|
Report Date : |
18.04.2012 |
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 : |
|
|
|
|
|
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 |
|
|
|
|
No. of Employees : |
5,359 persons (including its two subsidiary companies) |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 39,200,000 |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Exists |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. KIMIA
FARMA Tbk
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
Kawasan
Industri Pulogadung
Jakarta Timur, 13930
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
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.-
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 liters p.a.
b. Suspensions - 48,000 liters p.a.
c. Tablets - 240 million pieces
p.a.
d. Capsules - 240 million pieces
p.a.
e. Syrups - 120,000 liters p.a.
f. Injections - 30 million vials
p.a.
g. Powders - 120,000 Kgs. p.a.
h. Drops - 12,000 liters 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 pieces p.a.
o. Infusions - 300,000 liters p.a.
p. Injection for Family Planning -
300,000 liters 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 :
5,359 persons (including its two subsidiary companies)
Marketing Area
:
Local - 85%
Export -
15%
Main Customer
:
Hospital, Medical Check Up, Drug Store, Dispensaries, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DEXA
MEDICA
b. P.T. INDOFARMA
Tbk
c. P.T. KALBE
FARMA Tbk
d. P.T. SANBE
FARMA
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
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, Eddy &
Siddharta (Kreston International)
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.
Annual Sales :
2008 Rp. 2,704.7 billion
2009 Rp. 2,854.1 billion
2010 Rp. 3,183.8 billion
2011 Rp. 3,481.2 billion
Net Profit :
2008 Rp. 55.4 billion
2009 Rp. 62.5 billion
2010 Rp. 138.7 billion
2011 Rp. 171.8 billion
Total Assets :
2008 Rp.
1,445.7 billion
2009 Rp.
1,565.8 billion
2010 Rp.
1,657.3 billion
2011 Rp.
1,794.2 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Muhammad Syamsul Arifin
Directors - a. Mr. Drs. Rusdi Rosman,
MBA
b. Mr. Drs. Agus Anwar
c. Mr. Drs. Jisman Siagian
d. Mr. Drs. Zurbandi
Board of Commissioners :
President Commissioner - Mrs. dr. Ratna Rosita, MPHM
Commissioners -
a. Prof. Dr. Wahono Sumaryono
b. Mr. Dr. Ir. Upik Rosalina Wasrin, DEA
c. Mr. Mayjend. (Retired) Effendi Rangkuti,
SH
d. Mr. Rear Admiral (Retired) dr. Darmansyah
Signatories :
President Director (Mr. Muhammad Sjamsul
Arifin) or one of the Directors (Mr. Drs. Rusdi Rosman, MBA., Mr. Drs. Agus
Anwar, Mr. Drs. Jisman Siagian or Mr. Drs. Zurbandi) which must be approved by
Board of Commissioners.
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
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. Then in based on notary deed of
Mrs. Imas Fatimah, SH., No. 79 dated 20 June 2008 the board of directors and
the board of commissioner has been changed to lead and runs of the companys
operation. The deed of amendments was approved by the Ministry of Law and Human
Rights of Republic 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, Australia, New Zealand, Africa and Europe. Some
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. P.T. KF distributors are P.T. MERAPI UTAMA PHARMA, P.T. KIMIA FARMA
TRADING & DISTRIBUTION, P.T. TITRASANTANA INDAHPRATAMA, P.T. USANA UTAMA
and others.
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), 99% shares of P.T. KIMIA FARMA DAGNOSTIKA (Laboratories and
clinic services), 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 rose again to Rp. 3,183.8 billion with a net profit of Rp.
138.7 billion in 2010 and to Rp. 3,481.4 billion with a net profit of Rp. 171.8
billion in 2011. It is projected that total sales turnover of the company will
increase at least 6% in 2012. We 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, 2010 and 2011 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. Muhammad Sjamsul Arifin (58). 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. Rusdi 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 managements reputation in said business is fairly good.
