|
Report No. : |
321002 |
|
Report Date : |
12.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
PERUM PERHUTANI |
|
|
|
|
Registered Office : |
Gedung Manggala Wanabakti Block K 7, 8th – 10th
Floor, Jalan Gatot Subroto
Senayan, Jakarta Pusat, 10220 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
29.03.1972 |
|
|
|
|
Legal Form : |
Public Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
9,376 Persons |
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 : |
-- |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
Name of Company:
PERUM PERHUTANI
Address
:
Head Office
Gedung
Manggala Wanabakti Block K 7, 8th – 10th Floor
Jalan Gatot Subroto
Senayan
Jakarta Pusat, 10220
Indonesia
Phones -
(62-21) 5721 282 (Hunting)
Fax - (62-21) 5733 616
E-mail - humas@perumperhutani.com
Website - http://www.perumperhutani.com
Building Area - 4 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Unit 1 Jawa Tengah
Jalan Pahlawan No. 15-17
Semarang, 50243
Central Java
Indonesia
Phones -
(62-24) 8413 631 (Hunting)
Fax - (62-24) 8443 142
E-mail - humas@perumperhutani.com
Building Area - 2 storey
Office Space - 700 sq. meters
Region - Commercial
Status - Owned
Unit II East Java
Jalan
Genteng Kali No. 49
Surabaya,
6008
East
Java, Indonesia
Phones -
(62-31) 5343 851 (Hunting)
Fax - (62-31) 5311 784
E-mail - humas2@perumperhutani.com
Building Area - 6 storey
Office Space - 1,200 sq. meters
Region - Commercial
Status - Owned
Unit III West Java & Banten
Jalan Soekarno Hatta No. 628 Km. 14
Bandung, 40292
West Java
Indonesia
Phones -
(62-22) 780 2871 (Hunting)
Fax
- (62-22) 2780 2972
E-mail -
humas3@perumperhutani.com
Building Area - 2 storey
Office Space -
600 sq. meters
Region -
Commercial
Status -
Owned
Date of Incorporation :
a. 29 March 1972 as Perum PERHUTANI
b. 2 July 2001 as P.T. PERHUTANI
(Persero)
c. 2003 PERUM PERHUTANI
Legal Form :
Perusahaan Umum
Negara (Perum) or Public Company
Company Reg. No. :
Not Required
Company Status :
State Owned (BUMN)
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.001.652.5-051.000
The Government Regulation
- PP No. 15/1972
- PP No. 36/1986
- PP No. 53/1999
- PP No. 30/2003
- PP No. 72/1010
Related Companies :
a. P.T. PERHUTANI ALAM WISATA (Service and
Tourism)
b. P.T. PERHUTANI ANUGERAH KIMIA (Industry and
Tourism Gondorukem Derivatives and
Derivative Turpentine)
Capital
Structure :
Capital
:
Rp. 700,000,000,000.-
Shareholders/Owners
:
The Government of the Republic of
Indonesia - 100%
Lines of Business :
a. Forestry Development and Management
b. Woodworking Industry
c. Investment Holding
Production Capacity :
a. Forest Development and Management
- Unit 1 Central
Java - 635,747 hectares
- Unit II East Java - 1,358,737 hectares
- Unit III West Java
& Banten - 1,354,850 hectares
b. Timber - 435,402 cubic meters p.a.
c. Non Teak on Timber - 525,488
cubic meters p.a.
d. Copal - 452 tons p.a.
e. Copal Mutu U - 451 tons p.a.
f. Eucalyptus Leaves -
43,504 tons p.a.
g. Pine Resin/Pine Sap - 109,908
tons p.a.
h. Lacquer - 251 tons p.a.
i. Sawn Timber - 16,256 cubic meters p.a.
j. Sawn Timber & Jungle - 22,005
cubic meters p.a.
k. Gondorukem - 70,000 tons p.a.
l. Turpentine Oil - 14,000 tons p.a.
m. Eucalyptus Oil - 40,214 tons p.a.
n. Seedlac - 1,450 tons p.a.
