|
Report Date : |
23.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDORAMA PETROCHEMICALS |
|
|
|
|
Registered Office : |
Gedung
Tempo Scan Tower, 21st Floor, Jalan H.R. Rasuna Said Kav. 3-4,
Kuningan Timur, Setiabudi, Jakarta Selatan, 12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
12.11.1993 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-41659 |
|
|
|
|
Legal Form : |
P.T. (Perseroan Terbatas) or Limited
Liability Company |
|
|
|
|
Line of Business : |
Purified Terephthalic Acid (PTA) Manufacturing |
|
|
|
|
No. of Employees : |
520 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, grew more than 6% annually in 2010-12. The government made economic
advances under the first administration of President YUDHOYONO (2004-09),
introducing significant reforms in the financial sector, including tax and
customs reforms, the use of Treasury bills, and capital market development and
supervision. During the global financial crisis, Indonesia outperformed its
regional neighbors and joined China and India as the only G20 members posting
growth in 2009. The government has promoted fiscally conservative policies,
resulting in a debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%,
and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's
credit rating to investment grade in December 2011. Indonesia still struggles
with poverty and unemployment, inadequate infrastructure, corruption, a complex
regulatory environment, and unequal resource distribution among regions. The
government in 2013 faces the ongoing challenge of improving Indonesia''s
insufficient infrastructure to remove impediments to economic growth, labor
unrest over wages, and reducing its fuel subsidy program in the face of high
oil prices.
Source
: CIA
P.T. INDORAMA PETROCHEMICALS
Head Office
Gedung Tempo Scan Tower, 21st
Floor
Jalan H.R. Rasuna
Said Kav. 3-4
Kuningan Timur,
Setiabudi
Jakarta Selatan,
12950
Indonesia
Phones - (62-21) 2920 1563 (Hunting)
Fax - (62-21) 2920 1562
E-mail - na@indoramapta.com
Building Area - 30 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya Anyer Km. 121
Kec. Ciwandan, Kab. Serang
Banten Province
Indonesia
Phones - (62-254) 602 300 (Hunting)
Fax - (62-254) 602 940
Land Area - 20 hectares
Building Space - 150,000 sq. meters
Region - Industrial Zone
Status - Owned
a. 12
November 1993 as P.T. POLYPRIMA KARYAREKSA
b. 12
November 2011 as P.T. INDORAMA PETROCHEMICALS
P.T. (Perseroan Terbatas) or Limited
Liability Company
The
Ministry of Law and Human Rights
- No.
C2-776.HT.01.01.TH.94
Dated
21 January 1994
- No.
C-25485.HT.01.04.TH.2000
Dated
20 December 2000
- No.
C-16029.HT.01.04.TH.2001
Dated
27 December 2001
- No.
AHU-92130.AH.01.02.TH.2008
Dated
1 December 2008
- No.
AHU-AH.01.10-09741
Dated
31 March 2011
- No.
AHU-59629.AH.01.02.TH.2011
Dated
5 December 2011
- No.
AHU-AH.01.10-41659
Dated
20 December 2011
Foreign Investment (PMA) Company
The Department of Finance
NPWP No. 01.642.916.9-092.000
The Capital Investment Coordinating
Board
- No. 150/V/PMA/2001
Dated 21 December 2001
- No. 762/III/PMA/2002
Dated 23 July 2002
- No. 185/II/PMA/2002
Dated 3 September 2002
- No. 1013/III/PMA/2003
Dated 02 September 2003
- No. 1153/III/PMA/2004
Dated 11 November 2004
The Department of Industry
No. 666/T/Industri/1998
Dated 24 December 1998
A Member Company of the INDORAMA Group
(see attachment)
Capital Structure :
Authorized Capital : Rp.
1,282,785,592,530.-
Issued Capital : Rp. 1,282,785,592,530.-
Paid up Capital : Rp. 1,282,785,592,530.-
Shareholders/Owners :
a. P.T. INDORAMA SYNTHETICS Tbk - 42%
Address : Jl.
Gajah Mada No. 197-198
Desa Kembang Kuning, Ubrug
Jatiluhur, Purwakarta, West
Java
Indonesia
b. INDORAMA NETHERLANDS B.V. - 42%
Address : Markweg 201
3198NB Europort Rotterdam
Netherlands
c. PALMA PREMIUM LTD - 8%
Address : Portcullis, Trustnet Chambers
PO Box. 34444
British Virgin Island
d. P.T. Bank PAN INDONESIA Tbk - 8%
Address : Panin Bank Centre
Jl. Jend. Sudirman Kav.
