|
Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CHAROEN POKPHAND INDONESIA TBK |
|
|
|
|
Formerly Known As : |
P.T. CHAROEN POKPHAND INDONESIA |
|
|
|
|
Registered Office : |
Jalan
Ancol VIII No. 1, Ancol Barat Jakarta Utara 14430 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
07.01.1972 |
|
|
|
|
Com. Reg. No.: |
No. AHU-61146.AH.01.02.TH.2010 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Animal Feed and Shrimp Feed Milling |
|
|
|
|
No. of Employees : |
4,187 persons (as of March 31, 2012) |
RATING & COMMENTS
|
MIRAs Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. CHAROEN
POKPHAND INDONESIA TBK
Head Office &
Jakarta Factory
Jalan Ancol VIII No. 1, Ancol Barat
Jakarta Utara 14430
Indonesia
P.O. Box -
83 JKT
Phones - (021) 6912501 (hunting), 6902787, 6902538,
(021) 6902567, 69005640
Fax. -
(021) 6917325
Cable -
POKPHAND JAKARTA
Telex -
42659 POKPHAND IA
Website - http://www.prokar.com
E-Mail - charoen@idola.net.id
Surabaya Factory
Jalan Raya
Surabaya Mojokerto Km. 19
Desa Beringin
Bendo, Taman Sidoarjo
Surabaya, East
Java
Phones -
(031) 782183, 782509
Medan Factory
Jalan Tanjung Morawa Km. 8.5
Medan, North Sumatra
Phones -
(061) 751678
Tangerang Factory
Jalan Raya Serang
Km. 30
Desa Cengkudu
Balaraja,
Tangerang
West Java
Warehouse
Jalan Ir. Sutami Km. 8.5 No. 15
Tanjung Karang Timur
Bandar Lampung
Lampung
Phones - (0721) 350041-44
Fax. -
(0721) 350045
Date of Incorporation
:
a. 7 January 1972
as P.T. CHAROEN POKPHAND INDONESIA ANIMAL FEED MILL CO., LTD.
b. 8 June 1990 as
P.T. CHAROEN POKPHAND INDONESIA
c. February 1997
as P.T. CHAROEN POKPHAND INDONESIA Tbk.
Legal Form :
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. YA-5/197/21
Dated 8 June 1973
b. No.
C-UM.02.01.4728
Dated 14 January 2003
c. No.
AHU-97521.AH.01.02.TH.2008
Dated 18 December 2008
d. No.
AHU-61146.AH.01.02.TH.2010
Dated 31 December 2010
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Department :
a. The President of the Republic of Indonesia
No. B-132/Pres/II/1971
Dated 5 November 1971
b. The Capital Investment Coordinating Board
- No. 383/III/PMA/1991
Dated 17 June 1991
- No. 299/II/PMA/2000
Dated 1 November 2000
- No. 123/II/PMA/2001
Dated 30 April 2001
Related Companies :
A Member of the CHAROEN POKPHAND Group (see attachment)
Capital Structure :
Authorized
Capital - Rp.
400,000,000,000.-
Issued Capital -
Rp. 163,980,000,000.-
Paid up Capital -
Rp. 163,980,000,000.-
Shareholders (as of December 31, 2011) :
a. P.T. CENTRAL AGROMINA - Rp. 91,064,000,000.-
(55.53%)
b. PUBLICS (ownership below 5% each) -
Rp. 72,916,000,000.- (44.47%)
Lines of Business
:
a. Animal Feed and Shrimp Feed Milling
b. Plastic Bag Manufacturing
c. Poultry Equipment Manufacturing
d. Investment Holding
Production
Capacity :
Initial Plant
a. Animal Feeds - 1,090,000 tons p.a.
b. Shrimp Feeds - 84,000 tons p.a.
c. Plastic Bags
- Outer Bags -
12,500,000 sheet p.a.
- Inner Bags -
12,500,000 sheet p.a.
d. Hanging Feeder Tubes - 900,000 units p.a.
e. Chicks Waters - 750,000 units p.a.
f. Egg trays - 600,000 units p.a.
g. Warehouse *) - 100,000 tons
Expansion (1998)
a. Chick Meet Raw -
4,500 tons p.a.
b. Chick Meet Frozen - 14,400 tons p.a.
c. Chick Meet Processed - 8,544 tons
p.a.
Expansion Plant
(2000)
Meet processed - 1,500 tons p.a.
