|
Report No. : |
336812 |
|
Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ISPAT INDO |
|
|
|
|
Registered Office : |
Jalan Desa Kedungturi, Kelurahan Kedungturi, Kecamatan Taman, Sidoarjo 61257, East Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
1978 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-39531 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
a. Steel Making Industry b. Investment Holding |
|
|
|
|
No. of Employees : |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly due
to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially increased
electric power capacity, since taking office. Fuel subsidies were almost
completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
BASIC
SEARCH
|
Name
of Company :
P.T.
ISPAT INDO
A
d d r e s s :
Head
Office & Factory
Jalan
Desa Kedungturi
Kelurahan
Kedungturi, Kecamatan Taman
Sidoarjo
61257
East
Java
Indonesia
P.O. Box - 1083 Surabaya
Phones - (62-31) 7887000
(Hunting), 7882915 (Hunting)
Fax - (62-31) 7882917, 7881924, 7887500
E-mail - ispatindo@mittalsteel.com
Website - http://www.ispatindo.com
Land Area - 175,000 sq.
meters
Building Area - 123,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Branches
a.
Spinindo Building 1st Floor
Jalan
K.H. Wahid Hasyim No. 76
Jakarta
Pusat, 10340
Indonesia
Phones - (62-21) 3983 5025 (Hunting)
Fax - (62-21) 3981 6014
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
b.
ISPAT Group
Park
Plaza
71
Park Street
Calcutta
700016
Phones - (33) 293914, 4314, 4395
Fax - (33) 297396
c.
Berkeley Square House, 7th
Floor
Berkeley
Square, London W1X 5PN
United
Kingdom
Phone - (44) 171 6297988
Fax - (44) 171 6297993
Date of Incorporation :
a. 17 November 1975 as P.T. ANDHARA STEEL
INDONESIA
b. 1978 as P.T. ISPAT INDO
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C-16968.HT.01.04.TH.1999
Dated 28 September 1999
- No. AHU-AH.01.10-3254
Dated 11
February 2008
- No. AHU-05967.AH.01.02.TH.2010
Dated 4 February 2010
-
No. AHU-53172.AH.01.02.TH.2012
Dated 12 October 2012
-
No. AHU-AH.01.10-39531
Dated 23 September 2013
Company Status :
Foreign Investment
(PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.000.231.9.641.001
The Department of Industry and Trade
TDP No. 131712700104
Dated 12 December
2000
The President of the Republic of Indonesia
No.
B-102/Pres/11/1974
Dated 4 November 1974
The Capital Investment Coordinating Board
- No. 24/II/PMA/1983
Dated 23
August 1983
- No. 33/II/PMA/1988
Dated 1
August 1988
- No. 59/II/PMA/1990
Dated
15 April 1990
- No. 35/II/PMA/1995
Dated
14 February 1995
- No. 775/III/PMA/1998
Dated 17 June 1998
- No. 1237/III/PMA/2002
Dated 11 November 2002
- No. 861/III/PMA/2003
Dated 29 July 2003
Related Company :
A Member of the
MITTAL Group or ISPAT Group (see attachment)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : US$
52,350,000.-
Issued
Capital :
US$ 52,350,000.-
Paid
up Capital :
US$ 52,350,000.-
Shareholders/Owners
:
a. INDO INVESTMENTS PTE LTD - US$
49,604,900.-
Address : 101 Cecil Street
18-08 Tong Eng Building
Singapore
b. THE ISPAT PROJECTS LTD. -
US$ 1,887,000.-
Address :
Chatterjee International Center 33 A
JL Nehru Road
India
c. MUDRA VINIYOG LTD. -
US$ 858,000.-
Address : Chatterjee International Center 33 A
JL Nehru Road
India
d. Mr. Bintarto Triatmodjo, SH. -
US$ 100.-
Address :
Jl. Tenggilis Utara II/1
Surabaya, East Java
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
a. Steel Making Industry
b. Investment Holding
Production
Capacity :
a.
Steel Billets - 700,000 tons p.a.
b.
Steel Round Bars Flats, Shapes - 200,000 tons p.a.
c.
Steel Wire Rods - 650,000 tons p.a.
d.
Hot Strips/Sheets - 200,000 tons p.a.
e.
Wires/Wire Products - 100,000 tons p.a.
f.
Oxygen -
2,016,000 metric ton p.a.
Total
Investment :
a.
Equity Capital -
US$ 52.4 million
b.
Reinvested Profit -
US$ 12.5 million
c.
Loan Capital -
US$ 181.6 million
d.