1
Gelora Bung
Karno, Jakarta Pusat
Indonesia
Lines of Business :
Purified Terephthalic Acid (PTA) Manufacturing
Production Capacity :
Purified Terephthalic Acid (PTA) -
450,000 tons p.a.
Total Investment :
a. Equity Capital - Rp. 1,282.8 billion
b. Loan Capital - Rp. 1,801.4 billion
c. Total Investment - Rp. 3,084.2 billion
Started Operation :
a. 1997 but ceased
operation since October 2007
b. August 2013
(Production Again)
Brand Name :
Indorama Petrochemicals
Technical Assistance :
Indorama Group
Number of Employee :
520 persons
Marketing Area :
Local - 60%
Export - 40%
Main Customer :
Textile Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AMOCO MITSUI PTA INDONESIA
b. P.T. ASIA PACIFIC FIBERS Tbk
c. P.T. MITSUBISHI CHEMICAL INDONESIA
d. P.T. PERTAMINA (Persero)
e. Etc.
Business Trend :
No Comment
Bankers :
a. P.T. Bank
PAN INDONESIA Tbk
Jalan Jend. Sudirman Kav. 55
Jakarta Selatan
Indonesia
b. P.T. Bank INTERNATIONAL INDONESIA
Tbk
Plaza BII, Jalan
M.H. Thamrin No. 55
Jakarta Pusat
Indonesia
c. BANGKOK Bank
Jalam M.H. Thamrin No. 3
Jakarta
Pusat
Indonesia
d. AMERICAN EXPRESS Bank
Jalan H.R. Rasuna Said Kav. X-5
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
None
Net Profit (estimated) :
None
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President
Director - Mr. Mahesh Natesan
Vice
President Director -
Mr. Banwari Lal Birla
Directors - a.
Mr. Vishnu Swaroop Baldwa
b. Mr. Prem Chandra Gupta
c. Mr. Lokita Prasetya
Board
of Commissioners :
President
Commissioner - Mr. Sri
Prakash Lohia
Commissioners - a. Mr. Ir.
Airlangga Hartarto
b. Mr. Aloke Lohia
c. Mr. Amit Lohia
d. Mr. Suchitra Lohia
Signatories
:
President Director (Mr. Mahesh Natesan)
or Vice President Director (Mr. Banwari Lal Birla) or one of the Directors (Mr.
Vishnu Swaroop Baldwa, Mr. Prem Chandra Gupta or Mr. Lokita Prasetya) which
must be approved by Board of Commissioner.
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
Credit
Risk :
High
Credit
Recommendation :
Credit
is not recommended
Proposed Credit Limit :
C.O.D.
Originally named
P.T. POLYPRIMA KARYAREKSA was established in November 1993 with an
authorized capital of Rp.
165,000,000,000 entirely issued, of which Rp. 16,500,000,000 was paid up. The
founding shareholders of the company are Mr. Ibrahim Risjad, his son Mr.
Amirsyah Risjad, Mr. Sudwikatmono, the late Mr. Gunadharma Hartarto (all
indigenous businessmen), Mr. Andry Pribadi AKA (also known as) Liem Liek Mien,
Mr. Wilson Pribadi AKA Liem Oen Djoe, Mr. Henry Liem AKA Liem Sien Tjay, Mr.
Deddy Kusuma, Mr. Surya Widjaja, Mr. Eddy Sariaatmadja and Mr. Awong Hidjaja
(all Indonesian businessmen of Chinese extraction). The company's article of
association has frequently been amended. The economic crisis battering the
country in 1997 followed by the sharp Rupiah depreciation against foreign
currencies has brought bad impact to P.T. POLYPRIMA KARYAREKASA. Total debts of
the company to the state banks kept increasing and being uncontrolled. The
debts of the company reached US$ 74.3 million on 26 September 2000. Later, it
was agreed that the debt conversion of P.T. PK shares to state banks
(represented by IBRA) as shares in P.T. PK. Therefore, in December 2000, the authorized
capital of the P.T. PK was raised to Rp. 968,000,000,000 of which Rp.