Expansion Plant
(2001)
Fish Feeds - 108,000
tons p.a.
Total Investment :
Initial Unit
a. Owned Capital
- Rp 60.0 billion
b. Reinvested
Profit - Rp 1.7 billion
c. Loan
Capital - Rp 100.8 billion
d. Total
Investment - Rp 162.5 billion
Expansion Unit
(1998)
a. Equity
Capital - Rp 48.6 billion
b. Loan
Capital - Rp 179.5 billion
c. Total
Investment - Rp 228.1 billion
Expansion Unit
(2000)
a. Equity
Capital - Rp --- billion
b. Loan
Capital - Rp 6.2 billion
c. Total
Investment - Rp 6.2 billion
Expansion Unit
(2001)
a. Equity
Capital - Rp --- billion
b. Loan
Capital - Rp 2.3 billion
c. Total
Investment - Rp 2.3 billion
Started Operation :
1972
Brand Name :
CHAROEN POKPHAND
Technical Assistance :
The CHAROEN POKPHAND Group
Number of Employee :
4,187 persons (as
of March 31, 2012)
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. SURYA
UNGGAS MANDIRI
b. P.T. SUMBER TERNAK PRATAMA
c. P.T. MULTI SARANA PAKANINDO
d. P.T. TIARA TUNGGAL MANDIRI
e. P.T. SINAR INTI MUSTIKA
f. P.T. SEMESTA MITRA SEJAHTERA
g. P.T. BINTANG SEJAHTERA BERSAMA
h. P.T. MITRA SINAR JAYA
i. P.T. INDAH TERNAK MANDIRI
j. P.T. CEMERLANG UNGGAS LESTARI
k. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. METRO FEED
INDONESIA
b. P.T. JAPFA
COMFEED INDONESIA
c. P.T. MULTI DARANA PAKANINDO
d. P.T. MITRA MANGGALINDO
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Wisma Bank MANDIRI
Jalan Gatot Subroto Kav. 36-38
Jakarta Barat
b. P.T. Bank PERMATA Tbk
Wisma
Bank PERMATA
Jalan Jend. Sudirman Kav. 27
Jakarta
Selatan
c. CITIBANK N.A.
CITIBANK Building
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan
Auditor :
Purwantono, Sarwoko & Sandjaja
Litigation :
No litigation record in our database
Annual Sales :
2007 Rp. 8,767.9 billion
2008 Rp.
13,311.1 billion
2009 Rp.
14,569.3 billion
2010 Rp.
15,007.8 billion
2011 Rp.
17,958.0 billion
2012 Rp. 4,894.0 billion (as of 31 March 2012)
Net Profit (Loss)
:
2007 Rp. 185.4 billion
2008 Rp. 254.0 billion
2009 Rp. 1,612.7 billion
2010 Rp. 2,210.3 billion
2011 Rp. 2,362.5 billion
2012 Rp. 786.5 billion (as of
31 March 2012)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Tjiu Thomas Affandy
Vice Pres. Directors -
a. Mr. Peraphon Prayooravong
b. Mr. Vinai Rakphongphairoj
Directors -
a. Mrs. Ong Mei Sian
b. Mr. Jemmy
c. Mr. Eddy Dharmawan
d. Mr. Ferdiansyah Gunawan Tjoe
Board of Director :
President
Commissioner - Mr. Hadi Gunawan
Tjoe
Vice Pres. Commissioners -
a. Mr. Jiacipto Jiaravanon
b. Mr. Jialipto Jiaravanon
Independent Commissioners - a. Mr. Herman Sugianto
b. Mr. Suparman S.
Signatories :
President Director (Mr. Tjiu Thomas
Affandy) or one of Vice Pres. Directors (Mr. Peraphon Prayooravong and Mr.
Vinai Rakphongphairoj) or one of directors (Mrs. Ong Mei Sian, Mr. Jemmy, Mr.