Total Investment -
US$ 246.5 million
Started
Operation :
1978
Brand Name :
ISPAT INDO
Technical Assistance
:
Technology of Germany
Number of Employee :
1,820 persons
Marketing Area :
Local -
70%
Export - 30%
Main Customers :
a. General Contracting Companies such as P.T.
WIJAYA KARYA, P.T. ADHI KARYA,
P.T. PEMBANGUNAN PERUMAHAN, P.T. WASKITA KARYA, etc
b. Building material trading and distribution in
the country
c. Export to Singapore, Bangladesh, PNG, Hong
Kong, India
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BLUESCOPE
STEEL INDONESIA
b. P.T. BUMI KAYA
STEEL
c. P.T. GUNUNG GARUDA
d. P.T. GUNAWAN
DIANJAYA STEEL
e. P.T. JAKARTA CAKRATUNGGAL STEEL
f. P.T. JAYA PARI STEEL
g. P.T. KRAKATAU STEEL
Tbk
h. P.T. THEMASTER STEEL, Etc
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Kembang Jepun No.
168-170
Surabaya, East Java
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Kembang Jepun No. 132
Surabaya, East Java
Indonesia
c. The Hongkong and Shanghai Banking Corp. Ltd.
Jalan Jenderal Basuki Rachmat 106-128
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 3,296.0 billion
2013
– Rp. 3,380.0 billion
2014
– Rp. 3,500.0 billion
Net
Profit (estimated) :
2012
– Rp. 168.0 billion
2013
– Rp. 174.0 billion
2014
– Rp. 194.0 billion
Payment
Manner :
Almost
Promptly
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Baldeo Prasad Banka
Directors -
a. Mr. Bintarto Triatmodjo, SH
b. Mrs. Annisa Radhiana Hasan
c. Mr. Sanjay Shukla
d. Mrs. Nur Saidah
e. Mr. Athene Back
f. Mr. Sunil Kumar Jaju
Board of Commissioners :
Commissioner - Mr. Herman Hasan Basri
Signatories :
President
Director (Mr. Baldeo Prasad Banka) or one of the Directors (Mr. Bintarto Triatmodjo,
SH., Mrs. Annisa Radhiana Hasan, Mr. Sanjay Shukla, Mrs. Nur Saidah, Mr. Athene
Back and Mr. Sunil Kumar Jaju) which must be approved by Board of
Commissioners.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Originally named P.T. ANDHARA STEEL INDONESIA, the
company was established in November 1975 in Surabaya, East Java, with an
authorized capital of US$ 2,750,000 of which US$ 550,000 was issued and paid up.
The company was founded by ASC ENGINEERING & CONSULTANTS LTD., AUTUMN
INVESTMENT LTD., both of Hong Kong, TOR ISTEG STEEL CORP., of Luxembourg, P.T.
TEKNIK UMUM, a national private company, the late Mr. Haji Eddy Kowara, Mr.
Haji Erma Erman, both indigenous businessmen and Mr. Budianto Hartono, an
Indonesian businessman of Chinese extraction as the original shareholders. The
company notary deed had been changed a couple of times. In 1978 the company's
name was changed its name to P.T. ISPAT INDO. Then in November 1989 the
company's authorized capital was increased to US$ 52,350,000 entirely issued
and paid up. In July 1998 the shareholders of the company are consisting of The
ISPAT PROJECTS Ltd., India, AMALGAMATED TRADING Ltd., of the Isle of Man and MUDRA
VINIYOG, Ltd., India (formerly named MITCO FABRICATION CONSULTANTS PRIVATE
Ltd.). The deed of amendment was made by Mrs. Tantien Binatarti, SH., was
approved by the Ministry of Law and Human Right in its Decision Letter No.
C-16968.01.04.TH.1999, dated September 28, 1999.
In early 2008, AMALGAMATED TRADING Ltd., Isle of Man
pulled out and replaced by INDO INVESTMENTS PTE., LTD., of Singapore. The latest shareholders of P.T. ISPAT INDO
are INDO INVESTMENT Pte., Ltd, of Singapore (94.76%), The ISPAT PROJECTS
LIMITED of India (3.60%) MUDRA VINIYOG LIMITED of India (1.64%) and Mr.
Bintarto Triatmodjo, SH., (0.00%). The notary deed of amendment was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-3254, dated 11 February 2008. Then according to revision of notary
documents of Mrs. Tantien Binatari, SH., No. 02 dated 2 September 2010 the
board of directors and the board of commissioner reappointed to lead and runs
of the company’s operation. The latest revision of notary documents was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-05967.AH.01.02.TH.2010 dated February 4, 2010.