390,322,000,000 was issued and fully paid up. At that time, some 38% shares of
P.T. PK was controlled by the government through P.T. Perusahaan Pengelola Aset
(ex. the Indonesian Banking Restructuring Agency or IBRA). However, in December
2001, P.T. PPA (ex. IBRA) sold again some 38% of its shares in P.T. PK to a
consortium of foreign financial institution represented by FORTUNE CONSULTANTS
Ltd., of Mauritius worth US$ 360 million. Then, the authorized capital was
increased to Rp. 3,500,000,000,000 of which 1,833,743,000,000 was issued and
fully paid up and concurrently into the company entered a private company as
new shareholder namely P.T. MULYA SAKTI LESTARI KURNIA.
As of 31 March
2011, the shareholders of P.T. PK are FORTUNE CONSULTANTS Ltd., (42.00%), P.T.
MULYA SAKTI LESTARI KURNIA (28.00%), Mr. Ibrahim Risjad (3.60%), Andry Pribadi
(3.60%), Mr. Wilson Pribadi (3.15%), Mr. Deddy Kusuma (3.15%), Mr. Raden Eddy
Kusnadi (2.40%), Mr. Surya Widjaja (2.40%), Mr. Awong Hidjaja (2.25%), Mr.
Amirsyah Risjad (0.45%), Mr. Indrasari Kresnadjaja (1.80%), Mr. Sudwikatmono
(3.60%) and Mr. Henry Liem (3.60%).
In the first half
of 2011, P.T. Bank Mandiri Tbk., as a creditor of P.T. POLYPRIMA KARYAREKSA
(P.T. PK) conducted loan restructuring
of P.T. PK worth US$. 144.5 million, which involved P.T. INDORAMA SYNTHETICS
Tbk., parent company of the INDORAMA Group. Mr. Zulkifli Zaini, Director of
P.T. Bank MANDIRI said that P.T. PK was a troubled debtor which ceased its
operations since October 2007. P.T. PK was a producer of purified terephthalic
acid (PTA) with a production capacity of 450 thousands tons per year. This
plant required new investors in order to operate its plant back. For that P.T.
Bank Mandiri Tbk., offered Indorama Group to take over the assets of P.T. PK.
Apparently this offer was welcomed by the Indorama Group, which was the largest
producer of polyester yarn in the world, with its annual production capacity of
5 million tons per year. While the raw material for making polyester yarn is
the PTA.
On December 7,
2011, management of P.T. Indorama
Synthetics Tbk., said that they were completing the acquisition of 50% stake in
P.T. PK, and the remaining 50% shares by its affiliated company namely INDORAMA
NETHERLANDS BV., based in Netherlands. With the implementation of the take
over, it the meant that currently all shares and assets of P.T. PK have already
owned by the INDORAMA Group. Later in November 2011 the company was changed to
P.T. INDORAMA PETROCHEMICALS (P.T. IP). The company notary deed was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-59629.AH.01.02.TH.2011 dated December 5, 2011.
The latest
according to the revision of notary documents of Mrs. Novita Puspitarini, SH.,
No. 4 dated 19 December 2011 the company authorized capital was reduced Rp.
1,282,785,592,530 wholly issued and paid up. With this time the composition of
its shareholders has been changed to become P.T. INDORAMA SYNTHETICS Tbk (42%),
INDORAMA NETHERLANDS BV., (42%), PALMA PREMIUM LTD British Virgins Island (8%)
and P.T. Bank PAN INDONESIA (PANIN) Tbk (8%). The latest revision of notary
documents was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-41659 dated December 20, 2011.
P.T. IP is a
Foreign Investment (PMA) company facility approved by the Capital
Investment Coordinating Board (BKPM) to
engage in purified terephthalic acid (PTA) industry. Its plant is located at Jalan Raya
Anyer Km. 121, Ciwandan District, Serang, West Java, on a land of some 20
hectares including 10 hectares rented from P.T. PELABUHAN II. P.T. IP was
licensed to produce 285,000 tons PTA per year, with a total investment of Rp.
755.0 billion consisting of Rp. 188.0 billion company's capital and the rest
from loans. P.T. PELABUHAN II (a state owned company) rents out the said 10
hectares land to P.T. IP for a period of 10 years starting November 1997 with
the rental fee of Rp. 6,000 sq.m/year. The rental period is extendable. The
land is located near the beach of Sunda Straits, 2.5 m over the sea level. The
existing facilities among others are a multi purpose quay of 205 m length and
15 m sea water depth, a public quay of 122 m length and 9.5 m sea water depth,
a jetty of 86 m length and 10 m sea
water depth equipped with dolphin which is able to berth the ship of 120-150 m.
