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Report No. : |
321792 |
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Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CISADANE RAYA CHEMICALS |
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Registered Office : |
Jalan Imam Bonjol No. 88, Kampung Bojong Larang, Karawaci, Tangerang, 15115, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
11.02.1974 |
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|
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Com. Reg. No.: |
No.
AHU-AH.01.10-29240 |
|
|
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Legal Form : |
Limited Liability
Company |
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|
|
|
Line of Business : |
Engaged in
Producing Stearic Acids, Fatty Acids, Harder Fats, Glycerin, Crude Oleins,
Stabilizer (Heavy Metal Soap), Soap Chip Toilet Soaps, Soap Powder,
Margarine, Cocoa Butters, Fatty Alcohols, RBD Olein and RBD stearines Subject product ranges
includes: ·
Stearic Acid ·
Refined Glycerine ·
Soap Noddle · Fractioned Fatty Acids; · Soap Powder and ·
Toilet Soaps. |
|
|
|
|
No of Employees : |
800 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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
P.T. CISADANE RAYA CHEMICALS
Head Office &
Factory
Jalan
Imam Bonjol No. 88
Kampung Bojong Larang
Karawaci, Tangerang, 15115
Banten
Province
Indonesia
Phones -
(62-21) 5531 912 (Hunting), 5520 522
Fax -
(62-21) 5525 676, 5520 834
E-mail - info@cisadane.co.id
Website - http://www.cisadane.co.id
Land Area - 35,000 sq.
meters
Building Area - 25,500 sq.
meters
Region - Industrial
Zone
Status - Owned
11
February 1974
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. Y.A.5/376/5
Dated 4 November 1975
- No. AHU-AH.01.10-7988
Dated 07 April 2008
- No. AHU-35236.AH.01.02.TH.2008
Dated 23 June 2008
- No. AHU-33228.AH.01.02.TH.2011
Dated 4 July 2011
-
No. AHU-AH.01.10-29240
Dated 17 July 2013
Foreign
Investment (PMA) Company
The
Department of Finance
NPWP
No. 01.002.663.1-038.000
The
Capital Investment Coordinating Board
No.
26/V/PMA/2001
Dated
30 December 2001
A
Member Company of the CISADANE Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
950,000,000,000.-
Issued
Capital :
Rp. 326,491,000,000.-
Paid
up Capital :
Rp. 326,491,000,000.-
Shareholders/Owners
:
a.
OLEO CHEM FAR EAST PTE, LTD. -
Rp. 278,170,332,000.-
Address : 808
French Road
07-163 Kitchener Complex
Singapore
b. P.T. DINARETTA LESTARI -
Rp. 31,996,118,000.-
Address : Jl. Kali Besar Barat No. 50-HH
Kelurahan Roa Malaka, Kecamatan Tambora
Jakarta Barat, Indonesia
c.
The late Mrs. Tjhang Margaret -
Rp. 16,324,550,000.-
Address :
Pantai Mutiara Block K. No. 9, RT. 006 RW. 016
Kelurahan Pluit, Kecamatan Penjaringan
Jakarta Utara, Indonesia
Lines
of Business :
Engaged in
Producing Stearic Acids, Fatty Acids, Harder Fats, Glycerin, Crude Oleins,
Stabilizer (Heavy Metal Soap), Soap Chip Toilet Soaps, Soap Powder, Margarine,
Cocoa Butters, Fatty Alcohols, RBD Olein and RBD stearines
Production
Capacity :
a.
Stearic Acids -
85,000 tons p.a.
b.
Fatty Acids -
97,000 tons p.a.
c.
Harder Fats -
20,000 tons p.a.
d.
Glycerin - 25,500 tons p.a.
e.
Crude Oleins - 136,500 tons p.a.
f.
Crude Stearines -
20,700 tons p.a.
g.
Stabilizer (Heavy Metal Soap) -
36,000 tons p.a.
h.
Soap Chip Toilet Soaps -
27,000 tons p.a.
i.
Soap Powder -
18,000 tons p.a.
j.
