|
Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. POLYCHEM |
|
|
|
|
Registered Office : |
Jalan Daan
Mogot Km. 21, Batu Ceper, Desa Poris Plawad, Kec. Cipondoh, Tangerang 15122, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
October 1990 |
|
|
|
|
Com. Reg. No.: |
No. AHU-64716.AH.01.02.Tahun 2008 |
|
|
|
|
Legal Form : |
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company |
|
|
|
|
Line of Business : |
a. Nylon Tire
Cord Industry b. Polyester
Filament Yarn Industry c. Ethylene
Glycol Industry d. Polyester
Stable Fiber Industry e. Power Plant |
|
|
|
|
No. of Employees : |
1,913 |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source : CIA |
Name of
Company :
P.T.
POLYCHEM
A d d r e s s
:
Head Office
Jalan Daan Mogot
Km. 21
Batu Ceper, Desa
Poris Plawad
Kec. Cipondoh,
Tangerang 15122
Phones - (021)
5512896 (hunting)
Fax -
(021) 5525099
E-Mail - mis@gtpi.co.id
Website - http://www.gtpi.co.id
Factories
a.
Nylon
Tire Cord Factory
Desa Pasir Jaya
Kecamatan
Jatiuwung
Tangerang,
Phones - (021)
5452141 – 4
Fax - (021) 5452145
b.
Polyester
Filament Yarn Factory
Jalan Daan Mogot
Km. 21
Tangerang,
Phones - (021)
5416846 – 7
Fax - (021) 5452145
c.
Ethylene
Glycol Factory
Desa Mangunreja
Bojonegoro
Serang, Merak
Phone - (0254) 500055
d.
Polyester
Stable Fiber Factory
Desa Poris
Pelawad
Cipondoh
Tangerang
Date of Incorporation :
25 April 1986 as PT.
ANDAYANI MEGAH, changed its name to PT. GT PETROCHEM INDUSTRIES Tbk., on
October 16, 1996 and changed its name again to PT. POLYCHEM INDONESIA Tbk., on
June 29, 2005.
Legal Form :
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
C2-1526.HT.01.01.Th.87
Dated
21 February 1987
b. No.
AHU-21350.AH.01.04.TH.2005
Dated
02 August 2005
c. No.
AHU-64716.AH.01.02.Tahun 2008
Dated
17 September 2008
Company Status
:
Domestic
Investment Company (PMDN)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.326.008.8-092.000
b. The Department of Industry and Trade
- No. 367/T/INDUSTRI/1992
Dated 18 December 1992
- No. 08/32/T/INDUSTRI/2003
Dated 21 April 2003
c. The Capital Investment Coordinating Board
- No. 162/I/PMDN/1988
Dated 23 March 1988
- No. 39/II/PMDN/2006
Dated 5 June 2006
- No. 87/II/PMDN/2006
Dated 11 September 2006
Affiliated/Associated
Companies :
a. P.T. GAJAH
TUNGGAL Tbk. (Tire Manufacturing and Investment Holding)
b. P.T. SATYA
MULIA GEMA GEMILANG (Investment Holding)
c. P.T. AGUNG
OMETRACO MUDA (Investment Holding)
Capital
Structure :
Authorized Capital
- Rp.
4,250,000,000,000.-
Issued Capital - Rp.
1,944,589,780,000.-
Paid up Capital - Rp.
1,944,589,780,000.-
Shareholders/Owners
:
a. P.T. SATYA
MULIA GEMA GEMILANG - Rp.
505,877,709,000.- (26.02%)
b. P.T. GAJAH
TUNGGAL Tbk. -
Rp. 497,075,000,000.- (25.56%)
c. P.T. AGUNG OMETRACO MUDA - Rp. 211,380,780,000.- (10.87%)
d. HSBC TRUSTEE (
e. General Public
(each below 5%) -
Rp. 395,547,291,000.- (20.34%)
Lines of
Business :
a. Nylon Tire
Cord Industry
b. Polyester
Filament Yarn Industry
c. Ethylene
Glycol Industry
d. Polyester
Stable Fiber Industry
e. Power Plant
Production
Capacity :
A. Nylon Tire Cord Unit
Initial
Unit
Nylon Tire Cords -
12,000 tons p.a.