Beside the above facilities, it also has a quay for barges of 100 m length. The
whole facilities are owned by P.T. PELABUHAN II. From factory to jetty, it is
connected by 3 pipelines installed and financed by P.T. IP.
In February 1995
P.T. IP acquired an investment credit from local bank consortium consisting of
P.T. Bank BNI (US$ 107.3 million), P.T. Bank BDN (Rp. 43.0 billion), P.T. Bank
EXIM (Rp. 138.9 billion), P.T. Bank UPPINDO (US$ 5.0 million), P.T. Bank BII
(Rp. 20.0 billion and US$ 10.0 million) and P.T. Bank DHARMALA (Rp. 10.0
billion), all amounting to US$ 122.4 million and Rp. 211.9 billion. In May 1996
it was licensed by the BKPM to increase its production capacity from 285,000
tons PTA to 400,000 tons per year. Its total investment also changed from Rp.
755.0 billion to Rp. 1,183.5 billion coming from company’s capital of Rp. 242.0
billion and the balance from loans.
In the expansion
project P.T. IP has obtained an investment credit from P.T. Bank BNI of US$
58.5 million (65%) and the shareholders of US$ 31.5 million (36%), totaling US$
476.7 million. In August 1997 P.T. Bank BNI again issued additional investment
credit of US$ 42.3 million for refinancing the shareholder’s portion, so the
composition of financing became 70% of bank loan and 30% of shareholder’s
capital. Besides, P.T. Bank BNI has also issued another additional working
capital credit (KMK) of US$ 9.0 million and L/C facility of US$ 21.5 million.
The above loans are guaranteed by P.T. IP's fixed assets including land,
building, machines and other equipment worth (per 23 February 1999) US$ 399.3
million. The shareholders have also issued personal guarantee and mortgage of
the whole P.T. IP' shares.
The Indonesian
economy has been sluggish as the impact of the economic crisis battering the
country in 1997. Consequently, since 2001 P.T. IP relocated a large extent of
its marketing to overseas especially Europe. In 2001, P.T. IP exported some 40%
of whole output PTA products went up to 65% in 2002 and declined to 52% in
2004. The export markets of the company include China, Hong Kong, Pakistan,
Taiwan, Malaysia, Italy, Spain, Belgium and other European countries. For
domestic markets, a large extent of the products of P.T. IP is also consumed by
its affiliated company P.T. INDORAMA POLYPET INDONESIA (ex P.T. POLYPET
KARYAPERSADA) dealing with PET Resin Industry and the rest is sold to spinning
mill and packaging industries.
Generally, local
demand for PTA has also been declining as the impact of the sluggish textile
industry and product textiles in the country. However since 2007 P.T. IP has
ceased operation due to the impact of economic crisis, huge of debt and
difficult of marketing the products. P.T. INDORAMA PETROCHEMICALS has facing
financial difficulties which led to the closure and termination of the plant
since 2007.
Miss Linawati
(Lina), a staff of INDORAMA Group said that they were currently preparing the
delayed re-operation of P.T. IP’s plant. P.T. INDORAMA PETROCHEMICALS
specializes in manufacturing purified terephthalic acid. P.T. IP was accredited
with ISO 9002 certification. P.T. IP supply film and industrial yarn grade PET
resins. PTA product is used in textile and packaging industries. According
information the plant will be operating again in July 2013. However the
production also delayed because the new machine has yet been arrived and
expected to be arrived in August 2013. According information the machinery
installation had been finished and the trial production began in August
2013.
We figure out the demand for PTA has been rising rapidly
by some 6% to 8% per year within the last five
years in line with the rapid growth of PET resins industry. The rate of demand
for PTA has been and will keep declining to 4% to 5% per year within the coming
two or three years. The decreasing demand is in line with the decreasing
activities of PET resins processing industries because of slowed down of yarn
weaving industries as the largest absorber of PET resins, due to global
economic crisis and tight local bank liquidity. Besides, competition is very
tight because there are 5 PTA producers operating in the country namely, P.T. MITSUBISHI
CHEMICAL INDONESIA (600,000 tons per year), P.T. INDORAMA PETROCHEMICALS
(450,000 tons per year), P.T. AMOCO MITSUI PTA INDONESIA (350,000 tons per
year), P.T. POLYSINDO EKA PERKASA Tbk (500,000 tons per year) and P.T. PERTAMINA
(275,000 tons per year). The business position of P.T. IP is less favorable as
a large extent of the company’s investment is coming from loan in US$ and
Rupiah. As the impact of the crisis of global economy crisis in October 2008
and followed by Rupiah deprecation against hard foreign currencies since August
2013, bad debt of the company swelled out of control.