Margarine -
17,280 tons p.a.
k.
Cocoa Butters -
36,000 tons p.a.
l.
Fatty Alcohols - 114,000 tons p.a.
m. RBD Oleins - 143,600 tons
p.a.
n.
RBD Stearines -
25,650 tons p.a.
Total
Investment :
a.
Equity Capital -
Rp. 326.5 billion
b. Loan Capital - None
c.
Total Investment -
Rp. 326.5 billion
Started
Operation :
1975
Brand
Name :
Cisadane
Raya Chemicals
Technical
Assistance :
AGITRADE
International Pte., Ltd., Singapore
Number
of Employee :
800
persons
Marketing
Area :
Export - 50%
Local - 50%
Main
Customers :
a.
Distributors, soap and detergent industries, etc.
b.
Buyers in Singapore, Japan, Australia, Europe Union, the USA, Middle East etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. DUA KUDA INDONESIA
b.
P.T. ECOGREEN OLEOCHEMICALS
c.
P.T. FLORA SAWITA
d.
P.T. MEDAN OLEOCHEMICALS
e.
P.T. SINAR OLEOCHEMICALS
f. P.T. SUMIASIH OLEOCHEMICALS
Business
Trend :
Growing
Bankers
:
a.
Hongkong and Shanghai Banking Corp. Ltd.
Jalan
Jend. Sudirman Kav. 29-31
Jakarta
Pusat
Indonesia
b.
P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2011
– Rp. 860.0 billion
2012
– Rp. 897.0 billion
2013
– Rp. 925.0 billion
2014
– Rp. 492.5 billion (January – June)
Net
Profit (Loss) :
2011
– Rp. 73.5 billion
2012
– Rp. 76.2 billion
2013
– Rp. 85.0 billion
2014
– Rp. 48.0 billion (January – June)
Payment
Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President Director - Mrs. Diana AKA Diana Tjhang
Director -
Mrs. Lusiana AKA Lusiana Tjhang
Board
of Commissioner :
President Commissioner - Mr. Haji Mohamad Taha
Commissioners - a. Mr. Sony Suhendra
b. Mr. Johny Sanggam Edison
Signatories :
President Director
(Mrs. Diana AKA Dia Tjhang) or one of the Directors (Mrs. Lusiana AKA Lusiana
Tjhang) which must be approved by Board of Commissioners
Management
Capability :
Good
Business
Morality :
Good
P.T. CISADANE RAYA CHEMICALS (P.T. CRC) was established
in Jakarta based on notary deed of Mr. Ridwan Suselo, SH., No. 134 dated 11
February 1974 in Jakarta with the authorized capital of Rp. 1,000,000,000
issued capital of Rp. 225,000,000 entirely paid up. Founder and original
shareholders of the company were the late Mr. Ishak Suhendra AKA Tjang Kwen
Tjong, Mr. Rudi Suhenda AKA Tjhang Jam Sen, Mr. Opo Damidi AKA Tjoeng Kauw Fo,
Mr. Teddy Damidi, Mr. Oemar Sakim AKA Woen Foeng Njan, wholly are Indonesian
businessmen of Chinese origins, the late Mr. Haji Andi Noerdin Pangurinseng and
Mr. Mas Surjana, the latter are two indigenous businessmen. The company notary
deed has frequently been revised. Since 1990 the authorized capital was raised
to Rp. 20,000,000,000 with an issued capital to Rp. 19,860,000,000 entirely
paid up. Since 1998 the authorized capital was raised to Rp. 500,000,000,000
issued capital Rp. 135,000,000,000 fully paid up. In November 2001, the
authorized capital was raised to Rp. 1,900,000,000,000 issued capital to Rp.
485,000,000,000 entirely paid up.