Expansion
Units
- Nylon Tire Cords -
16,000 tons p.a.
- Polyester Oriented Yarn (POY) - 29,000 tons p.a.
- Polyester Fibers -
45,000 tons p.a.
- Polyester Chips -
45,000 tons p.a.
B. Polyester
Filament Yarns
Initial
Unit
- Polyester Chips -
108,000 tons p.a.
- Polyester FilamentYarns (POY) -
64,200 tons p.a.
Expansion
Unit
- Polyester Chips -
24,850 tons p.a.
- Polyester Staple Fiber -
42,000 tons p.a.
- Polyester Filament Yarn -
38,150 tons p.a.
C. Ethylene Glycol
Initial
Unit
- Mono Ethylene
Glycol - 80,000 tons
p.a.
- Di Ethylene
Glyco - 8,000 tons p.a.
- Tri Ethylene
Glyco - 500 tons p.a.
Expansion
Unit
- Nonyl Pheuse Ethoxyl - 10,000 tons p.a.
- Fatty Alcohol Ethoxyl - 8,000 tons p.a.
- Non Ionic Organic - 4,000 tons p.a.
- Alkyl Ether Glycol - 2,000 tons p.a.
- Mono, Di, Tri Ethanol - 3,000 tons p.a.
- Synthetic Waxes - 2,000 tons p.a.
D. Polyester
Staple Fiber
- Polyester Staple Fiber (PSF) -
43,800 tons p.a.
E. Coal-Fire Power Plant
a.
Karawang Factory -
12.00 MW
b.
Serang Factory -
30.00 MW
c.
Tangerang Factory - 7.00 MW
Total
Investment :
A. Initial
Unit
a.
Owned Capital - Rp. 60.0
billion
b.
Loan Capital - Rp. 37.2
billion
c.
Total Investment - Rp. 97.2
billion
B. Expansion
Unit 1
a.
Owned Capital - Rp. 210.0
billion
b.
Loan Capital - Rp.
438.8 billion
c.
Total Investment - Rp. 648.8
billion
C. Total
transaction for take over of PT. PE, PT. GP and PT. BMS
-
Rp. 745.0 billion
D. Expansion
Unit 2
a.
Owned Capital - Rp. ----
b.
Loan Capital - Rp.
549.0 billion
c.
Total Investment - Rp. 549.0
billion
E. Expansion
Unit 3
a.
Owned Capital - Rp. 11.7
billion
b.
Loan Capital - Rp. 27.4
billion
c.
Total Investment - Rp. 39.1
billion
F.
Expansion Unit 4 (Power Plant)
a.
Karawang Factory - Rp. 120.0
billion
b.
Serang Factory - Rp. 280.0
billion
b.
Tangerang Factory - Rp. 60.0 billion
c.
Total Investment - Rp. 460.0
billion
Started
Operation :
October 1990
Brand Name :
POLYCHEM
Technical
Assistance :
None
Number of
Employee :
1,913 persons
Marketing Area
:
a. Local -
86%
b. Export - 14%
Main Customers
:
a. PT. Gajah
Tunggal Tbk.
b. PT. Prima
Sentra Megah
c. PT.
Bridgestone
d. PT. Goodyear
e. Textile
Industries, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Branta
Mulia Tbk.
b. PT. Indonesia Toray
Synthetic Tbk.
c. PT. Tifico Fiber Indonesia Tbk.
d. PT. Indorama
Synthetic Tbk.
e. PT. South
Pacific Viscose
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
b. P.T. Bank CENTRAL ASIA Tbk
Menara BCA
Jl. M.H. Thamrin No. 1
Jakarta Pusat
c. P.T. Bank GANESHA
Graha Ganesha
Jl. Hayam Wuruk No. 28
Jakarta Barat
d. The
Hongkong and Shanghai Banking Corp.
