|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. RIAU ANDALAN PULP AND PAPER |
|
|
|
|
Registered Office : |
Pangkalan Kerinci, Kecamatan Langgom, Kabupaten Kampar, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
15.05.1989 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-41869 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Pulp
and Paper Industry |
|
|
|
|
No. of Employees : |
4,265 |
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 : |
Slow but correct |
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices
|
Source
: CIA |
Correct Name of Company :
P.T. RIAU ANDALAN
PULP AND PAPER
A d d r e s s :
Head Office &
Factory
Pangkalan Kerinci
Kecamatan Langgom
Kabupaten Kampar
Riau Province, Sumatera 28000
Indonesia
Phone -
(62-761) 95529, 95725, 95777
Fax. - (62-761) 95681
P.O. Box - 1080 Pekanbaru
Land Area - 45.0 hectares
Office Space - 18.0 hectares
Region - Industrial
Zone
Status - Owned
Branches
a.
Jalan Teluk Betung No. 31
Jakarta 10230
Indonesia
Phone - (62-21) 314 4570
Fax. - (62-21) 314 4604
b.
UNIPLAZA, East Tower
6th Floor, Block A-1
Jalan Letjend. Haryono MT.
Medan 20231, North Sumatra
Indonesia
Phones - (62-61) 532532 (Hunting)
Fax - (62-61) 530833
Date of
Incorporation :
15 May 1989
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C2-4651.HT.01.01.TH'91
Dated 12 September 1991
b. No. W7-01312.HT.01.04.TH.2007
Dated 08 February 2007
c. No.
AHU-36287.AH.01.02.Tahun 2008
Dated 27 June 2008
d. No. AHU-AH.01.10-33198
Dated 27 December 2010
e. No. AHU-41614.AH.01.02.Tahun 2011
Dated 16 August 2011
f. No.
AHU-AH.01.10-41869
Dated 21 December 2012
Company Status :
Domestic Investment (PMDN) Company
Permits by the Government Department :
a. The Department of Finance (Tax License)
NPWP
No. 01.341.857.9.092.000
b. The Company Registration Certifikat
TDP
No. 09.05.1.21.28526
Dated
7 December 2007
c. The Capital Investment Coordinating Board
-
No. 21/I/PMDN/1990
Dated 4 January 1990
-
No. 47/II/PMDN/1999
Dated 15 September 1999
-
No. 26/II/PMDN/2006
Dated 19 April 2006
d. The Department of Industry
-
No. 317/T/INDUSTRI/1997
Dated
14 July 1997
-
No. 1011/T/INDUSTRI/2005
Dated 25 November 2005
Related/Affiliated Company :
The RAJA GARUDA MAS Group or the GOLDEN EAGLE Group Members
Capital Structure :
Authorized
Capital -
Rp 3,000,000,000,000.-
Issued Capital - Rp 2,003,204,000,000.-
Paid Up Capital - Rp 2,003,204,000,000.-
Shareholders/Owners :
a.
PEAK PULP & PAPER LIMITED (d/h Asia
Pacific Resources International Holding
Ltd.) - Rp. 1,467,689,000,000.- (73.3%)
Address : Bermuda – Seychelles
b.
P.T. PERKASA RIAU SENTOSA (d/h PT.Tanoto
Dana Perkasa Corp.) - Rp. 336,175,000,000.- (16.8%)
Address : Jl. Jend. Sudirman
Kav. 1
Jakarta Pusat
c.
P.T. RAJA GARUDA MAS Pulp Rayon and Paper -
Rp. 199,340,000,000.- ( 9.9%)
Address : Jl. M.H. Thamrin
Kav. 31
Tanah Abang,
Jakarta Pusat
Lines of Business
:
Integrated Pulp
and Paper Industry
Production
Capacity :
First Stage
a. Pulps - 800,000 tons p.a.
b. Chlorines - 50,000 tons p.a.
c. Caustics Soda - 50,000 tons p.a.
Second Stage
a. Pulps - 500,000 tons p.a.
b. Papers -
600,000 tons p.a.
c. Chlorines -
50,000 tons p.a.
d. Caustics Soda - 50,000 tons p.a.