The latest according to revision of notary deed Mrs.
Tantien Bintarti, SH., no. 30 dated 25 July 2013 the shareholders approved
restructured of the company board of director and the board of commissioner. So
that the latest revision of notary deed was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-39531 dated September 23,
2013.
P.T. ISPAT INDO is a member of the MITTAL Group, a large
sized business company group of which the operation based in London, the UK,
being led by Mr. Mohan Lal Mittal, an International businessman of Indian
extraction. The MITTAL Group is dealing with integrated iron steel processing
industry of which the operational networks covering India, Hong Kong, Mexico,
Thailand, the UK, Trinidad, Indonesia and several other companies.
P.T. ISPAT INDO operates in the steel making industry
under Foreign Capital Investment (PMA) facilities with its plant located in
Desa Kedung Turi, Taman, Sidoarjo (East Java) where it stands on some 17.5
hectare land area. The plant, which went into operation in 1978, has been
expanded several times, and now has a produces of high carbon steel wire rods,
low carbon steel wire rods, cold heading quality steel wire rods, welding
electrode grades steel wire rods, straight bars for concrete reinforcement. In
September 1997 P.T. ISPAT INDO planned to merge with its sister company P.T. ISPAT
STEEL (the then P.T. ISPAT SPONGE), a foreign capital investment (PMA) planning
to engage in steel building materials manufacturing. P.T. ISPAT STEEL
previously planned to manage a plant in Desa Sukamulyo, Manyar district,
Gresik, East Java, but such merger has no indication to be realized imminent,
and P.T. ISPAT STEEL has yet been operating to date.
The company operation had kept on running until early
1997 with production reached 80% to 85% of installed production capacity. But
since end 1997 the operation had been dropping and within the last one year the
production was only 35% of its installed production capacity. Since 1998 the
company operation started to rise again and its utility reached 70% to 85% in
the last ten years. Some 85% of steel billet products marketed domestically and
the rest exported to Singapore, Bangladesh, PNG and others. While large portion
of basic materials like scrap iron, redeuz iron pallet and steel billet still
is imported from Ukraina, PR. China and Taiwan.
On 28 September 2004, the plant of P.T. ISPAT INDO
located in Kedung Turi Village, Taman, Sidoarjo, East Java exploded causing an
employee died and another one seriously wounded on his face on account of being
smashed by a broken gas pipe filter. The explosion being heard within the
radius of 300 meters was estimated to come from the control pipe of gas
incineration line in Valop Control Gas Unit. Although the accident caused an
employee died and injured another one, the activities of the employees are
normally running. This was the second explosion experienced by P.T. ISPAT INDO
during 2004 the first one was occurred on 3 March 2004 causing 14 employees
wounded and some 22 public houses damaged.
Since yearly 2005, the operation of P.T. ISPAT INDO has
been running normally and smoothly. In its initial operation in 1976, P.T.
ISPAT INDO’s annual production capacity reached 60,000 tons of steel billets.
However, the annual production of the company at present reaches 700,000 tons
of steel billets with types of low and high carbon grades of billets, wire rods
and bars. Some 70% of P.T. ISPAT INDO’s products are locally exported and some
30% of which are exported to Asia Pacific’s markets.
Besides, P.T. ISPAT INDO is also dealing with investment
holding by controlling 100% shares of P.T. ISPAT WIRE PRODUCTS dealing with
nail making, wire drawing, straight bars, etc. Its plant is located in
Kedungturi Village, Taman Sidoarjo, East Java with annual production capacity
of 36,000 tons of wire drawing and nail making, 75,000 tons of straight bars.
Some 20% of the company’s products is exported to the USA, South Africa,
Australia, New Zealand, Papua New Guinea, Thailand and others.
P.T. ISPAT INDO is also controlling 100% shares of P.T.
ISPAT PANCA PUTERA dealing with round bar, deformed bar and shafting bar
manufacturing. Its plant is located in
the Gresik Industrial Estate on East Java and P.T. ISPAT INDO is also
controlling 100% shares of P.T. ISPAT BUKIT BAJA dealing with steel manufacturer
that produces steel long products i.e. steel angle bars, steel channel, round
bars and steel strips. P.T. ISPAT INDO is also controlling 100% shares of P.T.
ISPAT PANCA PUTERA dealing with round bar, deformed bar and shafting bar
manufacturing. Its plant is located in
the Gresik Industrial Estate on East Java.
Since mid-2009 P.T. ISPAT INDO is also controlling 100% shares of P.T.