On the same occasion, Mr. Ishak Suhendra AKA Tjang Kwen
Tjong, Mr. Opo Damidi AKA Tjoeng Kauw Fo, Mr. Teddy Damidi, Mr. Oemar Sakim AKA
Woeng Foeng Njan and Mr. Mas Surjana pulled out and replaced by AGITRADE INTERNATIONAL
Pte. Ltd., of Singapore, P.T. DINARETTA LESTARI and Mrs. Hiu Suk Yun, both are
of Indonesia. Concurrently the company legal status was converted to Foreign
Investment (PMA) facility. Later based on notary deed of Mr. Robert Purba, SH.,
No. 40 dated 11 March 2008, Mrs. Hiu Suk Yun and the late Mr. Haji Andi Nurdin
Pangurinseng pulled out and replaced by Mr. Seman Sendjaja Suhenda, an
Indonesian businessman of Chinese origin as new shareholder. Then based on
notary deed of Mr. Robert Purba, SH., No. 81 dated 17 June 2008 the authorized
capital was reduced to Rp. 950,000,000,000 issued capital Rp. 242,500,000,000
fully and paid up.
With this time the composition of its shareholders has
been changed to become AGRITRADE INTERNATIONAL PTE LTD of Singapore (72.16%),
P.T. DINARETTA LESTARI (27.76%) and Mr. Seman Sendjaja (0.08%). Later according
to the revision of notary documents of Mr. Desman, SH., No. 36 dated 3 June
2011 the company issued capital was increased to Rp. 326,491,000,000 wholly
paid up. On the same occasion AGITRADE INTERNATIONAL PTE, LTD., Singapore and
Mr. Seman Sendjaja Suhendra pulled out and the whole shares was taken over by
OLEO CHEM FAR EAST PTE., LTD., Singapore and Mrs. Tjhang Margaret as new
shareholders. With this development the composition of its shareholders has
been changed to become OLEH CHEM FAR EAST PTE LTD., (85.2%), P.T. DINARETTA
LESTARI (9.8%) and the late Mrs. Tjhang Margaret (5) was died on 11 May 2014.
The latest according to the revision of notary deed Mr. Ivan Gelium Luntu, SH.,
no. 08 dated 14 June 2013 the company board of director and the board of
commissioner had been changed. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-29240
dated July 17, 2013.
We observe that the partner local P.T. DINARETTA LESTARI
is a national private company under the wing of the CISADANE Group, a
developing business group and majority business stakes is controlled by Mr.
Rudi Suhendra AKA Tjhang Jam Sen and his family members.
P.T. CRC operates in the frame works of Foreign
Investment Company (PMA) facility engaged in the field of oleochemical
industry. The plant is located at Jalan Imam Bonjol No. 88, Karawaci,
Tangerang, Banten Province on a land 35,000 sq. meters wide of the plant’s
building and other facilities. The plant has been expanding for several times
to increasing production capacity. The plant has been operating since 1975 by
produce of stearic acids of 85,000 tons, Fatty acids of 97,000 tons, harder fats
of 20,000 tons, glycerin of 25,500 tons, crude oleins of 136,500 tons,
stabilizer (heavy metal soap) of 36,000 tons, soap chip toilet soaps of 27,000
tons, soap powder of 18,000 tons, margarine of 17,280 tons, cocoa butters of
36,000 tons, fatty alcohols of 114,000 tons, RBD olein of 143,600 tons and RBD
stearines of 25,650 tons per annum respectively. The plant has absorbed an
investment of Rp. 326.5 billion originally from owned capital.
Their processed products include: Refined Glycerine; Stearic Acid;
Fractioned Fatty Acids; Soap Noddle; Soap Powder and Toilet Soaps.
P.T. CRC has manufacturing facilities
backed by state of the art technology and uses
only first rate stainless steel
for the plant's machines, pipes and tanks
that are designed for the highest standards of production. A
majority of the oleo chemical facilities are engineered by
one of the world's leading names in
this field, Lurgi GmbH (Germany) while edible oil facilities are by
Alfa Laval (Sweden) and soap plants are by Mazzoni (Italy). In
addition to its modern production facilities, P.T. CRC has a
10,000 acre palm plantation operating at full capacity in Northern
Sumatra, forming an integrated supply chain for its production activities.
