|
Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MAYORA INDAH TBK |
|
|
|
|
Registered Office : |
MAYORA Building, Jalan Tomang Raya No. 21-23,
Jakarta 11440 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1974 |
|
|
|
|
Com. Reg. No.: |
No. AHU-29391.AH.01.02.Tahun 2009 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
·
Subject is trading in Biscuit, Confectionery and
Wafer Industry ·
Investment Holding |
|
|
|
|
No. of Employees : |
7,185 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Name of Company :
P.T. MAYORA INDAH TBK
A d d r e s s :
Head Office
MAYORA Building
Jalan Tomang Raya No. 21-23
Jakarta 11440
Indonesia
Phones -
(62-21) 5655320 (hunting)
Fax - (62-21) 5655323
E-mail - consument@mayora.com
Website - http://www.mayora.com
Land Area - 6 storey
Building Area - 1,200 sq.
meters
Region - Commercial
Status - Owned
Factories
a. Jalan Telesonik, Desa Pasir Jaya,
Kel. Pasir Jaya, Kec.
Jatiuwung
Tangerang, Banten Province
Indonesia
Phone -
(62-21) 56553019, 5902173
Fax. -
(62-21) 5655336, 5902167
Land Area - 21,110 sq. meters
Building Area - 9,800
sq. meters
Region - Commercial
Status - Owned
b. Blok H-10, Kawasan Industri MM 2100
Cikarang BNarat, Bekasi
West Java, Indonesia
Phone -
(62-21) 8980195
Fax. - (62-21) 8980293
Land Area - 60,000 sq. meters
Building Area - 12,500 sq. meters
Region - Commercial
Status - Rent
c. Jalan Pelita, Kel. Batuceper
Kec. Batuceper, Tangerang
West Java, Indoneisa
Phone -
(62-21) 5454987
Fax. - (62-21) 6192812
Land Area - 15,990 sq. meters
Building Area - 6,200
sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
17 February 1977
Legal Form :
P.T. Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. Y.A.5/5/14
Dated 3
January 1978
b. No. C-UM.02.01.11121
Dated 10
September 2004
c. No. AHU-29391.AH.01.02.Tahun
2009
Dated 30 June 2009
Company Status :
Domestic Investment (PMDN) Company
Permit by the Government Department :
a. The Department of Industry and Trade
No.
891/DJ/AN/IV/ANIN/1977
Dated 30
April 1977
b. The Capital Investment Coordinating
Board
No.
72/A/SP.01/BKPM/VII/1977
Dated 11
July 1977
c. The Capital Market Supervisory Agency
- No.
S-1710/PM/1992
Dated 16 October 1992
- No.
S-1451/PM/1997
Dated 27 June 1997
- No.
S-1542/PM/2003
Dated 27 June
2003
- No.
S-3287/BL/2008
Dated 28 May 2008
- No.
S-5071/BL/2012
Dated 01 May 2012
Related/Affiliated Company :
A Member Company of the MAYORA Group (see attachment)
Capital Structure :
Authorized Capital -
Rp. 1,500,000,000,000.-
Issued Capital -
Rp. 383,292,000,000.-
Paid up Capital -
Rp. 383,292,000,000.-
Shareholders (as per 31 Dec. 2012) :
a. P.T. UNITA BRANINDO of Indonesia - Rp.
126,224,947,000 (32.93%)
b. Employee Cooperative PT. Mayora Indah Group - Rp. 408,846,000 ( 0.11%)
c. PPP & AP Koperasi
TNI Angkatan Darat -
Rp. 102,213,000 ( 0.03%)
d. Public (below 5% each) -
Rp. 256,555,994,000 (66.93%)
Lines of Business :
a. Biscuit, Confectionery and Wafer Industry
b. Investment Holding
Production Capacity :
a. Biscuits -
74,000 tons p.a.
b. Confectioneries -
40,000 tons p.a.
c. Wafers -
40,000 tons p.a.
d. Chocolate Paste & Meises - 4,000 tons p.a.
e. Coffee Products -
65,000 tons p.a.
f. Cocoa & Cereal -
40,000 tons p.a.