Total Investment :
None
Started Operation :
1972
Brand Name :
Perum Perhutani
Technical Assistance
:
None
Number of Employee :
9,376 persons
Marketing Area :
Export - 70%
Local - 30%
Main Customer :
Buyers in Asian
countries, Europe Union and the USA
Market Situation :
Competitive
Main
Competitors :
None
Business
Trend :
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan Jend.
Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank ENGARA INDONESIA Tbk
Wisma 46-Kota BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Hendrawinata Eddy & Siddharta, Kreston International
Litigation
:
The Subject Company was involved in civil
sued by P.T. SAPTA WAHANA MULIA in the Central Jakarta District Court No.
480/Pdt.G/12/PN/Jkt.Pst dated 22 October 2012.
Annual
Sales :
2012
– Rp. 3,555.9 billion
2013
– Rp. 3,863.2 billion
2014
– Rp. 4,115.0 billion (estimated)
Net
Profit :
2012
– Rp. 197.1 billion
2013
– Rp. 204.1 billion
2014
– Rp. 221.0 billion (estimated)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Bambang Sukmananto
Directors -
a. Mr. Mustoha Iskandar
b. Mr. Heru Siswanto
c. Mr. M. Soebagja
d. Mr. Morgan S. Lumban Batu
e. Mr. Achmad Fachrodji
f. Mr. Tedjo Rumekso
Board of Commissioners :
President Commissioner - Mr. Hadi Daryanto
Commissioners - a. Mr. Ediwan Prabowo
b. Mrs. Adriani Nurcahyanto
c. Mr. Rasiyo
d. Mr. Wawan Ridwan
e. Mr. Sarwono Kusumaatmadja
f. Mr.
Yustra Iwata Alsa
Signatories :
President
Director (Mr. Bambang Sukmananto) or one of the Directors (Mr. Mustoha
Iskandar, Mr. Heru Siswanto, Mr. M. Soebagja, Mr. Morgan S. Lumban Batu, Mr.
Achmad Fachrodji or Mr. Tedjo Rumekso) which must be approved by Board of
Commissioner.
Management Capability :
Good
Business Morality :
Good
Perum PERHUTANI was established by Government
Regulation (PP) No. 15 of 1972 which is amended by Government Regulation No. 36
Year 1986. In 1998, the Government issued Government Regulation No. 13 Year
1998 on Perusahaan Umum (Perum). With the publication of this decree, the rules
underlying the establishment of Perum Perhutani was set back, by Government
Regulation No. 53 Year 1999 about General State Forestry Company (Perum
Perhutani). Based on Government Regulation No. 14 of 2001 dated March 23, 2001
on Form Transfer of State Forestry General Company (Perum Perhutani), the form
changed from Company to Persero. This status changing are outlined in the deed
Imas Fatimah No. 3 dated July 2, 2001 and has received approval from the
Minister of Justice and Human Rights Decree No. C-05080. HT.01.01.TH.2001 dated
August 7, 2001.
In 2003 the company changed into the
Perusahaan Umum Negara in accordance with the Company's Regulation Number 30 of
2003 about the General State Forestry Company (Perum Perhutani). This change
has been noted in the State Gazette of the Republic of Indonesia Number 67 year
2003. Some part of it has changed and re-arranged by the PP. 72 of 2010
concerning the Perusahaan Umum (Perum) Forestry countries where the Company's
working area covers the entire state forest located in Central Java, East Java
and West Java. The company authorized capital was amounted at Rp.
700,000,000,000 wholly issued and paid up by the Government of the Republic of
Indonesia.