The continuous supply of raw materials from owned
plantation in Northern Sumatra ensures the quality of the raw material used for
production. Samples are checked using a batch system in every production
processes in order to maintain consistency in the finished product.
P.T. CRC manufacturing facility commands the latest in technology in both
Edible Oil and Oleochemicals
fields. Machines, piping and tanks are constructed
from high quality stainless steel to meet the manufacturing requirement of high
quality products. Most of the oleochemicals manufacturing facility is
engineered by Lurgi GmbH of Germany, a world leader in the Oleochemicals
field. As for our Edible Oil manufacturing facility, it is engineered by
Alfa Laval Sweden. P.T. CRC has set up a semi-automatic facility whereby man and
machine support and are dependent on each other to ensure the smooth process
flow. The whole of its products are marketed under CRC brand.
Some of 50% of its products are distributed domestically
while the rest 50% are exported to Singapore, Japan, Australia, Europe Union,
the USA, Middle East and other. Oleo chemicals are used in personal care
products, soaps and detergents, food, plastics, pharmaceuticals and many other
industries. P.T. CISADANE RAYA CHEMICALS based in Indonesia, is one of the
world’s major producers of natural fatty alcohol with total production capacity
of 114,000 metric tons per annum of fatty alcohol. We observe that P.T. CRC has
been operating in the last three years.
Generally outlook we find the demand for
fatty acid, glycerin has been rising at home. It is in line with the growth of
several industrial sectors, including rubber products, textile industry,
cosmetic and soap industries, pharmaceutical, lubricating industry, paper
making, and others as potential consumers of the products. As the largest
producer of crude palm oil (crude palm oil / CPO) in the world,
Indonesia should likely be the basis of the oleochemical industry world beyond
Malaysia, China, India,
and even the European Union. National oleochemical
industries performance from year to year has been improvement. This is due to market demand and government policy
support. Currently, Malaysia
is still considered a benchmark constellation of global oleochemical industry
because of the high acquisition and integration technology
industry from upstream
to downstream.
Indonesia must change the mindset that
initially rely on the production of crude palm oil
into various derivative
manufacturers high value-added palm oil, oleochemicals
one through industrialization, Ministry of Industry, said
Mr. Abdul, continues
to push the industry to support the progressive
imposition of export duty on CPO exports to ensure domestic
availability of raw materials. The
government also encouraged the
expansion of capacity and new investment in the area of the proposed facility
oleochemical industry through tax allowances and tax
holidays. For tax holiday, there
are two companies that have been filed. A
company that P.T. Unilever Oleochemical Indonesia. Upon the enactment of export
duty on CPO progressive, there is an
increase in the oleochemical
industry investments by 12 companies with a
total investment value of Rp.
14 trillion. Ministry
of Industry is also targeting 60% export of derivative
products, including oleochemicals,
and 40% of CPO.
Some of oleochemical products as a derivative product of
Crude Palm Oil (CPO) has been able to produce in Indonesia. But, actually the
case is the Indonesian oleochemical industry is not affordable yet to supply
domestic demand especially in the down-streamer, because of domestic
oleochemical products are still in the stage of semi-finished products. The
semi-finished products which consists of fatty acid, fatty alcohol and glycerol
were exported and after extending process then imported again by Indonesian as
finished products like additive matters for textile industry, rubber, plastic,
detergent, paint, cosmetic, processed-food, etc. Finally, as a consequence,
development of Indonesian oleochemical industry is still far left behind
compare to the one of Malaysian.
In 2011, for example, Indonesia has some 16 oleochemical
producer companies with a total capacity of 1.67 million tons, contains 1.00
million tons of fatty acid, 490,000 tons of fatty alcohol and some 177,750 tons
of glycerol. Since all domestic oleochemical products were exported, afterwards
Indonesia’s market share in the world would be at 15% of 6.63 million tons of
fatty acid consumption whereas, fatty alcohol only has 12% of 3.95 million tons
and has only 8.9% of 2.00 million tons of glycerol. It
is estimated both fatty acid and glycerin will remain to rise in the coming
years. Competition is very tight due to a large number of similar companies
operating in the country, like P.T. ECOGREEN OLEOCHEMICALS, P.T. CISADANE RAYA
CHEMICAL, P.T. SUMI ASIH, P.T. MEDAN OLEOCHEMICAL and P.T. FLORA SAWITA. In
overall we find that oleo chemicals industry in the country keeps rising
despite the export price was lower and fluctuated. The growth of oleo chemicals
industry in the country is seen in the table below.