Eddy Dharmawan and Mr. Feerdiansyah Gunawan Tjoe) which must be approved by
Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Initially named P.T. CHAROEN POKPHAND INDONESIA
ANIMAL FEED MILL Co., Ltd., the company was set up in 1972 with an authorized
capital of US$ 1,000,000.- and issued capital of US$ 300,000.- of which US$
30,000.- was paid up. The founders and original shareholders are Mr. Sumet
Jiaravanon, Mr. Jaran Chiaravanont, Mr. Montri Chiaravanont (the three are Thai
businessmen of Chinese extraction) and Mr. Johannes Purnama Sudarma SH (an
Indonesian businessman of Chinese origin). In 1990 the company was renamed to
P.T. CHAROEN POKPHAND INDONESIA. In February 1991 the company sold out 25% of
its shares to the public through the Jakarta Stock Exchange (BEJ). Its articles of association have subsequently
been changed for several times. In February 1997, the authorized capital was
increased to Rp. 400,000,000,000.-
issued capital to Rp. 140,766,917,500.- entirely paid-up and
concurrently a word Terbuka (Tbk) was added behind its name to comply with new
law on publicly listed company to P.T. CHAROEN POKPHAND INDONESIA Tbk., is
abbreviated P.T. CPIT.
Pursuant to annual report of the company, as
of 31 December 2009 the issued capital was raised to Rp. 164,228,000,000.- and
fully paid up. Then, as of 31 December
2011, the issued capital was declined to Rp. 163,980,000,000.- The shareholders
of the company are P.T. CENTRAL AGROMINA (55.53%) and Publics (44.47%). The
latest amendment to Articles of
Association was approved by the Ministry of Law and Human Right with the
Decision Letter No. AHU-61146.AH.01.0.2.TH.2010 dated December 31, 2010. No changes have been effected in term of its
shareholding composition and capital structures to date.
We observed that P.T. CENTRAL AGROMINA is a
private company whose majority business stakes is controlled by Mr. Slamet
Jiaravanon and his family members. Mr. Jiaravanon is also founder and majority
business stakes owner of the CHAROEN POKPHAND Group, the largest business group
in Indonesia in animal feed milling and distribution.
P.T.
CPIT is a Foreign Capital Investment (PMA) company dealing with animal feed
milling by managing a plant originally located at Jalan Ancol VIII/1, Ancol
Barat (North Jakarta). Its operation has been expanding rapidly by establishing
two other factories respectively in Surabaya (East Java) and Medan (North
Sumatra). Furthermore, they also operate the same plant in Tangerang (West
Java). At present, P.T. CPIT has several
business segments with different characteristics. From the perspective of consolidated net
sales, the biggest contribution was from the poultry feed segment, followed by
DOC, processed chicken and others, which consist of poultry equipment,
packaging and others at amounts to immaterial to be included in the
analysis. The details of net sales based
on business segments 2008 2011 (in million Rupiah) are as follows:
|
Products |
Sales Value |
|||
|
2011 |
2010 |
2009 |
2008 |
|
|
Poultry Feed |
13,822,389 |
11,208,122 |
11,130,084 |
10,310,462 |
|
Day Old Chicks (DOC) |
2,404,605 |
2,447,278 |
2,192,585 |
1,895,753 |
|
Processed Chicken |
1,579,060 |
1,323,232 |
1,202,626 |
1,0444,816 |
|
Poultry Equipment |
-- |
18,045 |
18,654 |
26,178 |
|
Packaging |
-- |
20,864 |
18,576 |
33,932 |
|
Others |
151,918 |
60,281 |
6,742 |
-- |
|
TOTAL |
17,957,972 |
15,077,822 |
14,569,267 |
13,311,141 |
Source: PT. Charoen
Pokphand Indonesia Tbk.
P.T.
CPIT is also
engaged in investment
holding by controlling
99.99% shares of
P.T. CHAROEN POKPHAND JAYA FARM dealing with chicken hatcheries and
breeding, 99.96% shares of P.T. PRIMAFOOD INTERNATIONAL dealing with food
processing industry, 99.92% shares of P.T. VISTA GRAIN dealing with animal feed
distribution and industry, 99.99% shares of P.T. POLY PACKAGING INDUSTRY
dealing with plastic packaging industry and others. The table of P.T. CPITs subsidiary companies
shall be as follows:
(In Rp
million)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
% of Ownership |
Total Assets (31 March 2012) |
|
PT. Charoen Pokphand Jaya Farm |
Poultry farming |
1972 |
99.99 |
2,913,128 |
|
PT. Primafood International |
Trading and processed chicken |
2000 |
99.96 |
164,274 |
|
PT. Vista Grain |
Production and distribution of poultry feed |
1982 |
99.92 |
75,160 |
|
PT. Poly Packaging Industry |
Production of plastic product |
2003 |
99.99 |
51,113 |
|
PT. Feprotama Pertiwi |
Production and distribution of chicken feather meal |
1994 |
99.32 |
21,880 |
|
PT. Agrico International |
Trading |
2009 |
99.99 |
149,940 |
|
PT. Centralavian Pertiwi |
Poultry farming |
1991 |
100.00 |
390,051 |
|
PT. Satwa Utama Raya |
Poultry farming |
1987 |
99.98 |
301,742 |
|
PT. Vista Agung kencana |
Poultry farming |
1986 |
99.96 |
108,061 |
|
PT. Istana Satwa Borneo |
Poultry farming |
1989 |
99.96 |
62,381 |
|
PT. Cipta Khatulistiwa Mandiri |
Poultry farming |
1989 |
50.00 |
69,958 |
|
PT. Agrico International |
Trading |
2009 |
0.01 |
149,940 |
|
PT. Cipendawa Agriindustri |
Poultry farming |
2010 |
100.00 |
70,445 |
Source: PT. Charoen
Pokphand Indonesia Tbk.