Total
Investment :
First Stage
a. Equity Capital -
Rp 1,417.5 billion
b. Loan Capital -
Rp 1,553.3 billion
c. Total Investment - Rp 2,970.8 billion
Second Stage
a. Equity Capital -
Rp 598.7 billion
b. Loan Capital -
Rp 1,111.9 billion
c. Total Investment - Rp 1,710.6 billion
Industrial Forest Estate Project
a. Equity Capital -
Rp 157.0 billion
b. Loan Capital -
Rp 293.0 billion
c. Total Investment - Rp
450.0 billion
Started Operation :
1 9 9 5
Brand Name :
RIAU PULP
Technical Assistance :
None
Number of Employee :
4,265 persons
Marketing Area :
a. Export -
65%
b. Local -
35%
Main Customer :
Buyers in Asia,
Europe and USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDAH KIAT
PULP & PAPER Tbk
b. P.T. TJIWI KIMIA Tbk
c. P.T. LONTAR PAPYRUS
d. P.T. PINDO DELI PULP & PAPER
e. P.T. PARISINDO
PRATAMA
Business Trend :
Fluctuating
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Gatoto Subroto Kav. 36-38
Jakarta 12190
Indonesia
b. P.T. Bank BNI Tbk
Jalan Jend. Sudirman Kav. I
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp.
5,860.0 billion
2011 – Rp.
6,330.0 billion
2012 – Rp.
7,089.0 billion
2013 – Rp.
7,820.0 billion
Net Profit
(estimated) :
2010 – Rp. 550.0
billion
2011 – Rp. 590.0
billion
2012 – Rp. 660.0
billion
2013 – Rp. 720.0
billion
Payment Manner :
Sometime Delay
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Kusnan Rahmin
Directors - a. Mr. David Alexander Kerr
b. Mr. Mulia Nauli
c. Mrs. Susanna
d. Mr. Vinod Kesavan
Board of Commissioners :
President Commissioner - Mr. Ibrahim
Hasan
Commissioner - Mr. Praveen Singhavi
Signatories :
President Director (Mr. Kusnan Rahmin)
or one of the Directors (Mr. David Alexander Kerr, Mr. Mulia nauli, Mrs.
Susanna and Mr. Vinod Kesavan) which
must be approved by President Commissioner (Mr. Ibrahim Hasan) or Commissioner
(Mr. Praveen Singhavi)
Management Capability :
Fairly Good
Business Morality :
Fairly Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Initially named P.T. RIAU PULP & PAPER,
the company was established in 1989 with an authorized capital of Rp
100,000,000.-, issued and paid up capital of Rp 20,000,000.-. The original
founding shareholders are Mrs. Tinah Bingei, Mr. Ir. Frits Irawan and Mr. Ir.
Yusak Hartono, they are Chinese Indonesians.
The Deed of establishment was approved by the Minister of Justice of the
Republic of Indonsia through its Decree No. C2-4651.HT.01.01.TH.91 dated
September 12, 1991. The articles of association of the company have
frequently been changed. In 1992 the company renamed P.T. RIAU ANDALAN
PULP & PAPER (P.T. RAPP) and its authorized capital was raised to Rp
500,000,000,000.- issued capital to Rp 100,000,000,000 and the paid up capital
to Rp 10,000,000,000.-. In 1994 the authorized capital was again raised to Rp
2,000,000,000,000.-, issued and paid up capital to Rp 1,417,500,000,000.- Since
then the shareholders of P.T. RAAP are P.T. RAJA GARUDA MAS and P.T. TANOTO
DANAPERKASA Corp., both of Indonesia, GOLDEN PROSPER INTERNATIONAL Ltde., of
Hong Kong and UNITED RESOURCES S.A., of Luxembourg. The amendment to Deed was approved by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Decision Letter No.
C2-16.001 HT.01.04.TH.1994 dated October 25, 1994.
But since the early 1995 some 98.9% shares
of P.T. RAPP had been taken over by ASIA PACIFIC RESOURCES INTERNATIONAL
HOLDING Ltd, (APRIL), a Singapore based public company and the rest (1.1%) is
owned by P.T. RAJA GARUDA MAS PULP RAYON AND PAPER of Indonesia. In February
2007, the authorized capital was again raised to Rp. 3,000,000,000,000.-,
issued and paid up capital to Rp. 2,003,204,000,000.- The deed of amendment was
made by Mrs. Linda Herawati, SH., a public notary in Jakarta under Company
Registration Number W7-HT.01.10-250, dated February 28, 2007. Since then the shareholders of P.T. RAPP are
ASIA PACIFIC RESOURCES INTERNATIONAL HOLDING Ltd., of Singapore (73.3%), P.T.
TANOTO INTERNATIONAL PERKASA Corp., (16.8%) and P.T. RAJA GARUDA MAS PULP RAYN
AND PAPER (9.9%), both of Indonesia. This amendment to Deed was approved by the
Minister of Law and Human Rights of the Republic of Indonesia by virtue of
Decision Letter No. W7-01312 HT.01.04.TH.2007 dated February 8,
2007.
