|
Report No. : |
328327 |
|
Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
VIREMA PARSHU STEEL |
|
|
|
|
Registered Office : |
TCC
Batavia Tower 1 Level 6 Jalan K.H. Mas Mansyur Kav. 16 Karet Tengsin, Tanah Abang
Jakarta Pusat, 10220 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
02.12.2014 |
|
|
|
|
Com. Reg. No.: |
AHU-38732.40.10.2014 |
|
|
|
|
Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Subject
s engaged in Steel Mills. |
|
|
|
|
No. of Employee : |
150 persons
(Planned) |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 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 |
P.T.
VIREMA PARSHU STEEL
Head
Office
TCC
Batavia Tower 1 Level 6
Jalan
K.H. Mas Mansyur Kav. 16
Karet
Tengsin, Tanah Abang
Jakarta
Pusat, 10220
Indonesia
Phones -
(62-21) 2967 5006 (Hunting)
Fax - (62-21) 2967 5009
E-mail - marketing@viremaimpex.com
Building Area - 35 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Desa
Kedawung, Kecamatan Pabuaran
Subang
West
Java
Indonesia
Land Area - 80,000 sq.
meters
Building Space - 30,000 sq. meters
Region - Industrial
Zone
Status - Owned
2
December 2014
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
No.
AHU-38732.40.10.2014
Dated
9 December 2014
Foreign
Investment (PMA) Company
The
Department of Finance
NPWP
No. 71.625.914.8-022.000
The
Capital Investment Coordinating Board
No.
3441/I/IP/PMA/2014
Dated
1 December 2014
a. P.T. VIREMA INPEX (Investment Holding)
b. P.T. VIREMA TEKNO INDONESIA (Information
Technology Solution Services)
Capital
Structure :
Authorized
Capital : US$
50,000,000.-
Issued
Capital :
US$ 20,000,000.-
Paid
up Capital :
US$ 20,000,000.-
Shareholders/Owners
:
a. P.T. VIREMA IMPEX -
US$ 15,000,000.-
Address : TCC Batavia Tower
Jl. K.H. Mas
Mansyur Kav. 126
Kelurahan
Karet Tengsin, Kecamatan Tanah
Abang,
Jakarta Pusat
Indonesia
b. PARSHU LIMITED -
US$ 5,000,000.-
Address :
Seychelles
Lines
of Business :
Steel
Mills
Production
Capacity :
a. Galvanized (Galvalum) Steel - 150,000 tons p.a.
b. Color Coating Steel - 100,000 tons p.a.
Total
Investment :
a. Equity Capital - US$
20.0 million
b. Loan Capital - US$
80.0 million
c. Total Investment - US$ 100.0 million
Started
Operation :
November
2016 (Planned)
Brand
Name :
Virema
Parshu Steel
Technical Assistance
:
Parshu Limited,
Seychelles
Number of Employee :
150 persons (Planned)
Marketing Area :
Local - 100%
Main Customer :
Automotive industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ESSAR
INDONESIA
b. P.T. ISPAT STEEL
c. P.T. KRAKATAU
STEEL Tbk
d. P.T. SRIREJEKI
PERDANA STEEL
e. Etc.
Business Trend :
No Comment
Bankers
:
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
b. P.T. Bank SBI INDONESIA
Gedung Graha Mandiri
Jalan Imam Bonjol No. 61
Jakarta Pusat
c. Hongkong and
Shanghai Banking Corp., Ltd.
World Trade Center,
3rd Floor
Jalan Jend. Sudirman Kav. 29-31
Jakarta
Selatan
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
None
Net
Profit (estimated) :
None
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Trivedi Kunj Bihari
Directors -
a. Mr. Manish Sharda
b. Mr. Rishi Sharda
Board of Commissioners :
President Commissioner - Mr. Virendra Kumar Sharda
Commissioners - a. Mrs. Dipika Trivedi
b. Mrs. Rekha Sharda
Signatories :
President
Director (Mr. Trivedi Kunj Bihari) or one of the Directors (Mr. Manish Sharda
or Mr. Rishi Sharda) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended under guarantee
Proposed
Credit Limit :
C.O.D.
To small amount
Maximum Credit Limit :
No
Comment
P.T. VIREMA PARSHU STEEL (P.T. VPS) was established in
Jakarta based on notary deed Mrs. Hastuti Nainggolan, SH., no. 2 dated 2
December 2014 with an authorized capital of US$ 50,000,000 issued capital of
US$ 20,000,000 entirely paid up. The founding and shareholders of the company
are P.T. VIREMA IMPEX (75%) and PARSHU LIMITED of Seychelles (25%). The notary
deed of incorporation was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-38732.40.10-2014 dated December 9, 2014.