ISPAT BUKIT BAJA (formerly PT. BUKIT JAYA STEEL) dealing with steel product
manufacturing that produces steel long products i.e. steel angle bars, steel
channel, round bars and steel strips.
Its plant is located in West Java with production capacity 126,000 tons
per annum.
P.T. ISPAT INDO is also holds 50% shares of P.T. MITTAL
INDO ENERGY, a private national company dealing with trading and export of
petroleum products, coke, coal, iron ore, nickel, condensate etc. P.T. ISPAT
INDO is classified as a largest sized company of wire rode in the country of
which the operation has been growing in the last three years.
We have generally observed the demand for steel products
had still been rising by 5% to 7% in the last five years. But the burden of the
steel industry in the country is constrained due to the falling raw material
scrap. Besides, the increased cost of production due to rising gas prices and
the higher gas prices and the higher cost of imported raw materials. The condition of the world economy in 2014 has not shown
encouraging progress. Refers to the report of International Monetary Fund (IMF)
in October 2014, the global economic growth in 2014 was estimated at 3.3% or
lower than the projected one at 3.4%. This was caused by the deceleration of
economic growth in Japan, Europe, and China; despite the increasing economic
growth in the US. Referring to IMF data, the China economic growth in 2014 was
estimated only at 7.4% which is the lowest growth since 1990. The declining of
economic growth has impacted to the weakening of commodity demands, including
steel products.
Along with
the declining of global economic growth including China, the demand and price of
global commodities including Indonesia main export commodities are
deteriorating. The declining of commodities price coupled with the decreasing
growth of government and household spending, resulting in the declining of
Indonesia economic growth. Indonesia economic growth in 2014 was estimated by
IMF to be at 5.1% and is the lowest economic growth since 2009 crisis. Despite
the strengthening on 1st quarter of 2014, the improvement of US economic and
the declining of export of commodities have resulted in the weakening of rupiah
exchange rate to US dollar which hit the import material based industry,
including steel industry.
From the
prospective of the steel industry, the deceleration of global economic growth
has resulted in the declining of the growth rate of the world steel
consumption. Refers to the report of World Steel Dynamics (WSD) and World Steel
Association (WSA), the world steel consumption in 2014 grew at 0.8% compared
with previous year growth at 6.5% with the declining of China steel consumption
at 3.4%.
On the
contrary, the production world steel production in 2014 grew at 1.2% with China
production growth at 0.9%, thus the excess of world steel supply increased
particularly in China which was estimated to achieve more than 80 million tons.
With the supply excess, the price of world steel sharply declined from average
price in 2011 at USD705 per ton, into average of USD536 per ton CFR East Asia
in 2014 (Source: SBB, 2014). In December, China steel price is recorded to be
at the lowest point in 2014, which was USD455 to USD460 per ton; similar with
Coil price in South East Asia which reaches USD460 to USD470 per ton CFR.
The domestic
steel industry is also affected by global condition. The excess of global steel
supply has resulted in the invasion of imported steel product with low price
through various ways including unfair trade practices such as dumping, subsidy
and HS Code diversion with the addition of boron alloys steel content to avoid
the Import Duty. This afterwards will affect to the declining of steel price at
local market up to 14% compared to 2013. On the other hand, the steel demands
on domestic market is decreasing due to political situation and the
deceleration of Indonesia economic growth. Despite the pressure from global
steel industry condition, the domestic steel industry also received pressure
due to the increase of Electricity Base Cost (TDL) and natural gas price.
Throughout 2014, TDL increased gradually in every 2 months. The electricity cost
at the beginning of the year was Rp723/kWh and has increased to Rp1,191/kWh at
the end of the year. In addition, the natural gas price has increased by 20%
compared to 2013. Steel production in 2014 was also influenced by external
conditions, such as sharp decline in steel price in the world market, invasion
of imported steel products, unfair trade practices, such as the transfer of HS
Code using boron alloy steel that is not subjected to import duties, as well as
the suspension of various oil and gas piping project.
Indonesia’s Steel
Production and Consumption, 2008 – 2013*
|
Year |
Production (Million Ton) |
Consumption (Million Ton) |
|
2008 |
5.29 |
7.79 |
|
2009 |
3.71 |
5.65 |
|
2010 |
5.23 |
7.48 |
|
2011 |
6.01 |
8.6 |
|
2012 |
7.02 |
9.5 |
|
2013* |
8.03 |
10.7 |
Until this time P.T. ISPAT INDO has not been registered
with Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. ISPAT INDO is very reclusive
towards outsiders and rejected to disclose its financial condition. We
estimated that total sales turnover of the company in 2012 amounted to Rp.
