN INTERNATIONAL, P.T. (International Restaurant)
33.
GITANIRWANA MANDRASAKTI, P.T. (Investment Holding)
34.
HARTINDO CHEMICATAMA INDUSTRI, P.T. (Chemicals for Fire
Extinguisher Manufacturing)
35.
INDOALUM INTIKARSA INDUSTRY, P.T. (Aluminum Sheet and Foil
Industry)
36.
INDOCITRA GRAHABAWANA, P.T. (Property Management and
Development)
37.
INDOFIRST NUSANTARA SYNTHETIC RUBBER, P.T. (Styrene
Butadiene Rubber Industry)
38.
INDOPOLY SWAKARSA INDUSTRY, P.T. (BOPP Film Manufacturing)
39.
INTERNATIONAL RESOURCES CORPORATION, USA, (Trading)
40.
INTERNATIONAL REOURCES (HK) LTD., Hongkong, (Trading)
41.
INTINUSA SELAREKSA Tbk., P.T. (Integrated Natural Granite
Processor)
42.
JANGGALA PRIMA, P.T. (Trading and Suppliers)
43.
JAPAN TRAVEL BUREAU INDONESIA, P.T. (Travel Agency)
44.
KARYA YUDHA SAKTI, P.T. (Housing Development)
45.
KEMAYORANLAND Corporation, P.T. (Property Management)
46.
KUNINGAN PROPERTAMA, P.T. (Property Development and
Management)
47.
LAYANG KENCANA PRIMA, P.T. (Trading and Supplier)
48.
LONDON SUMATRA INDONESIA, P.T. Perusahaan Perkebunan
(Integrated Cocoa, Palm Oil, Coffee, Tea and Rubber Plantation and Investment
Holding)
49.
MATAHARI LINTAS CAKRAWALA, P.T. (Direct Broadcasting
Satellite Television Services)
50.
MAG INDONESIA CITRA, P.T. (Sub Assy and Electronic Component
Manufacturing)
51.
MEGACITY DEVELOPMENT CORPORATION, P.T. (Apartment Developer
Management)
52.
MEGATAMA RAYA, P.T. (Consulting)
53.
MULTI BATURA UTAMA, P.T. (General Trading, Exporters,
Suppliers and Distributors)
54.
MULTI GRANITINDO UTAMA, P.T. (Granite Mining and Processing)
55.
MULTI HARAPAN UTAMA,
P.T. (Trading)
56.
MULTI MEDIA NUSANTARA, P.T. (Pay TV Cable and Multimedia
Provider)
57.
MURNICIPTA SENTOSA, P.T. (Investment Holding)
58.
NALCO PERKASA, P.T. (Industrial Chemical Formulation)
59.
NAWA PANDUTA, P.T. (General Trading and Investment Holding)
60.
NUGRAHABUANA BUMINUSA, P.T. (Granite Mining and Processing)
61.
NUSATEL YUDHA BHAKTI, P.T. (Telecommunication Contracting)
62.
PAN LONDON SUMATRA PLANTATION, P.T. (Investment Holding)
63. PANCA PURI PERKASA INDAH, P.T. (Industrial Estate
Management)
64.
PERKASA STERILINDO, P.T. (Sterilization Service)
65.
PETRA NADA KENCANA, P.T. (Graphite Electrodes Manufacturing)
66.
POLYPRIMA KARYAREKSA, P.T. (Purified Terephthalic Acid (PTA)
Processing)
67.
PRISMATAMA NUGRAHA, P.T. (Trading and Suppliers)
68.
POLYPET KARYAPERSADA, P.T. (Polyethylene Therephtalate
Industry)
69.
PRAJA PURI INDAH, P.T. (Shopping Centre and Industrial
Estate Development)
70.
PRIMA INTERLOKASI, P.T. (Trading and Suppliers)
71.
PRIMA CITRA ELOK, P.T. (Trading and Suppliers)
72.
PRIMANUSA INDONESIA, P.T. (Investment Holding)
73.
PUTRAMITA LUHURSEJATI, P.T. (Investment Holding)
74.
RAYAPRIMA LESTARI, P.T. (Trading and Suppliers)
75.
REXFORD PRATAMA, P.T. (Trading, Supplier and Distributor)
76.
RIAUALAM ANUGERAH INDONESIA, P.T. (Granite Mining and
Processing)
77.
SAHAMAS ARTANUSA, P.T. (Stock Exchange Brokerage Services)
78.
SARILEMBAH TIRTA HIJAU, P.T. (Luxury Apartment Management)
79. SAROTAMA PRIMA PERKASA, P.T. (Tourism Industry)
80.
SAYAPNUSA PRIMA, P.T. (Trading and Suppliers)
81.
SEMESTAKIMIA RAYA, P.T. (Trading of Industrial Chemicals)
82.
SINAR BENUAPRIMA, P.T. (Coal Mining and Destillation)
83.
STENTA FILMS (Malaysia) Sdn., Bdh., (BOPP Film
Manufacturing)
84.
SUMATERA PRIMA FIBREBOARD, P.T. (Medium Density Fibreboard
Manufacturing)
85.
SURYA CITRA TELEVISI, P.T. (Commercial Television
Broadcasting Services)
86.
SURYANUSA PERKASA, P.T. (Hotelry and Recreation Centre
Management)
87.
SWASTHI PARAMA MULYA, P.T. (Rubber Thread Manufacturing)
88.
THAI BRANTA MULIA CO., LTD., Thailand (Nylon Tyre Cord
Manufacturing)
89.
TRANSINDO PUTRA
PERKASA, P.T. (Land Transportation)
90.
WIRASWASTA GEMILANG INDONESIA, P.T. (Used Lubricating Oil
Refinery)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
UK Pound |
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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.