According to financial statement the total
sales turnover of P.T. CPIT in 2008 amounted to Rp 13,311.1 billion with a net
profit of Rp 254.0 billion, increased to Rp 14,569.3 billion with a net profit of
Rp 1,612.7 billion in 2009 rose again to Rp 15,077.8 billion with a net profit
of Rp 2,210.3 billion in 2010 and rose again to Rp. 17,958.0 billion with a net
profit of Rp. 2,362.5 billion in 2011.
As per March 31, 2012, its sales turnover was Rp. 4,894.0 billion with a
net profit of Rp. 786.5 billion. So far, we have never heard that P.T. CPIT has
been black listed by Bank Indonesia (Central Bank) or involved in detrimental
cases being settled in the local court. Financial highlights as of 31 December
2009, 2010, 2011 and as of 31 March 2012 are attached.
The management of P.T. CPIT is led by Mr.
Tjiu Thomas Affandy (54) as president director.
Acquired his Master of Business Administration of the University of the
City of Mania, Philippines in 1994. Started his career in the Company in 1980 and
appointed President Director of the Company in 2008. In daily activities, he is assisted by Mr.
Peraphon Prayooravong (59) and Mr. Vinai Rakphongphairoj (56), both as vice
president directors and four directors namely Mrs. Ong Mei Sian (50), Mr. Jemmy
(36), Mr. Eddy Dharmawan (36) and Mr. Ferdiansyah Gunawan Tjoe (37). The management reputation is the above
business is excellent. The management
maintains wide relation with home and overseas private businessmen. So far, we
have never yet heard of the companys management having been involved in
business malpractices. P.T. CPIT is sufficiently fairly good for business
transaction.
Attachment:
P.T.
CHAROEN POKPHAND INDONESIA Tbk
FINANCIAL STATEMENTS
Per 31 December
2009, 2010, 2011 and As of 31 March 2012
(in million Rp )
|
DESCRIPTION |
31 March |
31 December |
||
|
2012 |
2011 |
2010 |
2009 |
|
|
1. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
1,624,290 |
876,198 |
1,316,840 |
387,996 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
1,446,283 |
1,331,463 |
883,855 |
857,286 |
|
* Related Parties |
439 |
21,607 |
6,635 |
156 |
|
- Other Receivable |
|
|
|
|
|
* Third Parties |
30,226 |
22,307 |
55,743 |
11,791 |
|
* Related Parties |
22,133 |
6,330 |
370 |
187,568 |
|
- Inventories - net |
1,874,567 |
2,339,543 |
1,554,780 |
1,575,018 |
|
- Breeding flocks net |
520,210 |
527,496 |
395,111 |
396,759 |
|
- Prepaid expenses and
advances |
194,910 |
124,532 |
61,302 |
52,269 |
|
- Prepaid value added
tax |
492 |
769 |
-- |
-- |
|
Total Current Assets |
5,713,550 |
5,250,245 |
4,274,636 |
3,468,843 |
|
b. Non-current Assets |
|
|
|
|
|
- Due from related
parties - net |
-- |
-- |
-- |
-- |
|
- Deferred Tax Assets |
71,748 |
70,486 |
71,036 |
22,176 |
|
- Property, plant and
equipment - net |
3,472,791 |
3,198,604 |
1,931,069 |
1,685,370 |
|
- Claims for tax refund |
272,484 |
269,786 |
194,850 |
134,664 |
|
- Goodwill |
7,438 |
7,438 |
-- |
-- |
|
- Others - net |