Jl.
Jend. Sudirman Kav. 29-31
Auditor :
Osman Bing Satrio
& Rekan (a member of DELOITTE)
Litigation :
No litigation
record in our database
Annual Sales :
2008 – Rp.
4,002.5 billion
2009 – Rp.
3,143.0 billion
2010 – Rp.
3,627.2 billion
2011 – Rp.
4,861.5 billion
Net Profit
(loss) :
2008 – (Rp. 263.4
billion)
2009 – Rp.
53.8 billion
2010 – Rp.
37.6 billion
2011 – Rp. 289.0 billion
Payment Manner
:
Almost promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Gautama Hartarto
Vice President Director -
Mr. Johan Setiawan
Directors -
a. Mr. Hendra Soerijadi
b. Mr. Jusup Agus Sayono
Board of Commissioners :
President Commissioner -
Mr. Bacelius Ruru
Vice President Commissioner -
Mr. Martua Radja Panggabean
Commissioners -
a. Mr. Bustomi Usman
b. Mr. Havid Abdul Gani
c. Mr. Bambang Husodo
Signatories :
President Director (Mr.
Gautama Hartarto) or Vice President Director (Mr. Johan Setiawan) or one of
Directors (Mr. Hendra Soerijadi and Mr. Jusp Agus Sayono) which must be
approved by Board of Commissioners (Mr. Bacelius Ruru and Mr. Martua Radja
Panggabean)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Originally named P.T. ANDAYANI MEGAH, the
company was established in 1986 with an authorized capital of Rp. 300,000,000.-
issued capital of Rp. 100,000,000.- wholly paid-up. Founders and original
shareholders of the company are Mr. Gunawan Slamet Pryana and Mr. Singgih
Gozali, both are Indonesian businessmen of Chinese extraction. The article of association has been approved by the
Minister of Justice of the Republic of Indonesia through Decree No.
C2-1526.HT.01.01.Th.87 dated February 21, 1987.The Company’s
article of association has been amended for several times. In 1993, the authorized capital was increased
to Rp. 60,000,000,000.- wholly issued and paid-up. Since then, the remaining shareholders are
P.T. GAJAH TUNGGAL and P.T. GAJAH TUNGGAL MULIA. In August 1994, P.T. AM went
public by floating its 25% shares, therefore, the authorized capital was
increased to Rp. 400,000,000,000.- entirely issued of which Rp
160,000,000,000.- was paid up. In 1995 the authorized capital was raised again
to Rp 1,200,000,000,000.-, issued and paid up capital to Rp
1,120,000,000,000.-. In October 1996 the company was renamed P.T. GT PETROCHEM
INDUSTRIES Tbk and in 2002, the authorized capital was increased to Rp
4,250,000,000,000.- issued and paid up capital to Rp 1,120,000,000,000.- On 29
June 2005 the company renamed to P.T. POLYCHEM INDONESIA Tbk (P.T. PIT) and the
issued capital was raised to Rp. 1,944,589,779,500. The amendment to article of association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-64716.AH.01.02.Tahun 2008 dated September 17, 2008.
Based on the stockholders’ list issued by Biro Administrasi Efek Perusahaan (Administration Office of Listed Shares of the Company), PT. Datindo Entrycom as of December 31, 2011, the stockholders’ of the Company are P.T. SATYA MULIA GEMA GEMILANG (26.02%), P.T. GAJAH TUNGGAL Tbk. (25.56%), P.T. AGUNG OMETRACO MUDA (10.87%), HSBC TRUSTEE (SINGAPORE) LTD. (17.21%) and General Publics (20.34%). Since at the time, no changes have been effected in term of its shareholding composition and capital structures to date.