Total Investment :
a. Equity Capital -
Rp. 3,527.9 billion
b. Loan Capital -
Rp. 1,870.3 billion
c. Total Investment -
Rp. 5,398.2 billion
Started Operation :
1 9 7 4
Brand Name :
a. Roma, Danisa, Royal Choice, Better, Slai O Lai, Sari Gandum, etc.
(for biscuit products)
b. Kopiko, Kopiko Milko, Kiss, Tamarin (confectionery, coffee candy and
mint candy)
c. Beng-Beng, Astor, Roma Wafer Coklat, Roma Zuperr Keju (Chocolate
wafer and stick wafer)
d. Choki-choki (chocolate paste and chocolate meises)
e. Torabika, Kopiko (Coffee mix, instant coffee mix and ground coffee)
f. Energen Cereal, Energen
Oatmilk (Healthy food)
Technical Assistance :
None
Number of Employee :
7,185 persons
Marketing Area :
Local - 72.0%
Export - 28.0%
Main Customers :
a. Traditional Market, Mini-markets, Supermarkets and Hypermarkets
b. Overseas buyer in Africa, America, Saudi Arabia, Australia, Bahrain,
China, Hong Kong, Japan,
Italy, Germany, Jordan,
Kuwait, Malaysia, Mesir, Nigeria, Prance, Philippines, Poland, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KHONG GUAN BISCUIT
b. P.T. NISSIN INDONESIA
c. P.T. SANTOS JAYA ABADI
d. P.T. NESCAFE INDONESIA
e. P.T. ARNOTT INDONESIA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MAYORA Tbk
Bank Mayora Building
Jalan
Mangga Dua Raya Blok F 4/2
Jakarta
Barat
b. P.T. Bank MANDIRI Tbk
Mandiri Building
Jalan Kalibesar Barat No. 1-2
Jakarta
Barat
Auditor :
Mulyamin Sensi Suryanto, a public accountant
Litigation :
No litigation record in our database
Annual Sales/Turnover :
2009 – Rp. 4,777.2 billion
2010 – Rp. 7,224.2 billion
2011 – Rp. 9,453.9 billion
2012 – Rp.10,510.6 billion
2013 – Rp. 5,796.2 billion (as of
30 June)
Net Profit :
2009 – Rp. 372.2 billion
2010 – Rp. 484.1 billion
2011 – Rp. 483.5 billion
2012 – Rp. 744.4 billion
2013 – Rp. 460.1 billion (as of 30 June)
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Andre Sukendra Atmadja
Directors - a. Mr. Hendarta Atmadja
b. Mr. Wardhana Atmadja
c. Mr. Hendrik Polisar
d. Mr. Mulyono Nurlimo
Board of Commissioners :
President Commissioner - Mr. Jogi Hendra Atmadja AKA Na Hong Giok
Commissioners - a. Mr. Hermawan Atmadja
b. Mr. Gunawan Atmadja
c. Mr. Suryanto Gunawan
d. Mr. Ramli Setiawan
Signatories :
President Director (Mr. Andre Sukendra
Atmadja) or one of the Directors (Mr. Hendarta Atmadja, Mr. Wardhana Atmadja,
Mr. Hendrik Polisar and Mr. Mulyono Nurlimo)
which must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Originally named P.T. MAYORA INDAH, the company was established in 1977
with an authorized capital of Rp. 200,000,000.- entirely issued and paid up.
The company was founded by Mr. Jogi Hendra Atmadja AKA Na Hong Giok, Mr. Ir.
Darmawan Kurniadi (both are Indonesian businessmen of Chinese extraction) and
Mr. Drs. R. Soedigdo (an indigenous
businessman) as the original shareholders.
