MIRA
INFORM REPORT
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Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. Indorama Petrochemicals |
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Registered Office : |
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Country : |
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Date of Incorporation : |
12.11.2011 |
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Com. Reg. No.: |
AHU-AH.01.10-32807 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of Purified Terephthalic Acid (PTA) |
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No of Employees : |
520 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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) |
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Indonesia |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 |
Name of Company
P.T. INDORAMA PETROCHEMICALS
Address
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
Date of Incorporation
a. 12 November 1993 as P.T. POLYPRIMA KARYAREKSA
b. 12 November 2011 as P.T. INDORAMA
PETROCHEMICALS
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
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
- No.
AHU-57323.AH.01.02.TH.2012
Dated 8 November 2012
- No.
AHU-AH.01.10-32807
Dated 13 August 2013
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
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
Related Company
A Member Company of
the INDORAMA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
833,810,655,773.-
Issued Capital : Rp.
833,810,655,773.-
Paid up Capital : Rp.
833,810,655,773.-
Shareholders/Owners
a. P.T. INDORAMA SYNTHETICS Tbk - 43%
Address :
Jl. Gajah Mada No. 197-198
Desa Kembang Kuning, Ubrug
Jatiluhur, Purwakarta, West
Java
Indonesia
b. INDORAMA NETHERLANDS B.V. - 43%
Address : Markweg 201
3198NB Europort Rotterdam
Netherlands
c. P.T. Bank PAN INDONESIA Tbk -
8%
Address : Panin Bank Centre
Jl. Jend. Sudirman Kav. 1
Gelora Bung Karno, Jakarta
Pusat
Indonesia
d. PALMA PREMIUM LTD - 6%
Address : Portcullis, Trustnet
Chambers
PO Box. 34444
British Virgin
Island
BUSINESS ACTIVITIES
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
BANKER, AUDITOR & LITIGATION
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
FINANCIAL FIGURE
Annual Sales
(estimated) :
2013 – Rp. 75.0
billion (August – December)
Net Profit
(estimated) :
None
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Narendra Kumar Malpani
Vice President Director -
Mr. Deepak Baldwa
Directors -
a. Mr. Arun Taneja
b. Mr. Prem Chandra Gupta
c. Mr. Leo Andyanto
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.
Narendra Kumar Malpani) or Vice President Director (Mr. Deepak Baldwa) or one of
the Directors (Mr. Arun Taneja, Mr. Prem Chandra Gupta or Mr. Leo Andyanto)
which must be approved by Board of Commissioner.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
High
OVERALL PERFORMANCE
Based on investigation the correct address of the Subject is located at
Tempo Scan Tower 21st Floor, Jalan H.R. Rasuna Said Kav. 3-4,
Kuningan Timur, Setiabudi, Jakarta Selatan.
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). Then 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 according to the revision of notary deed
Mrs. Novita Puspitarini, SH., no. 3 dated 8 July 2013 the company authorized
capital was reduced again to Rp. 833,810,655.773 wholly issued and paid up.
With this time the composition of its shareholders has been changed to become
P.T. INDORAMA SYNTHETICS Tbk (43%), INDORAMA NETHERLANDS B.V., (43%), P.T. Bank
PAIN INDONESIA Tbk (8%) and PALMA PREMIUM LTD., (6%). The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-32807 dated August 13, 2013.
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.
Year 2013 was a very challenging for the trade and business in general
and for Polyester sector in particular where it undergone very turbulent
period. The Global economic slowdown had an impending and prolonged impact on
the demand that has been further exacerbated by the excessive supply due to
over capacity of PTA, Polyester Fiber and Filament yarn in Asia, mainly led by
China. This has triggered a global down-cycle in the polyester chain, which has
been lasting for an abnormally longer period and where many of the Asian and
Global manufacturers suffered considerably. The product spreads across the
polyester value chain continued to remain depressed due to stiff competition
and the softening trend in cotton and Rayon prices during the year. Polyester
and Raw material chain apparently reflect the current uncertainty and slow down
of the global economy and the overall growth of polyester production has slowed
down in the past two years 2012 and 2013. With the effective capacity of about
17 million tons added in the last two years, PTA operating dropped to 76% in
2013 from 90.2% and likely to fall below 74% in 2014 with rationalization of
the regional capacities. Polyester polymer production reaching 61.68 million
tons, a growth of 3.2 million tons or 5.5% in the year 2013, marginally
improved from4.6% in 2012 as the global economy recovered in the second half of
2013. Longer-term growth rates are trending better with over 6% look impressive
compared with other major petrochemical related business sectors.
Global economy is expected to grow by 3.7% in 2014 and 3.9% in 2015,
primarily due to recovery in advanced economies and the emerging economies to
expand by 5.10% and 5.4% respectively. Indonesian economy is projected to grow
moderately at 5.3% - 5.5% in 2014 and 2015 and the growth will be primarily
driven by strong domestic consumptions and modest increase in exports to its
major trading partners. The Indonesian rupiah (IDR) is likely to remain under
pressure in early 2014 amid uncertainty over the election results and U.S. Fed
tapering. Domestic environment for manufacturing sectors expect to pass through
a tough phase with the proposed hike in energy and manpower costs. Both Gas
prices and Electricity tariff are slated for a significant
Increase in 2014 putting pressure on cost competitiveness of the
domestic manufacturers.
Industry is taking up the matter with the ministry for phasing out the
hike over a period of time instead at one go. With regard to polyester upstream
sector, with the additional capacity of Fiber and Filament yarn going on
stream, domestic market is expected to face a stiff price competition for
commodity products. However, the Company with its strong customer base and with
a diversified product mix is firmly placed to remain competitive and maintain
its leadership position. The delay in finding a solution to its long pending
secured debt restructuring continues to remain a setback to carry out its
growth plans. To expedite the process, the Company has recently submitted an
updated restructuring plan with alternate option to its secured creditors that
are under active consideration. Post restructure, the Company will have a sound
and healthy financial base with its debts brought down to sustainable levels.
This would in turn enable the company to raise finance from market to meet its
short and long terms investments to fund its growth plans. All of these efforts
will improve the performance of the Company significantly, and to reposition it
to the forefront of the polyester industry and retain its strategic and
leadership position.
P.T. IP has not been registered with Indonesian Stock Exchange, so that
they shall has not obliged to announce their financial statement. The
management of P.T. IP is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in August to December 2013 amounted to Rp. 75.0 billion and projected
to go on rising by at least 6% in 2014. The company operation has no yielded
net profit because still new in trial production. 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. Narendra Kumar Malpani (59) a
professional manager of India with experience in PTA manufacturing and trade.
Daily activity the company is also headed by Mr. Deepak Baldwa (44) as Vice
President Director, and three Directors namely Mr. Arun Taneja (65), Mr. Prem
Chndra Gupta (63) and Mr. Leo Andyanto (51). However the prime mover is Mr. Sri
Prakash Lohia (62), 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 is still relatively new trial production, we recommend
to treats prudently in business transaction and in extending a loan to the
company.
Attachment
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)
- INDOSPECT ASIA PETROLEUM BANGADUA, P.T. (Oil
and Gas Exploration and Production)
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.60.99 |
|
UK Pound |
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.