The Growth and
Production of Ole Chemical, 2005-2013
|
Year |
Fatty Acid |
Production (Ton) |
Growth (%) |
||
|
Glycol |
Fatty Alcohol |
Total |
|||
|
2005 2006 2007 2008 2009 2010 2011 2012 2013 |
436,700 398,952 350,203 476,700 504,080 542,391 585,782 631,473 659,510 |
46,354 41,283 35,577 51,222 55,290 59,492 64,251 69,262 72,337 |
93,712 119,905 176,099 111,159 136,482 146,855 158,603 170,974 178,565 |
576,766 560,141 561,879 639,081 695,582 748,738 808,636 871,709 910,415 |
(2.88) 0.31 14.74 8.88 7.60 8.00 7.80 4.45 |
|
Growth, % /year |
4.44 |
||||
Until this time P.T. CRC has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. CRC is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2011 amounted to Rp.
860.0 billion rose to Rp. 897.0 billion in 2012 increased to Rp. 925.0 billion
in 2013. As from January to June 2014 the sales turnover has reached at least
Rp. 492.5 billion with a net profit of at least Rp. 48.0 billion. It is
projected the sales turnover will be higher by at least 6% in 2015. It is
company has an estimated total networth of at least Rp. 352.0 billion. We
observe that P.T. CRC is supported by the CISADANE Group, a developing business
group with has financially strong and sound behind it. So far, we did not heard
that the company having been black listed by the Central Bank (Bank Indonesia).
The company is led by Mrs. Diana AKA Diana Tjhang (40),
graduated and reached Master of Business Administration from Portland State
University, Oregon, USA. She replaced her mother the late Mrs. Tjhang Margaret
(66) who was died on 11 May 2014. Daily activity, she assisted by her young
sister Mrs. Lusiana AKA Lusiana Tjhang (38) as directors. Ms. Diana role is as
the Director of the Company she is responsible to lead the department of sales
and marketing. Department sales and marketing job scope involve, not
only maintaining good customer relationships, but also to cater to the specific
needs and requirements of the customers. Ms. Diana will discuss with the
Research and Development Department to create new products to suit the
requirements of the customers. We observed that management’s reputation in said
business is sufficiently fairly good. The company has had wide relation in the
realm of the private businessmen within and outside the country. So far, we did
not hear that the company’s management involved in a dirty business practice or
detrimental cases that settled in the country. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. CISADANE RAYA CHEMICALS is sufficiently fairly good for business
transaction.
List
of CISADANE Group Members
1. ADITYAWARMAN,
P.T. (Trading)
2. CISADANE
ACID CORPORATION, P.T. (Stearin & Crude Olein Processing)
3. CISADANE
RAYA CHEMICALS, P.T. (Crude Palm Fractionation & Distillation)
4. CISADANE
SAWIT RAYA, P.T. (Oil Palm Plantation & Processing)
5. CISADANE
SEJAHTERA Bank, P.T. (Banking)
6. CIQUITA
TALONPAS ZIPPER CO.LTD., P.T. (Zipper Manufacturing)
7. DINARETTA
LESTARI, P.T. (Investment Holding)
8. INTI
SUMBER SARI INDUSTRI SUBUR, P.T. (Cosmetic Manufacturing)
9. LABU
MAS, P.D. (Cooking Oil Refinery & Soap Manufacturing)
10. MADAME
IKI ORIENTAL COSMETIC, P.T. (Cosmetic Manufacturing)
11. YKK
INDONESIA ZIPPER CO. LTD., P.T. (Plastic, Nylon & Metalic Zipper &
Manufacturing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.