P.T. VPS is a Foreign Investment (PMA) company facility
to be engaged in the field of steel mills. Its plant is located at Kedawung
village, Pabuaran district, Subang, West Java standing on a land bank of 80,000
sq. meters. According to the license the company will be produces of galvanized
(galvalum) steel and color coating steel. P.T. VPS is incorporate in Indonesia,
for setting up a manufacturing facility to take advantage of Indonesia's
growing economy. The complex is under construction, and however in near future
it will be 150'000 MT pa capacity of Galvalume Line and 100'000 MT pa capacity
of Color coating facility along with various finishing lines for making
profiles, trusses, and decks. According information the construction of the
plant will absorbed an investment of US$ 100.0 million come from owned capital
of US$ 20.0 million while the loan from loans. The construction of the plant
has begun since April 2015 and scheduled to be commenced operation in November
2016. Currently the company is still in the stage of land clearing, and will
soon be built steel
mills. The construction of the steel plant will
take about 18 months. It is estimated that construction of the steel plant will
be completed November 2016. The
production of light weight steel P.T.
Virema Parshu Steel
will be fully marketed in the country
to meet the domestic market
especially for automotive assembling industries and others. We
note that P.T. VPS
is very serious in
realizing the project of the
steel mills.
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. According
to International Monetary Fund (IMF) in world economic outlook in July 2014,
China’s GDP in 2010 reached 10.4% then decreased to be 9.3% in 2011; 7.7% in
2012 and 2013; which is projected to decrease to 7.4% in 2014. This decrement has massive impact, particularly to the
steel industry where China is one of the largest steel producers in the world.
With its economic downturn, China’s steel industry has 80 million tons of
oversupply due to the decreased China’s domestic supply which caused market
expansion to Indonesia. National steel then has to compete straightly with
China’s steel with cheaper price and massive volume. The downfall trend to the
Rupiah’s exchange rate against US Dollar also added to the burden of national
steel industry. Until December 31st, 2014, rupiah’s exchange rate
was in Rp. 12,440 for USD 1.
This rate
was fell than the rate in July 2014, with the exchange rate was experiencing
depreciation by an average Rp11,731 for USD 1 at that time, which fell by 19.96%
compared with the average middle exchange rate until July 2013. The performance
of Rupiah exchange rate is expected to be suppressed throughout 2015, along
with several relatively weak external and internal indicators. Some
government’s adjustment policies also have impacted the business’s cost in
Indonesia. The increments of electricity to 65% in the past years, a quite
significant natural gas prices increment; as well as the increment of labor fee
to 65% in the past two years have forced many businessmen to formulate proper
survival strategy to face the increment of load and cost.
To enable
the optimization of national steel industry’s utilization, anti-dumping policy
is highly required to prevent predatory pricing and unfair trade from steel
importing producer and the implementation of free market in Indonesia.
Anti-dumping is not merely as state’s protectionism policy against producers
and importers, but as a part of Enhancement of Domestic Products Utilization
which has many adding values to the domestic industry growth. With the
regulations assistance and support from the government, the company is assured
to be able to develop in the next future, in accordance to the state’s
development agenda in enhancing domestic economic and better life quality.
Considering P.T. VPS having yet to be in operation, the
financial condition of the company is just as it’s paid up capital of US$ 20.0
million as stated in its article of association. The financial condition of the
company strongly depends on the financial condition of its shareholders. P.T.
VPS is backed up by the PARSHU LIMITED of Seychelles.
The management of
P.T. VPS is led by Mr. Trivedi Kunj Bihari (54) a professional manager of India
with experience in steel mills industry. Daily activity he is assisted by Mr.