In May 2008, the composition of the
board of directors and commissioner was changed. But, no changes have been
effected in term of its shareholding composition and capital structures to
date. The amendment to Deed was approved by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Decision Letter No.
AHU-35287. AH.01.02.Tahun 2008 dated June 27, 2008. In
December 2010, the composition of the board of directors and
commissioner was changed. But, no changes have been effected in term of its
shareholding composition and capital structures to date. The
amendment to Deed was approved by the Minister of Law and Human Rights of the
Republic of Indonesia by virtue of Decision Letter No.
AHU-AH.01.10-33198 dated December 27, 2010.
In July 2011, the composition of the
board of directors and commissioner was changed and the latest shareholders of
the company are PEAK PULP & PAPER LIMITED (d/h Asia Pacific Resoruces
International Holdings Ltd) of Bermuda, Seychelles (73.3%), P.T. PERKASA RIAU
SENTOSA (d/h PT. Tanoto Dana Perkasa) and PT. RAJA GARUDA MAS PULP RAYON AND
PAPER (9.9%). The amendment to Deed was approved by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Decision Letter No.
AHU-4164.AH.01.02.Tahun 2011 dated August 16, 2011.
Latest on October 23, 2012, the composition of the
board of directors and commissioner was changed again. But, no changes have
been effected in term of its shareholding composition and capital structures to
date. The amendment to Deed was approved by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Decision Letter No.
AHU-AH.01.10-41330 dated November 22, 2012. The latest composition of the board
of directors and commissioners are as shown on page-6 of this report. We are extremely difficult to trace or investigate the shareholders of
PEAK PULP & PAPER LIMITED, as this company is incorporated under law of the
Republic of Seychelles. But we allege
or estimate that the owners of this company are Mr. Sukanto Tanoto and his
family member.
P.T. RAPP is a member of the RAJA GARUDA MAS
Group or GOLDEN EAGLE Group, a large business group headed by Mr. Sukanto
Tanoto AKA Tan Sui Hang. The group members have engaged in rubber glove
manufacturing, woodworking, oilpalm plantation and palmoil refinery, industrial
estate development, banking, office block rental management, iron and steel
industry, logging, trading and other business activities.
P.T. RAPP is dealing with pulp industry, managing
a plant in Pangkalan Kerinci, Kecamatan Langgom, Kampar, Riau Province. The
construction of the plant started since 1992 by two stages. In the first stage
P.T. RAPP has a production capacity of 500,000 tons per year including its
chemicals production chlorines and caustic soda of 50,000 tons each per year.
It has absorbed a total investment for the first stage of Rp 2,970.8 billion
coming from company's capital of Rp 1,417.5 billion and the rest from
loan. The second or expansion plant with
a production capacity of 500,000 tons pulp, 600,000 tons paper, chlorines and
caustic soda of 50,000 tons each per year. The second development has absorbed
a total investment of Rp 1,710.6 billion coming from company's capital of Rp
598.7 billion and the rest from loan.
P.T. RAPP had been operating commercially
since 1995 and now it has an installed capacity of 820,000 tons per year,
including its expansion unit. It got a license from BKPM in 1993 to manage
Forest Industrial Estate (HTI) of 280,500 hectares in 10 locations in Kampar
area, Pangkalan Kerinci, Riau, while its paper manufacturing unit was handed
over to its affiliated P.T. RIAU ANDALAN KERTAS (P.T. RAK), its plant is
located at Kawasan Industri Kampar Pangkalan Kerinci, Pekan Baru, Riau. The plant started production commercially
since mid-1999 with a production capacity of 350,000 tons per year. P.T. RAPP
and P.T. RAK got electric energy supply from P.T. RIAU PRIMA ENERGI, also a
member of the RGM Group. Some 65% of the products is exported and the rest is
sold locally mainly to P.T. RAK.
Beside the above positive news there is
also negative information against P.T. RAPP. In July 2000 it was accused to
seize 87 hectares land owned by 31 families (KK) of Kerinci, Riau, for
industrial forest-estate (HTI) project. Mr. Lukman, a public figure of
Pangkalan Kerinci said that the above 87 hectares land have not yet been
compensated by P.T. RAPP. He said the people claim for compensation of Rp
10,000.- per m2, while P.T. RAPP will only pay the empowerment compensation of
Rp 3.75 million per hectare. The land dispute has yet been settled to date.
Other negative news was that in the end of
March 2001, P.T. RAPP was accused to absorb stolen wood from 800 hectares
forest-estate owned by P.T. ARARA ABADI (a member of the SINAR MAS Group). The
case came from the stealing of acacia mangium wood plantation owned by P.T.