So far, we did not hear that the companys management involved in a dirty
business practice or detrimental cases that settled in the country. The
companys 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 2008, 2009, 2010 and 2011
A. BALANCE SHEETS
STATEMENT
(In Rp million)
|
D e s c r i p t i
o n |
31 December |
|||
|
2011 |
2010 |
2009 |
2008 |
|
|
A. Current
Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
199,386 |
265,445 |
163,821 |
221,956 |
|
- Trade Receivable |
384,036 |
357,712 |
304,591 |
265,127 |
|
- Other Receivables |
8,193 |
10,908 |
7,262 |
3,803 |
|
- Inventories |
456,069 |
386,654 |
437,406 |
414,916 |
|
- Prepaid Taxes |
175,861 |
103,229 |
91,514 |
28,268 |
|
- Advance |
19,948 |
1,161 |
1,285 |
2,526 |
|
- Prepaid Expenses |
19,536 |
14,439 |
15,005 |
14,022 |
|
Total Current Assets |
1,263,030 |
1,139,549 |
1,020,884 |
950,618 |
|
B. Non Current
Assets |
|
|
|
|
|
- Due to related Parties |
1,198 |
1,360 |
3,803 |
3,622 |
|
- Deferred Tax Assets |
35,360 |
31,764 |
27,935 |
26,122 |
|
- Long Term Investment |
262 |
262 |
737 |
737 |
|
- Fixed Assets |
426,720 |
413,197 |
402,062 |
397,948 |
|
- Non Used Assets |
9,302 |
9,302 |
9,122 |
9,122 |
|
- Deferred Expenses - Land |
4,171 |
5,166 |
6,171 |
9,434 |
|
- Other Non Current Assets |
54,201 |
56,693 |
91,910 |
48,077 |
|
Total Non Current Assets |
531,213 |
517,743 |
541,740 |
495,052 |
|
TOTAL ASSETS |
1,794,242 |
1,657,292 |
1,562,625 |
1,445,670 |
|
C. Current
Liabilities |
|
|
|
|
|
- Bank Loan |
14,389 |
39,312 |
59,775 |
150,387 |
|
- Trade Payable |
284,234 |
300,987 |
357,285 |
228,281 |
|
- Tax Liabilities |
44,306 |
26,723 |
26,581 |
21,155 |
|
- Advance Selling |
1,003 |
378 |
96 |
2,067 |
|
- Deferred Payables |
78,050 |
63,299 |
56,877 |
39,155 |
|
- Leasing loan - Short term |
5,004 |
4,062 |
2,985 |
-- |
|
- Other Current Liabilities |
32,708 |
35,060 |
7,254 |
8,809 |
|
Total Current Liabilities |
459,694 |
469,823 |
510,854 |
449,855 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Leasing loan - Long term |
5,383 |
4,658 |
5,452 |
- |
|
- Allowance for Employees
Services |
76,659 |
68,777 |
51,003 |
48,050 |
|
- Loans from Government |
- |
- |
- |
- |
|
- Other Non Current
Liabilities |
- |
- |
- |
- |
|
Total Non Current Liabilities |
82,042 |
73,435 |
56,455 |
48,050 |
|
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 |
- |
- |
-- |
-- |
|
- Retained Earnings |
653,522 |
515,049 |
396,336 |
348,785 |
|
Total Equity |
1,252,506 |
1,114,029 |
995,315 |
947,764 |
|
TOTAL LIABILITIES & EQUITY |
1,794,242 |
1,657,292 |
1,562,625 |
1,445,670 |
B. PROFIT &
LOSS STATEMENT
(in
Rp million)
|
D e s c r I p t I
o n |
|
31 December |
||
|
2011 |
2010 |
2009 |
2008 |
|
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
3,481,166 |
3,183,829 |
2,854,058 |
2,704,728 |
|
b. Cost of Goods Sold |
(2,443,150) |
(2,279,310) |
(2,065,808) |
(1,982,480) |
|
c. Gross Profit |
1,038,016 |
904,519 |
788,250 |
722,248 |
|
d. Operational Expenses |
(816,012) |
(758,321) |
(676,317) |
(615,211) |
|
e. Operational Profit |
222,004 |
146,198 |
111,933 |
107,037 |
|
f. Other Income (Expenses) |
10,003 |
32,413 |
(12,204) |
(10,931) |
|
g. Profit Before Income Tax |
232,007 |
178,611 |
99,730 |
96,106 |
|
h. Income Tax |
(60,244) |
(39,895) |
(37,223) |
(40,712) |
|
i. Net Profit |
171,763 |
138,716 |
62,507 |
55,394 |
Remarks: a. 31
December 2008, 2009, 2010 & 2011 audited by Hendrawinata, Eddy &
Siddharta public accountant
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
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 SCs 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.