3,296.0 billion increased to Rp. 3,380.0 billion in 2013 rose to Rp. 3,500.0
billion in 2014 and projected to go on rising by at least 6% in 2015. The
operation in 2014 has yielded a net profit of at least Rp. 194.0 billion and
the company has an estimated total networth of Rp. 1,388.0 billion. Payment
condition for domestic suppliers is good with the credit payment system of 1
month to 3 months. So far, we did not heard that the company having been black
listed by the Central Bank (Bank Indonesia).
The management of P.T. ISPAT INDO is led by Mr. Baldeo
Prasad Banka (67) with 37 years experience in steel making and trading. Mr.
Banka, Managing Director, a member of Board of Directors of Ispat Indo has been
with the Group since 1981. He joined in the Materials Department and rose
through variety of functions like marketing, government liaison,
administration, shipping, Insurance, merger & acquisitions and corporate
reviews etc. Prior to joining the Group, he has served in a light engineering
industry and an industrial conglomerate in India. He has wide industrial
experience with various industries, which includes most of the last years in
steel industry. Mr. Banka has a Bachelor's degree in Law and a Master's degree
in Commerce. He is a Rotarian and a member of the Association for Iron &
Steel Technology (AIST), Pennsylvania, USA. The company has an experienced
management further made up of professional managers in the steel products
industry and trade. They have wide business relation with government
authorities and in private business circles 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. P.T. ISPAT INDO is sufficiently fairly good
for business transaction.
List of the MITTAL Group or the ISPAT Group
Members
1.
ADITYA INVESTMENT LTD., Indonesia (Investment
Holding)
2.
ASHOK TEXTILE INDUSTRIES Pte. Ltd., Nepal
(Textile Mills)
3.
AUTUMN INVESTMENT Ltd., Hong Kong (Investment
Holding)
4.
AMALGAMATED TRADING Ltd. Isle of Man (Steel
Trading and Investment Holding)
5.
CARIBBEAN ISPAT Ltd., Trinidad (Steel Making)
6. CMBJ PENA COLORADA, S.A., Mexico (Iron Ore Pellets
Making)
7.
DIERA TRADING Ltd., Barduba (Steel Product
Trading and Investment Holding)
8.
DOMINION TRADING Ltd., England (Steel Trading
and Investment Holding)
9.
GONTERMANN PEIPERS Ltd., India (Iron and
Steel Making)
10. INDO
RAMA CHEMICALS Ltd. Thailand (Chemical Processing)
11. INDO
RAMA SYNTHETIC Ltd. India (Textile Mills)
12. INLAND
STEEL COMPANY, the USA (Steel Making)
13. ISPAT
ALLOYS Ltd., India (Alloys Manufacturing)
14. ISPAT
BUKIT BAJA, P.T. (Steel Long Products Manufacturing)
15. ISPAT
HAMBURGER STAHLWERKE GmbH, Germany (Steel Products Making)
16. ISPAT
INDO, P.T. Indonesia (Steel Making Industry and Investment Holding)
17. ISPAT
INTERNATIONAL (UK) LTD., the U.K. (Trading)
18. ISPAT KARMET, Kazakhstan (Steel Making)
19. ISPAT
MEXICANA SA., Mexico (Steel Making)
20. ISPAT
PANCA PUTERA, P.T. (Round Bar, Deformed Bar and Shafting Bar Industry)
21. ISPAT
PROFILES INDIA Ltd. (Investment Holding)
22. ISPAT
STEEL, P.T. Indonesia (Steel Sponges and Steel Products Making)
23. ISPAT
WIRE PRODUCT, P.T. (Wire Products Making)
24. KHRISNA INDOGAS TAMA, P.T. (Industrial Gases
Processing)
25. KWL
KENT WIRE LTD., the UK. (Wire Products Making)
26. MITTAL
INDO ENERGY, P.T. (Trading and Export of Petroleum Products, Coke, Coal, Iron
Ore, Nickel, Condensate etc.)
27. MUDRA
VINIYOG, Ltd., of India (Engineering Consulting and Investment Holding)
28. NIPPON
DENRO ISPAT Ltd., India (Steel Making and Investment Holding)
29. RAMATEX
Ltd., Hong Kong (Investment Holding_
30. SIDBEC
DOSCO (ISPAT) INC., Canada (Steel Products Making)
31. SERSIIN S.A. Mexico (Contracting)
32. THONBURI
LACE Co., Ltd. Thailand (Textile Mills)
33. WALKER
WIRE (ISPAT) INC., the USA (Wire Making)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.