ARARA ABADI by persons who claimed themselves under the names of cooperatives
in Riau. The stolen wood was sold using a document of Surat Angkutan Kayu
Rakyat (People Wood Transporting Permit) and being absorbed by P.T. RAPP.
According to Mr. Nur Mahmudi (former
Minister of Forestry) the stealing and absorbing of illegal wood had been doing
since 1998, causing the state loss at least Rp 400 million because no
collecting of Forest Resources Provision Fund. But P.T. RAPP considered that
the accusation was very premature and full of business competition.
In May 2001 P.T. RAPP again was alleged to
involve in manipulation of Reforestation Fund (DR) and forest contribution
(IHH) of Rp 680.0 billion since 1999 to 2000.
But Mr. Protasius Daritan, SH, president director of P.T. RAPP refused
and the company used its owned fund since the early 1993 and not a single cent
received or used the DR fund. The case is not clear, so far, and still under
investigation of Attorney General Office.
The
company plant utilization has reached 100% with a capacity of 1.8 million per
annum out of installed production capacity of 2 million tons p.a. Meanwhile,
its paper making plant managed by P.T. RIAU ANDALAN KERTAS (P.T. RAK) has a
production capacity of 350,000 tons p.a. Some 75% of P.T. RAPP's export from
2002 to date has been coming from the sales of pulp and the rest is from paper
export. She went on to say that the international price of pulp has been rising
between US $ 420 to US $ 450 per ton of which the price of the last two years
was US $ 300 per ton due to an over supplies.
In
September 2005, P.T. RAK planned to merge into P.T. RAPP but the plan has yet
to be realized up to this time. In
January 2006, P.T. RAPP thirdly gained a Golden Flag Award for its high
achievement in Working Safety and Health Management System Audit 2006 and Zero
Accident Award. On 13 March 2006, P.T.
RAPP received a certificate of Industrial Forestry Conservation (PHTL) from
Indonesian Ekolabel Institution (LEI).
That event was attended by Mr. MS Kaban, the Minister of Forestry, Mr.
Rachmat Witoelar, the Minister of Environment and Mr. Emil Salim and
environmental export.
Up
to December 2005, the industrial forestry areas of P.T. RAPP reached 254
thousand hectares consisting of own forestry 150 thousand hectares and the
balance are of other business partners.
Besides, P.T. RAPP is also collecting timbers of the villagers to meet
the rest. Another product of the company
is pure honey produced by villagers through community development program. In September 2006, P.T. RAPP allocated a fund
of Rp. 30 billion for community development program and environmental
conservation. Besides, P.T. RAPP tries
to increase the villager’s incomes by involving 9,800 families to plant acacia
trees in an area of 26,000 hectares.
Local
media Detik News, 15 February 2007 informed that factory of P.T. RAPP in
Pangkalan Kerinci Riau was sealed by joint force from National Police and
Directorate General of Forestry, as P.T. RAPP was red handed conducted illegal
action by buying timbers which was not in compliance with designated sizes.
Further on March 2007, Detik News
also reported that Regional Police of Riau would conduct open war in illegal
logging with two paper companies namely PT. Riau Andalan Pulp and Paper (RAPP)
and PT. Indah Kiat Pulp and Paper (IKPP).
Regional Police of Riau admitted no fear though the companies were
“supported” by Riau Provincial Legislative Council. The matter was conveyed to
Chief of Regional Police of Riau Brigadier General Pol. Sutkiptadi in Riau
Regional Police Headquarters on Jl. Sudirman, Pekanbaru, Riau, Thursday
(1/3/2007)
Further
on August 2007, a local Newspapers “Batam Today” reported that P.T. RAPP and
PT. IKPP planned to conduct mass layoff in the end of October 2007. According
to plan both these companies would conduct mass layoff to 400 thousand direct
workers and 600 thousand indirect workers. The layoff was impact from policy
from Riau Regional Police Chief Brigadier General Police Sutjipta in illegal
logging war. Many parties including
Minister of Forestr, Malam Sambat (MS) Kaban considered that illegal logging
eradication had been deviated. It should follow up companies without permit not
otherwise.”
In
order to seek solution for this layoff plan, Erman Suparno (Minister of Labor
and Transmigration would communicate with Police Chief General Police Sutanto
and Minister of Forestry MS Kaban. In principle, Ministry of Labor and
Transmigration remained to respect the law enforcement taken by Riau Regional
Police in illegal logging case. But, he hoped that Police Chief and Ministry of
Forestry collectively also sought
solution to the layoff plan, as P.T. RAPP and PT IKPP stumbled in illegal
logging case.