P.T. POLYCHEM INDONESIA Tbk. (P.T. PIT) operates in nylon tyre cord manufacturing.
Its plant is located at Desa Pasir Jaya, Kecamatan Jatiuwung, Tangerang, West Java. Most of products are directly absorbed by
P.T. GAJAH TUNGGAL Tbk., one of a big-sized tyre manufacturing companies in
Indonesia nowadays. In the end 1994, P.T. PIT has takenover more than 60% shares
of P.T. FILAMENDO SAKTI (P.T. FS), its own affiliated company engaged in nylon yarns manufacturing with a total installed
production capacity of 24,000 tons of 6" type tyre fabric per annum. In medio 1996 P.T. PIT increased
it shares in P.T. FILAMENDO SAKTI from 60% to 92.90%, and also took over 95.0%
shares of P.T. SENTRA SINTETIKAJAYA (P.T. SS) engaged in styrene butadine
rubber industry with its plant located at
desa Mangunreja, Serang Regency, West Java.
P.T. PIT took over assets and activities of
P.T. PRIMA ETHYCOLINDO (P.T. PE), P.T. GEMAPERSADA POLIMER (P.T. GP) and P.T.
BERINDA MITRA STAFINDO (P.T. BMS) with a total transactions of Rp 745.0 billion
in December 1996. P.T. PE is engaged in ethylene glycol industry (EG), the only
company dealing with ethylene glycol industry in Indonesia. Its plant is
located at desa Mangunreja, Bojonegoro, Serang, West Java, on a land of some 15
hectares. P.T. GP is engaged in polyester chips/polimer and polyester filament
yarn industry with its plant located at Tangerang City, West Java, on a land of
some 15.8 hectares. P.T. BMS is engaged in polyester staple fibre (PSF) with
its plant located at Poris Pelawad, Cipondoh, Tangerang City, West Java. The
products are supplied to several yarn spinning mills in West Java and exported
to India, P.R. China and Austria.
Today, P.T. PIT is classified as a large
sized company in the country producing nylon tire cords controlling 26% of
market shares of the products in the country. Besides, the company is also
strong in polyester chip industry, polyester fibers and polyester filament
yarns. For these three kinds of the products, P.T. PIT controls 24% of the
market shares. P.T. PIT is one of large sized companies in the country.
Media
Local Checks
On December 2010, Asia Pulse reported that
P.T. PIT is planning to build a coal-fired power plant in 2011 to cost around
UD 20 million. The power plant will cut
energy cost by 10% in its polyester factory.
The construction of the 30 megawatt power plant will start between March
and June next year.
Polychem expects
IDR339 billion net profit in 2011
Bisnis Indonesia Daily, May, 30, 2011 | 05:02 WIB
JAKARTA: A chemical company PT Polychem
Indonesia Tbk expected its net profit would climb nine times higher or IDR339
billion this year, triggered by sales increase and lower factory cost, Kontan
reported, citing Corporate Secretary Richard I. Tursadi.
The company estimated that its revenue would reach IDR 4.5 trillion or 24%
increase from last year. Polychem will disburse US$17.5 million to fund its
capital expenditure this year to extend its ethoxylate production capacity.
This year, ethoxylate production capacity is 29,000 ton per year.
The expansion project is targeted to finish on second quarter. The company also
plans to reduce its factory cost, including electricity cost. One of the plans
is to produce its own power plant by July, 2011. The company has started to
build a power plant since two years ago.
The electricity cost was contributed of 10% from its factory cost and would
reduce to 8% of its factory cost
Generally, the demand for
nylon tire cord, polyester filament yarn, ethylene glycol, polyester staple
fiber and the likes had been growing in the last five years in the line
with the demand of automotive/motorcycle tire, textile products and chemical products
in the country in the last five years.