In 1990 the company went public by selling 15.29% of its shares through
the stock market. In 1995 the company's authorized capital was increased to Rp
1,500,000,000,000.- with an issued and paid up capital of Rp 383,292,000,000.-
Since then the company's shareholders have been P.T. Unita Branindo (32.93%),
BBH Boston S/A GMO Emerging Markets Fund (7.48%), Koperasi Karyawan P.T. Mayora
Indah Group (0.11%), Pusat Pendidikan Perbekalan Dan Angkutan Primer Koperasi
TNI Angkatan Darat (0.03%) and the publics (59.45%). In 1997 the word Terbuka
(Tbk.) or Open was added behind the company's name to comply with government
law on public listed company to P.T. MAYORA INDAH Tbk. abbreviated P.T. MIT.
According to shareholders list of P.T. MIT issued by Indonesian Stock
Exchange as per 30 June 2013, shareholders composition of the company is as
follow: P.T. UNITA BRANINDO (32.93%),
Employee Cooperative PT. Mayora Indah Group (0.11%),
Pusat Pendidikan Perbekalan and Angkutan Primer Koeprasi TNI Angkatan Darat
(0.03%) and Publics (66.93%).
P.T. MIT is a member company of the MAYORA Group or INBISCO Group, a
large sized company group in Indonesia dealing with trading and industry of
confectionery, wafer, biscuit and snack products.
P.T. MIT has been in operation since 1980 in the industry of producing
biscuits, cookies and sweets with its plant located at Jalan Daan Mogot Km.
7.8, West Jakarta. In 1990 P.T. MIT took over (internal acquisition) P.T. UNITA
BRANINDO, a plant producing wafers and chocolate products located at Jalan
Merdeka Km. 7.8, Tangerang (Banten) where it stands on an 11.7 hectares land.
Since then P.T. MIT has become one of the big-sized plants producing biscuits,
cookies, wafers and chocolate products in the country. At present, P.T. MIT produces and has 6 (six)
division each producing different yet integrated products, namely:
|
Division |
Trademark |
|
Biscuit |
Roma, Danisa, Royal Choice, Better, Slai O Lai, Sari Gandum,
Coffeejoy, Chees’kress |
|
Candies |
Kopiko, Kopiko Milko, Kiss, Tamarin |
|
Wafer |
Beng Beng, Beng Beng Maxx, Astor, Roma Wafer Coklat, Roma Zuperrr Keju |
|
Chocolate |
Choki-Choki |
|
Coffee |
Torabika Duo, Tarabika Duo Susu, Torabika Moka, Torabika 3 in One,
Torabika Cappuccino, Kopiko Brown Coffee, Kopiko White Coffee |
|
Healthy Food |
Energen Cereal, Energen Oatmilk |
Source: PT. Mayora Indah Tbk
The Company has consistently focused on its core business in the package
food and beverage industry. About 72% of the company's production is sold on the
domestic market by its affiliate P.T. INBISCO NIAGA with the remaining 28%
being exported to Africa, America, Saudi Arabia, Australia, Bahrain, China,
Hong Kong, Japan, Italy, Germany, Jordan, Kuwait, Malaysia, Mesir, Nigeria,
Prance, Philippines, Poland, etc.
Besides, P.T. MIT is also active in investment holding by controlling
100% shares of P.T. SINAR PANGAN BARAT (foods and particularly wafer
processing), 100% shares of P.T. SINAR PANGAN TIMUR (foods and particularly
biscuit and wafer processing), 96.23% shares of P.T. TORABIKA EKA SEMESTA
(coffee powder and instant processing industry) and 100% shares of MAYORA
NEDERLAND B.V, (financing services) and 92.38% indirect shares of P.T. KAKAO
MAS GEMILANG (cocoa bean processing industry).