P.T. IP has not been registered with Indonesian Stock
Exchange, so that they shall has not obliged to announce their financial
statement. In view of P.T. IP is just newly in trial
production since August 2013, the financial condition of the company is as the
paid up capital of Rp. 1,282,785,592,530 as stated in the articles of
association of the company. The financial condition of the company still
depends on the financial condition of its shareholders. So far we have
never heard 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.
The management of P.T. IP is headed by Mr. Mahesh Natesan
(63) a professional manager of India with experience in PTA manufacturing and
trade. Daily activity the company is also headed by Mr. Banwari Lal Birla (54)
as Vice President Director, and three Directors namely Mr. Vishnu Swaroop
Baldwa (54), Mr. Prem Chndra Gupta (62) and Mr. Lokita Prasetya (47). However the prime mover is Mr. Sri Prakash Lohia (61), an
Indian businessman with broad experienced in the above business. Mr. S. P.
Lohia has a Bachelor of Commerce degree from the University of Delhi in 1971.
He founded P.T. Indorama Synthetics Tbk along with his father, Mr. M.L. Lohia,
in 1976. He has 35 years of experience in the industry and sits on the boards
of various companies of the Indorama Group.
We observed that management’s reputation in said business
is sufficiently fairly good. The company's management is handled by
professional staff 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. Considering P.T. INDORAMA
PETROCHEMICALS having yet to be in operation, we recommend to treat prudently
in business transaction and in extending a loan to the company.
List of the INDORAMA Group Members
1.
ASHOK
TEXTILE Industries, Ltd., Nepal (Textile Industry)
2.
AUTUM
INVESTMENT Ltd., Hong Kong (Holding Company)
3.
BANGADUA
PETROLEUM, P.T. (Oil & Natural Gas Exploration)
4.
BROOKGRANGE
INTERNATIONAL FINANCE LTD., The U.K. (Financing Service)
5.
INDOMULIA
MITRAJAYA, P.T. (Shrimp Culture)
6. INDORAMA CHEMICALS
(Thailand) Ltd., Thailand (Chemicals Manufacturing)
7. INDORAMA NETHERLANDS
BV., (Investment Holding)
8. INDORAMA NETHERLANDS
COOPERATIEF U.A. (Investment Holding)
9. INDORAMA
PETROCHEMICALS, P.T. (Purified Terepthtalic/PTA Manufacturing)
10. INDORAMA POLYPET
INDONESIA, P.T. (Polyethylene Terephthalate /PET Resin Manufacturing)
11. INDORAMA POLYESTER
INDUSTRIES INDONESIA, P.T. (Polyester Filament Yarn Industry)
12. INDORAMA PROJECTS AND
SERVICES Ltd., India (Consulting and Investment Holding)
13. INDORAMA SYNTHETICS
(India) Ltd., India (Chemicals Manufacturing)
14. INDORAMA SYNTHETICS
Tbk, P.T. (Spinning Mills)
15. INDORAMA VENTURES
INDONESIA, P.T. (Polyester Filament Yarn and Polyester Resin Industry)
16. INDORAMA VENTURES
PUBLIC LISTED LTD,. Thailand (Polyester Filament Yarn Industry)
18.
IRAMA
DINAMIKA LATEX, P.T. (Latex Goods Manufacturing)
19.
IRAMA
UNGGUL, P.T. (Trading and Investment Holding)
20.
JAKARTA
MAJU PUSAKA, P.T. (Trading and Suppliers)
21.
LOHIA
INDUSTRIES PVT.,LTD., India (Investment Holding)
22.
MITRABANGUN
GRIYA, P.T. (Office Block Rental Management)
23.
RAMATEX
Ltd., (Hong Kong), (Investment Holding)
24.
SK
WAHANA INTERNATIONAL, P.T. (Textile Industry)
25.
THONBURI
LACE Co. ,Ltd., Thailand (Investment Holding)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.