Manish Sharda (33) and Mr. Rishi Sharda (35) as Directors. The company's
management will be handled by professional staff in the above business. The
management will be handled by professional managers having wide relation with
private businessmen of home and overseas as well as with the government
sectors. We did not hear that the management of the company has been filed to
the court for detrimental cases or involved in any business malpractices. Or
our whole observation, we may conclude that P.T. VPS is a new company having
yet to be in operation commercially. Considering P.T. VIREMA PARSHU STEEL
having yet to be in operation, we recommend to treat prudently in business
transaction and in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.60 |
|
UK Pound |
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.
|
Report No. : |
328327 |
|
Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
VIREMA PARSHU STEEL |
|
|
|
|
Registered Office : |
TCC
Batavia Tower 1 Level 6 Jalan K.H. Mas Mansyur Kav. 16 Karet Tengsin, Tanah
Abang Jakarta Pusat, 10220 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
02.12.2014 |
|
|
|
|
Com. Reg. No.: |
AHU-38732.40.10.2014 |
|
|
|
|
Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Subject
s engaged in Steel Mills. |
|
|
|
|
No. of Employee : |
150 persons
(Planned) |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 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 |
P.T.
VIREMA PARSHU STEEL
Head
Office
TCC
Batavia Tower 1 Level 6
Jalan
K.H. Mas Mansyur Kav. 16
Karet
Tengsin, Tanah Abang
Jakarta
Pusat, 10220
Indonesia
Phones -
(62-21) 2967 5006 (Hunting)
Fax - (62-21) 2967 5009
E-mail - marketing@viremaimpex.com
Building Area - 35 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Desa
Kedawung, Kecamatan Pabuaran
Subang
West
Java
Indonesia
Land Area - 80,000 sq.
meters
Building Space - 30,000 sq. meters
Region - Industrial
Zone
Status - Owned
2
December 2014
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
No.
AHU-38732.40.10.2014
Dated
9 December 2014
Foreign
Investment (PMA) Company
The
Department of Finance
NPWP
No. 71.625.914.8-022.000
The
Capital Investment Coordinating Board
No.
3441/I/IP/PMA/2014
Dated
1 December 2014
a. P.T. VIREMA INPEX (Investment Holding)
b. P.T. VIREMA TEKNO INDONESIA (Information
Technology Solution Services)
Capital
Structure :
Authorized
Capital : US$
50,000,000.-
Issued
Capital :
US$ 20,000,000.-
Paid
up Capital :
US$ 20,000,000.-
Shareholders/Owners
:
a. P.T. VIREMA IMPEX - US$ 15,000,000.-
Address : TCC Batavia Tower
Jl. K.H. Mas
Mansyur Kav. 126
Kelurahan
Karet Tengsin, Kecamatan Tanah
Abang,
Jakarta Pusat
Indonesia
b. PARSHU LIMITED -
US$ 5,000,000.-
Address :
Seychelles
Lines
of Business :
Steel
Mills
Production
Capacity :
a. Galvanized (Galvalum) Steel - 150,000 tons p.a.
b. Color Coating Steel - 100,000 tons p.a.
Total
Investment :
a. Equity Capital - US$
20.0 million
b. Loan Capital - US$
80.0 million
c. Total Investment - US$ 100.0 million
Started
Operation :
November
2016 (Planned)
Brand
Name :
Virema
Parshu Steel
Technical Assistance
:
Parshu Limited,
Seychelles
Number of Employee :
150 persons (Planned)
Marketing Area :
Local - 100%
Main Customer :
Automotive industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ESSAR
INDONESIA
b. P.T. ISPAT STEEL
c. P.T. KRAKATAU
STEEL Tbk
d. P.T. SRIREJEKI
PERDANA STEEL
e. Etc.
Business Trend :
No Comment
Bankers
:
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
b. P.T. Bank SBI INDONESIA
Gedung Graha Mandiri
Jalan Imam Bonjol No. 61
Jakarta Pusat
c. Hongkong and
Shanghai Banking Corp., Ltd.
World Trade Center,
3rd Floor
Jalan Jend. Sudirman Kav. 29-31
Jakarta
Selatan
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
None
Net
Profit (estimated) :
None
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Trivedi Kunj Bihari
Directors -
a. Mr. Manish Sharda
b. Mr. Rishi Sharda
Board of Commissioners :
President Commissioner - Mr. Virendra Kumar Sharda
Commissioners - a. Mrs. Dipika Trivedi
b. Mrs. Rekha Sharda
Signatories :
President
Director (Mr. Trivedi Kunj Bihari) or one of the Directors (Mr. Manish Sharda
or Mr. Rishi Sharda) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended under guarantee
Proposed
Credit Limit :
C.O.D.
To small amount
Maximum Credit Limit :
No
Comment
P.T. VIREMA PARSHU STEEL (P.T. VPS) was established in
Jakarta based on notary deed Mrs. Hastuti Nainggolan, SH., no. 2 dated 2
December 2014 with an authorized capital of US$ 50,000,000 issued capital of
US$ 20,000,000 entirely paid up. The founding and shareholders of the company
are P.T. VIREMA IMPEX (75%) and PARSHU LIMITED of Seychelles (25%). The notary
deed of incorporation was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-38732.40.10-2014 dated December 9, 2014.