The table of P.T. MIT’s subsidiary companies shall be as follows:
(In Rp
million)
|
Name of
Subsidiary |
Lines of
Business |
Start of
Operations |
% of Ownership |
Total Assets (30 Dec. 2012) |
|
Direct Ownership |
|
|
|
|
|
- PT. Sinar Pangan Barat |
Food Processing Industry |
1991 |
100.00 |
21,211.8 |
|
- PT. Sinar Pangan Timur |
Food Processing Industry |
1992 |
100.00 |
97,651.9 |
|
- PT. Torabika Eka Semesta |
Processing of coffee powder and instant coffee |
1996 |
96.23 |
3,031,179.4 |
|
- Mayora Nederland B.V. |
Financial Services |
1996 |
100.00 |
364.5 |
|
Indirect
Ownership |
|
|
|
|
|
- PT. Kakao Mas Gemilang |
Processing of Cacao Beans |
1985 |
92.38 |
634,938.8 |
Source: PT. Mayora Indah Tbk.
In overall we find the demand for food products like biscuit, wafer,
snack, candy, jelly, fruit juice and the likes had been rising by the average
6% to 8% per year within the last five years in line with the growth of
supermarkets, mini-markets and a stable economic growth in the period. But, the global economic crisis and very
sharp depreciation of the Rupiah to foreign currencies in October 2008 have
adversely affected the company's operations for having caused the sales prices
of the fruit the company is selling, which have mostly been imported, to be
very high and started increasing since April 2009 in line with the amelioration
of the economic condition in the country. The growth rate is now estimated at
5% to 7% per year. Market competition is very tight due to a large number of
similar companies operating in the country. Business position of P.T. MIT is
favorable for it has controlled a wide marketing network at home and abroad and
its brand has been widely known among consumers in the country.
According to financial report of P.T. MIT, its sales turnover has been
increasing in the last four years. In
2009, P.T. MIT’s net sales reached Rp. 4,777.2 billion with a net profit of Rp.
372.2 billion increased to Rp. 7,224.2 billon with a net profit of Rp. 484.1
billion in 2010 to Rp. 9,453.9 billion with a net profit of Rp. 483.5 billion
in 2011 and rose again to Rp 10,510.6 billion with a net profit of Rp. 744.4
billion in 2012. As per 30 June 2013,
it’s net sales was Rp. 5,796.2 billion with a net profit of Rp. 460.1
billion. The Company’s balance sheets
and statement of income as of 31 December 2010, 2011, 2012 and as of 30 June
2013 are attached. So far, we have never heard of the company having been black
listed by the Central Bank (Bank Indonesia). Besides, the company usually pays
its debts punctually to suppliers.
P.T. MIT is headed by Mr. Andre Sukendra Atmadja (39), take hold of as
President Director since June 2011, replacing Mr. Gunawan Atmadja (57). He previously held position as the Operational
Manager of the Company from 1996 to 2004, and the Director of the Company from
2004 to June 2011. He graduated as
Bachelor of Science from Boston University, United States. In his daily activities, he is assisted by
four directors namely Mr. Hendarta Atmadja (36), Mr. Wardhana Atmadja (35), Mr.
Hendrik Polisar (50) and Mr. Mulyono Nurlimo (55). The management has good reputation in
industry and trading of biscuit products. The management is handled by professional
managers having wide relation with private businessmen of home and overseas as
well as with the government sectors. 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.
P.T. MAYORA INDAH Tbk., is appraised to be good for business
transaction. However, in view of the
economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the
company.