In December 2011 in
Jakarta a Mouth Sewing Action occurred in front of House
of Representatives Building’s entrance in Jakarta, committed by the residents of Pulau Padang, Meranti Islands Regency, Riau joining
in the Pulau Padang Save Community Forum (FKM-PPP). They
refused the operation P.T. RAPP in Pulau Padang
by reason environment
damage would occur and the loss of resident access to forests and land as
a major source of living. Prolonged conflict on the Pulau Padang which covers 14 villages was triggered by the issuance
of Forest Timber Concession (HTI)
to PT RAPP,
dated 21 June 2009, by decree of the
Minister of Forestry 327/Menhut-II/2009
covering
Mr.
Kusnan Rahmin, President Director of P.T. RAPP said
that the company's production in 2014 will decline as much as 200,000 tons of
pulp, due to the government policy on sustainable forest management. He added
that the production of P.T. RAPP last year to 2.7 million tons of pulp and
850,000 tons of paper. But with the
sustainable forest management policies make it follow the rules of the
moratorium, which may not buy raw materials from wood fibers seller in the list
of high conservation value.
P.T. RAPP is a subsidiary of PEAK PULP & PAPER LIMITED
(formerly APRIL Ltd.) is a pulp and paper mill second largest in Asia with
brand PaperOne. Currently PaperOne already exported to various countries in
Asia, the Pacific, Australia, China and Europe.
Until
this time P.T. RAPP has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. We
estimated the total sales turnover in 2011 amounted to Rp. 6,330.0 billion with
a net profit of Rp. 590.0 billion increased to Rp. 7,089.0 billion with a net
profit of Rp. 660.0 billion in 2011 and rose again to Rp. 7,820.0 bilion with a
net profit of Rp. 720.0 million in 2013.
It is estimated the company has an estimated total networth at least Rp.
4,500.0 billion. We observe that P.T.
RAPP is supported by financially strong behind it, especially Mr. Sukanto
Tanoto. According to Glove Asia Magazine
on June 3, 2010, Mr. Sukanto Tanoto is an one of the ten richest businessmen in
Indonesia with a total networth of US$ 2.1 billion.
In
2007, P.T. Bank MANDIRI Tbk, as director of RAJA GARUDA MAS Group’s credit
syndicate amounting to Rp. US$.1.44 billion asked other creditors to sign a
restructuring agreement. In the restructuring agreement, the portion of Bank Mandiri
of US$.589.93 million of total loan facility of US$. 1.44 billion. According to
restructuring agreement, RGM Group's principal loan was spread across three
companies namely PT RAPP, P.T. RIAU ANDALAN KERTAS and P.T. RIAU PRIMA ENERGY -
known as RIAU Complex. According to the agreement each dated 23 December, RGM
was obligated to pay the loan principal of US$. 100 million until 2009. Payment of loan principal on the same date
increased to US$. 110 million for the period 2010 to 2015. According P.T. Bank MANDIRI Tbk, by far the
RGM Group's debt payments were considered smooth and cooperative.
The
management of P.T. RAPP is headed by Mr. Kusnan Rahmin (50) of Indonesia as the
president director being assisted by four directors namely Mr. David Alexander
Kerr (59) of Canada, Mr. Mulia Nauli (50) of Indonesia, Mrs. Susanna (40) of
Indonesia and Mr. Vinod Kesavan (48) of India. The president commissioner of
the company is Mr. Ibrahim Hasan (61) of Indonesia and Mr. Praveen Singhavi
(43), a professional manager of India as commissioner. However, we believed that the prime-mover of
the company is Mr. Sukanto Tanoto alias Tan Sui Hang (65), a leading
businessman in the country. In June
2013, one of foreign business magazines (Glove Asia) reported that Mr. Sukanto
Tanoko is one of the ten wealth businessmen in Indonesia with assets of US$ 2.1
billion.
Mr.
Tanoto has wide relation private businessmen of home and overseas as well as
with the government sectors. As far as business is concerned the management has
never involved in any fraudulent dealings or detrimental cases being settled in
local district court. They have wide
relations with private businessmen within and outside the country and with the
government sector. So far we have never heard that the board of directors and
commissioners of the company involved in business malpractices or detrimental
cases that settled through the court.
In
view of the negative factors and unstable economic condition in the country, we
recommend to treat prudently in business transaction and in extending a loan to
P.T. RAPP and other company member of the RAJA GARUDA MAS Group or the GOLDEN
EAGLE Group.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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 |
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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.