Amidst unstable global economic conditions, Indonesia is still predicted
to be able to record an economic growth of over 6% in 2012. The solid and
steady domestic economy, increased government activity in infrastructure
development and improving investment climate in Indonesia with the rising of
Country Rating to Investment Grade, and also supported by Indonesia’s economic
indicators such as inflation, exchange rates and interest rates are expected to
encourage the business sectors.
The global economic turmoil
2011 has not provided a very significant impact on the Indonesian economy. The country could grow 6.5% in the year. The challenge in 2012 will be even tougher as
the European economic situation appears to be worsening. Despite the fact, Indonesia’s economy is
projected grow at 6.7% in 2012. It can be seen from Indonesia's economic growth as described in the table below.
Indonesia’s economic growth in 2007 to 1st half 2011 (%)
|
Sector |
2007 |
2008 |
2009 |
2010 |
2011 1st half |
|
Agriculture, livestock, forestry
and fisheries |
3.47 |
4.84 |
3.98 |
2.86 |
3.73 |
|
Mining and quarrying |
1.93 |
0.71 |
4.44 |
3.48 |
2.51 |
|
Manufacturing |
4.67 |
3.66 |
2.16 |
4.48 |
5.56 |
|
a. Oil and gas industry |
-0.06 |
-0.34 |
-2.19 |
-2.31 |
-1.88 |
|
b. Non-oil and gas industry |
5.15 |
4.05 |
2.56 |
5.09 |
6.20 |
|
- Food, beverage and tobacco |
5.05 |
2.34 |
11.22 |
2.73 |
6.73 |
|
- Textile, leather & footwear |
-3.68 |
-3.64 |
0.60 |
1.74 |
9.22 |
|
- Timber & other forestry products |
-1.74 |
3.45 |
-1.38 |
-3.50 |
1.23 |
|
- Paper & printing |
5.79 |
-1.48 |
6.34 |
1.64 |
4.04 |
|
- Fertilizer, chemical & rubber |
5.69 |
4.46 |
1.64 |
4.67 |
3.31 |
|
- Cement & non-metallic minerals |
3.40 |
-1.49 |
-0.51 |
2.16 |
5.02 |
|
- Basic metals (iron & steel) |
1.69 |
-2.05 |
-4.26 |
2.56 |
16.88 |
|
- Transport, machinery & equipment |
9.73 |
9.79 |
-2.87 |
10.35 |
6.58 |
|
- Other goods |
-2.82 |
-0.96 |
3.19 |
2.98 |
3.70 |
|
Electricity, gas and clean water |
10.33 |
10.93 |
14.29 |
5.31 |
4.11 |
|
Construction |
8.53 |
7.55 |
7.07 |
6.98 |
6.38 |
|
Trade, hotel and restaurant |
8.93 |
6.87 |
1.30 |
8.69 |
8.75 |
|
Transportation and communication |
14.04 |
16.57 |
15.50 |
13.45 |
12.14 |
|
Finance, leasing & corporate
services |
7.99 |
8.24 |
5.05 |
5.65 |
7.08 |
|
Services |
6.44 |
6.24 |
6.42 |
6.01 |
6.34 |
|
Gross Domestic Product (GDP) |
6.35 |
6.01 |
4.58 |
6.10 |
6.48 |
|
GDP, excluding oil and gas |
6.95 |
6.47 |
4.96 |
6.56 |
6.97 |
Source: Central Agency of Statistic
(BPS), processed by the Ministry of Industry
According to
financial report of P.T. PIT, its sales turnover has been increasing in the last
four years. In 2008, P.T. PIT’s net
sales reached Rp. 4,002.5 billion with a net loss of Rp. 263.4 billion declined
to Rp. 3,143.0 billon with a net profit of Rp. 53.8 billion in 2009 to Rp.