PT. MAYORA INDAH Tbk
And Subsidiaries
FINANCIAL STATEMENTS
Per 31 December 2010, 2011, 2012 and as of 30 June 2013
(In million Rupiah)
|
DESCRIPTION |
30 June 2013 |
31 December |
||
|
2012 |
2011 |
2010 |
||
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and cash
equivalents |
1,125,238.6 |
1,339,570.3 |
325,316.7 |
472,105.6 |
|
- Short-term investment
|
-- |
-- |
-- |
4,793.6 |
|
- Trade receivable |
|
|
|
|
|
* Related parties |
2,028,938.6 |
1,547,147.5 |
1,295,019.2 |
1,061,627.3 |
|
* Third parties |
575,655.5 |
488,181.7 |
378,208.6 |
233,056.9 |
|
- Other receivable –
third parties |
16,734.2 |
16,017.3 |
34,127.0 |
33,849.7 |
|
- Inventories |
1,524,592.1 |
1,498,989.5 |
1,336,250.1 |
498,464.2 |
|
- Advance for purchase |
119,832.1 |
77,633.8 |
453,122.1 |
334,509.3 |
|
- Prepaid taxes |
180,370.5 |
341,138.7 |
266,831.5 |
44,036.9 |
|
- Prepaid expenses |
4,361.4 |
4,920.7 |
6,423.5 |
2,410.3 |
|
Total Current Assets |
5,575,723.0 |
5,313,599.6 |
4,095,298.7 |
2,684,853.8 |
|
b. Non Current Assets |
|
|
|
|
|
- Deferred tax assets |
3,408.9 |
2,226.7 |
2,338.6 |
2,260,853.8 |
|
- Property, plant and
equipment - net |
3,035,649.6 |
2,857,932.9 |
2,038,406.7 |
1,489,561.0 |
|
- Advance for purchasing
of fixed asset |
60,148.2 |
126,503.3 |
463,110.7 |
221,935.2 |
|
- Guarantee deposits |
1,277.0 |
1,267.3 |
690.9 |
580.2 |
|
- Deferred cost |
-- |
976.5 |
-- |
-- |
|
Total Non Current Assets |
3,100,483.7 |
2,988,906.7 |
2,504,546.8 |
1,714,337.4 |
|
TOTAL ASSETS |
8,676,206.6 |
8,302,506.2 |
6,599,845.5 |
4,399,191.1 |
|
B. LIABILITIES AND EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Bank loans |
425,000.0 |
625,000.0 |
525,000.0 |
75,000.0 |
|
- Trade accounts
payable - third parties |
795,352.9 |
841,663.4 |
1,021,695.6 |
646,936.6 |
|
- Other accounts
payable - third parties |
25,775.7 |
10,895.5 |
64,286.7 |
27,766.9 |
|
- Taxes payable |
75,311.6 |
84,222.8 |
6,327.2 |
43,854.1 |
|
- Accrued expenses |
410,023.2 |
217,599.5 |
69,247.2 |
137,071.7 |
|
- Current portion of
long term loans |
219,771.9 |
145,052.8 |
159,235.1 |
109,704.3 |
|
Total Current
Liabilities |
1,951,235.3 |
1,924,434.1 |
1,845,791.7 |
1,040,333.6 |
|
b. Non Current
Liabilities |
|
|
|
|
|
- Deferred tax
liabilities |
311,480.2 |
278,547.4 |
15,892.7 |
12,656.8 |
|
- Defined-benefit
post-employment reserve |
18,179.9 |
14,943.1 |
189,451.2 |
167,336.1 |
|
- Long term
liabilities, net of current maturities |
|
|
|
|
|
* Bank loans |
1,870,290.6 |
1,718,974.1 |
1,824,763.6 |
839,752.4 |
|
* Bonds payable |
747,115.1 |
847,757.2 |
299,187.0 |
298,613.2 |
|
- Mudaraba Sukuk |
250,000.0 |
450,000.0 |
-- |
-- |
|
Total Non Current
Liabilities |
3,197,065.8 |
3,310,221.8 |
2,329,384.5 |
1,318,358.5 |
|
c. Negative Goodwill |
-- |