P.T. VPS is a Foreign Investment (PMA) company facility
to be engaged in the field of steel mills. Its plant is located at Kedawung
village, Pabuaran district, Subang, West Java standing on a land bank of 80,000
sq. meters. According to the license the company will be produces of galvanized
(galvalum) steel and color coating steel. P.T. VPS is incorporate in Indonesia,
for setting up a manufacturing facility to take advantage of Indonesia's
growing economy. The complex is under construction, and however in near future
it will be 150'000 MT pa capacity of Galvalume Line and 100'000 MT pa capacity
of Color coating facility along with various finishing lines for making
profiles, trusses, and decks. According information the construction of the
plant will absorbed an investment of US$ 100.0 million come from owned capital
of US$ 20.0 million while the loan from loans. The construction of the plant has
begun since April 2015 and scheduled to be commenced operation in November
2016. Currently the company is still in the stage of land clearing, and will
soon be built steel
mills. The construction of the steel plant will
take about 18 months. It is estimated that construction of the steel plant will
be completed November 2016. The
production of light weight steel P.T.
Virema Parshu Steel
will be fully marketed in the country
to meet the domestic market
especially for automotive assembling industries and others. We
note that P.T. VPS
is very serious in
realizing the project of the
steel mills.
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. According
to International Monetary Fund (IMF) in world economic outlook in July 2014,
China’s GDP in 2010 reached 10.4% then decreased to be 9.3% in 2011; 7.7% in
2012 and 2013; which is projected to decrease to 7.4% in 2014. This decrement has massive impact, particularly to the
steel industry where China is one of the largest steel producers in the world.
With its economic downturn, China’s steel industry has 80 million tons of
oversupply due to the decreased China’s domestic supply which caused market
expansion to Indonesia. National steel then has to compete straightly with
China’s steel with cheaper price and massive volume. The downfall trend to the
Rupiah’s exchange rate against US Dollar also added to the burden of national
steel industry. Until December 31st, 2014, rupiah’s exchange rate was
in Rp. 12,440 for USD 1.
This rate
was fell than the rate in July 2014, with the exchange rate was experiencing
depreciation by an average Rp11,731 for USD 1 at that time, which fell by
19.96% compared with the average middle exchange rate until July 2013. The
performance of Rupiah exchange rate is expected to be suppressed throughout
2015, along with several relatively weak external and internal indicators. Some
government’s adjustment policies also have impacted the business’s cost in
Indonesia. The increments of electricity to 65% in the past years, a quite
significant natural gas prices increment; as well as the increment of labor fee
to 65% in the past two years have forced many businessmen to formulate proper
survival strategy to face the increment of load and cost.
To enable
the optimization of national steel industry’s utilization, anti-dumping policy
is highly required to prevent predatory pricing and unfair trade from steel
importing producer and the implementation of free market in Indonesia.
Anti-dumping is not merely as state’s protectionism policy against producers
and importers, but as a part of Enhancement of Domestic Products Utilization
which has many adding values to the domestic industry growth. With the
regulations assistance and support from the government, the company is assured
to be able to develop in the next future, in accordance to the state’s
development agenda in enhancing domestic economic and better life quality.
Considering P.T. VPS having yet to be in operation, the
financial condition of the company is just as it’s paid up capital of US$ 20.0
million as stated in its article of association. The financial condition of the
company strongly depends on the financial condition of its shareholders. P.T.
VPS is backed up by the PARSHU LIMITED of Seychelles.
The management of
P.T. VPS is led by Mr. Trivedi Kunj Bihari (54) a professional manager of India
with experience in steel mills industry. Daily activity he is assisted by Mr.
Manish Sharda (33) and Mr. Rishi Sharda (35) as Directors. The company's
management will be handled by professional staff in the above business. The
management will be handled by professional managers having wide relation with
private businessmen of home and overseas as well as with the government sectors.
We did not hear that the management of the company has been filed to the court
for detrimental cases or involved in any business malpractices. Or our whole
observation, we may conclude that P.T. VPS is a new company having yet to be in
operation commercially. Considering P.T. VIREMA PARSHU STEEL having yet to be
in operation, we recommend to treat prudently in business transaction and in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.60 |
|
UK Pound |
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.