3,627.2 billion with a net profit of Rp. 37.6 billion in 2010 and rose again to
Rp. 4,861.5 billion with a net profit of Rp. 289.0 billion in 2011. So far we did not hear that the P.T. PIT has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court. The
company usually pays its debts punctually to suppliers. Consolidated Financial Highlights of the
Company, as of 31 December 2008, 2009, 2010 and 2011 are below:
(in Rp million)
|
D e s c r i p t i
o n |
31 December |
|||
|
2011 |
2010 |
2009 |
2008 |
|
|
A. Income
Summary |
|
|
|
|
|
- Net Sales |
4,861,469 |
3,627,172 |
3,142,960 |
4,002,532 |
|
- Gross Profit (Loss |
619,808 |
190,763 |
56,352 |
180,003 |
|
- Income (Loss) From
Operations |
523,554 |
92,488 |
(24,814) |
56,062 |
|
- Other Income (Charges) –
net |
(105,803) |
(28,542) |
99,663 |
(385,253) |
|
- Net Income (Loss) for the
Year Attributable |
288,963 |
37,586 |
53,811 |
(263,387) |
|
- Net Earning (Loss) per
Share (Rp) |
74 |
10 |
14 |
(68) |
|
- Number of Issued Shares
(million shares) |
3,889 |
3,889 |
3,889 |
3,889 |
|
|
|
|
|
|
|
B. Financial
Position Summary |
|
|
|
|
|
- Current Assets |
2,077,787 |
1,536,347 |
1,420,479 |
1,414,430 |
|
- Non-current Assets |
3,169,417 |
3,257,852 |
2,299,393 |
2,217,190 |
|
- Total Assets |
5,247,204 |
4,794,199 |
3,719,872 |
3,855,930 |
|
- Current Liabilities |
1,554,531 |
1,362,587 |
1,299,925 |
1,435,701 |
|
- Non-current Liabilities |
1,120,460 |
1,154,200 |
1,329,613 |
1,408,374 |
|
- Total Liabilities |
2,674,991 |
2,516,787 |
2,629,538 |
2,844,075 |
|
- Equity attributable to
the owners |
2,577,063 |
2,277,364 |
1,089,679 |
1,011,162 |
|
- Non-Controlling Interests |
(4,850) |
48 |
655 |
693 |
|
- Other financial assets |
132,052 |
121,827 |
138,663 |
98,873 |
|
|
|
|
|
|
|
C. Financial
Ratios and Net Working Capital |
|
|
|
|
|
- Gross Profit / Net Sales
(%) |
12.7 |
5.3 |
1.8 |
4.5 |
|
- Net Income (Loss) / Net
Sales (%) |
5.9 |
1.0 |
1.7 |
(6.6) |
|
- Net Income (Loss) / Total
Assets (%) |
5.5 |
1.0 |
1.4 |
(6.8) |
|
- Net Income (Loss) /
Equity (%) |
11.2 |
3.0 |
4.9 |
(26.0) |
|
- Current Ratio |
1.3 |
1.1 |
1.1 |
1.0 |
|
- Total Liabilities /
Equity |
1.0 |
2.0 |
2.4 |
2.8 |
|
- Total Liabilities / Total
Assets |
0.5 |
0.7 |
0.7 |
0.7 |
|
- Net Working Capital (Rp
million) |
523,256 |
173,760 |
120,554 |
(21,271) |
Remarks: The Company carried out a quast-reorganization effective
December 31, 2010, following the Statement of Financial Accounting Standards
(PSAK) No. 51 (Revision 2003)
“Accounting for Quast-Reorganization”
Initially, the company was led by Mr. Redy Gozali
as the president director. However, since 2005 he has been replaced by Mr.
Gautama Hartarto (47) who used to be the vice president director. In his daily
activities, he is assisted by Mr. Johan Setiawan (66) as vice president
director and two directors namely Mr. Hendra Soerijadi (67 and Mr. Jusuf Agus
Sayono (44). The management is also handled by a number of professional staff,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sector. So far, we did not hear that the
company’s management involved in the business malpractices 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.
P.T. POLYCHEM INDONESIA Tbk., is appraised a
good enough for business transaction. But owing to economic condition in the
country is still unstable, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.