56,751 |
51,645 |
46,685 |
38,322 |
|
Total Non-Current Assets |
3,881,212 |
3,597,959 |
2,243,640 |
1,880,532 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
9,594,762 |
8,848,204 |
6,518,276 |
5,349,375 |
|
2. LIABILITIES |
|
|
|
|
|
a. Short-term bank loans |
151,800 |
241,360 |
2,080 |
40,000 |
|
b. Trade Payables |
|
|
|
|
|
- Third Parties |
506,924 |
599,017 |
737,302 |
688,602 |
|
- Related Parties |
45,357 |
30,236 |
17,892 |
46,729 |
|
c. Other Payables |
|
|
|
|
|
- Third parties |
204,761 |
154,143 |
119,437 |
95,808 |
|
- Related parties |
270,088 |
217,640 |
77,161 |
14,831 |
|
d. Customer advance |
-- |
10,958 |
12,364 |
13,197 |
|
e. Taxes payable |
196,130 |
215,865 |
269,492 |
333,527 |
|
f. Accrued expenses |
99,276 |
81,086 |
71,028 |
76,800 |
|
g. Current portion of long-term debts |
73,019 |
36,205 |
166,949 |
510,737 |
|
Total Current Liabilities |
1,547,355 |
1,575,552 |
1,461,341 |
1,820,231 |
|
|
|
|
|
|
|
b. Non-Current Liabilities |
|
|
|
|
|
- Due to related parties |
-- |
-- |
-- |
-- |
|
- Deferred Tax
Liabilities net |
2,996 |
2,718 |
10,342 |
11,552 |
|
- Long-term debts - net |
738,981 |
766,770 |
282,477 |
318,884 |
|
- Employees benefits |
329,570 |
313,694 |
279,080 |
247,034 |
|
Total Non-Current Liabilities |
1,071,547 |
1,083,182 |
574,899 |
577,470 |
|
- Minority Interests |
-- |
-- |
23,604 |
18,656 |
|
3. STOCKHOLDERS
EQUITY |
|
|
|
|
|
- Issued and Paid up Capital |
163,980 |
163,980 |
163,980 |
164,228 |
|
- Additional Paid up Capital |
147,037 |
147,037 |
147,037 |
147,259 |
|
- Other equity |
(10,856) |
(10,856) |
(10,856) |
(10,856) |
|
- Difference in value of
restructuring |
(15,006) |
(15,006) |
(15,006) |
(15,006) |
|
- Retained Earning |
6,945,060 |
6,161,267 |
4,458,432 |
2,647,393 |
|
- Non-controlling Interests |
30,800 |
28,203 |
23,604 |
-- |
|
- Total Equity |
6,945,060 |
6,189,470 |
4,482,036 |
2,933,018 |
|
Total Stockholders Equity |
9,594,762 |
8,848,204 |
6,518,276 |
5,349,375 |
|
|
|
|
|
|
|
3. INCOME
STATEMENT |
|
|
|
|
|
a. Net Sales |
4,894,035 |
17,957,972 |
15,077,822 |
14,569,267 |
|
b. Cost of Goods Sold |
(3,642,663) |
(14,033,726) |
(11,323,708) |
(11,689,920) |
|
c. Gross Profit |
1,251,372 |
3,924,246 |
3,754,114 |
2,879,347 |
|
d. Operating Expenses |
(216,032) |
(915,033) |
(916,695) |
(822,466) |
|
e. Operating Profit (Loss) |
1,035,340 |
3,009,213 |
2,837,419 |
2,056,881 |
|
f. Other Income (Expenses) |
(14,771) |
(34,633) |
(19,192) |
103,515 |
|
g. Profit Before Income Tax |
1,020,569 |
2,974,580 |
2,818,227 |
2,160,396 |
|
h. Income Tax Expanse |
(234,086) |
(612,083) |
(598,366) |
(540,978) |
|
i. Income before Minority Interest |
786,483 |
2,362,497 |
2,219,861 |
1,619,418 |
|
j. Minority interest |
-- |
-- |
(9,595) |
(6,708) |
|
k. Net Profit (Loss) |
786,483 |
2,362,497 |
2,210,266 |
1,612,710 |
Notes: Audited by Purwantono,
Suherman & Surya (a member of Ernst & Young)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.