-- |
-- |
335.3 |
|
d. Minority Interest |
-- |
-- |
-- |
48,868.7 |
|
e. Equity |
|
|
|
|
|
- Issued and Paid-up
Capital |
383,292.0 |
383,292.0 |
383,292.0 |
383,292.0 |
|
- Additional Paid-up
Capital |
64,212.0 |
64,212.0 |
64,212.0 |
64,212.0 |
|
- Difference in
foreign currency translation |
-- |
-- |
-- |
281.1 |
|
- Difference due to
change in equity |
-- |
-- |
-- |
-- |
|
- Retained Earnings |
2,996,710.9 |
2,545,195.4 |
2,363,342.3 |
1,543,509.8 |
|
- Other equity
components |
(970.2) |
(970.2) |
-- |
-- |
|
- Non-controlling
interest |
84,661.0 |
76,121.2 |
61,327.0 |
-- |
|
Total Equity |
3,527,905.6 |
3,067,850.3 |
2,424,669.3 |
1,991,294.9 |
|
TOTAL LIABILITIES AND EQUITY |
8,676,206.6 |
8,302,506.2 |
6,599,845.5 |
4,399,191.1 |
|
C. INCOME STATEMENT |
|
|
|
|
|
a. Net Sales
|
5,796,156.8 |
10,510,625.7 |
9,453,865.0 |
7,224,165.0 |
|
b. Cost of Goods Sold |
(4,304,609.6) |
(8,16,009.6) |
(7,795,455.0) |
(5,517,778.7) |
|
c. Gross Profit |
1,491,547.2 |
2,345,616.1 |
1,658,411.0 |
1,706,386.3 |
|
d. Operating Expenses |
(821,183.5) |
(1,189,056.3) |
(900,534.0) |
(933,051.2) |
|
e. Operating Profit |
670,363.7 |
1,156,559.8 |
757,877.0 |
773,335.1 |
|
f. Other Income (Expenses) |
(82,863.7) |
(196,744.7) |
(131,436.2) |
(114,976.3) |
|
g. Profit before Income Tax |
587,500.0 |
959,815.1 |
626,440.8 |
658,358.8 |
|
h. Tax expense |
(127,444.8) |
(215,386.7) |
(142,954.7) |
(158,703.7) |
|
i. Profit before Minority Interest |
460,055.3 |
744,428.4 |
483,486.2 |
499,655.2 |
|
j. Minority Interest |
-- |
-- |
-- |
(15,569.0) |
|
k. Net Profit |
460,055.3 |
744,428.4 |
483,486.2 |
484,086.2 |
Note: a. Per 31 Dec. 2010, 2011 and 2012 Audited by Mulyamin Sensi
Suryanto, a pubic accountant
b As of 30 June 2013 Un-audited
List of the MAYORA
Group Members
1. ALAM SEMESTA PERMATA, P.T. (Trading)
2. INBISCO JAYA, P.T. (Biscuit, Dry Cookies
Manufacturing)
3. INBISCO NIAGATAMA SEMESTA,
P.T. (Distribution of Biscuit, Dry Cookies and
Confectionery)
4. KAKAO MAS GEMILANG, P.T.
(Chocolate Grinding and Processing)
5. MAYORA Tbk., P.T. Bank
(Banking)
6. MAYORA DHANA UTAMA, P.T.
(Investment Holding)
7. MAYORA INDAH Tbk., P.T.
(Confectionery, Wafer and Biscuit Manufacturing)
8. MAYORA INTIDANA, P.T.
(Investment Holding)
9. MAYORA INVESTAMA, P.T.
(Investment Holding)
10. MAYORA NEDERLAND B.V., Netherlands (Financing)
11. SAPTA WARNA CEMERLANG, P.T. (Flexible Packaging and Printing
Industry)
12. SINARPANGAN BARAT, P.T. (Biscuit and Wafer Manufacturing)
13. SINARPANGAN TIMUR, P.T. (Biscuit and Wafer Manufacturing)
14. TORABIKA EKA SEMESTA, P.T. (Instant Coffee
Processing)
15. UNITA BRANINDO, P.T. (Investment Holding)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.103.47 |
|
Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.