In accordance with Article 11 of Government Regulation
(PP) No. 72 of 2010 concerning the Perusahaan Umum (Perum) State Forestry, the
aims and objectives of the Company are:
1)
Organizing
efforts aimed at public benefit in the form of supply of goods and / or
services related to forest management and forest products of high quality at an
affordable price by the community based on the principles of sustainable forest
management and good corporate governance.
2)
To
achieve the aims and objectives in paragraph 1, the Company has main business activities:
forest governance and forest management planning, forest management, including
the use, environmental services, the use of timber and non-timber forest
product collection and not wood, forest rehabilitation and reclamation, forest
protection and nature conservation, management of forest products into raw
materials or finished materials, education and training in the field of
forestry, research and development in the field of forestry, agro forestry
development, building and developing community forests and / or forest
smallholder’s crop and trade in forest products and its own production and the
production of others.
3)
In
addition to main business activities, Company may carry on business as;
§ Potential
optimization efforts for resources owned trading house, agro industrial
complex, agribusiness, property, warehousing tourism, hotels, resorts, rest
areas, hospitals, mining, quarrying, telecommunications infrastructure,
utilization of water resources and other natural resources.
§ Other business activities
in accordance with the company’s aim and purpose.
§ Type of business
units;
The company is headquartered in Jakarta. Main business
activities of the Company as described above, are run through the 3 (three)
business unitswhich are Unit I Central Java, East Java Unit II and Unit III
West Java and Banten, as well as 2(two) following centers: Center for Research
and Development Perhutani Puslitbang Perhutani ) in Cepu, Central Java and the
Centre for Education and Training Human Resources (HR Training Center) in
Madiun East Java.
ü Unit I Central Java
Unit I is headquartered in Central
Java,Semarang. The area is divided into 20 Unit KPH, 6 KBM and the Bureau of
Planning and Development at Salatiga. KBM consists of 2KBM Timber (IK) and
Brumbung Cepu, 1KBM Non Timber (INK) Brumbung, 1 KBM Agroforestry Ekowisata and
Other Services (AEJ), formerly named KBM Travel Seed and Other Business (WBU),
2 KBM Marketing Cepu and Tegal. KBM Industries sawn timberhas 2 factories and
machines in Cepu Brumbung, Non Timber Industry KBM has 4 factories and
turpentine are gondorukem Cimanggu PGT, PGT Winduaji, PGT and PGT Paninggaran
Sepuran and 1 mill in Gundih eucalyptus oil, 1 mill Candiroto in Natural Silk
North Kedu and processing honey in Pati.
ü Unit II East Java
Unit II of East Java headquartered in
Surabaya. Unit II region is divided into 23 KPH, 3 KBM Marketing (KBM Sar)
located in Bojonegoro, Madison and Probolinggo, 1 KBM Wood Industry (KBM IK)
located in Gresik, 1 KBM Non Timber Industry (KBM INK) located in Tandes and 1
and 1 KBM AEJ Planning Bureau which is located in Manchester. Besides, there
are 6 machines in the mill sawn Ngawi, Saradan, Jatirogo and Bojonegoro and 3
factories gondorukem and turpentine in Jember, Kediri and Lawu Ds, and 2 plant
eucalyptus oil in Mojokerto and Madiun.
ü Unit III West Java and Banten
Unit III West Java and Banten based in
Bandung. Regional unit of West Java and Banten III is divided into 14 KPH, 3
KBM is KBM Marketing, KBM Industries, KBM AEJ, 1 Bureau of Planning and
National Beekeeping Centre (Pusbahnas) in length Parung Bogor. Unit III West
Java and Banten has Gondorukem and Turpentine Factory PGT KPH Sindangwangi in
North Bandung.
Perum Perhutani’s field of business is enterprises in the
forestry sector (especially in Java and Madura) and have duty and authority to
enforce the Forest Resource management activities (SDH) with give respect to
the aspects of production / economic, social aspect, and environmental aspects.
Perum Perhutani has 9 (nine) groups of goods and services
and / or 8 (eight) flagship product. Everything related to forest management.
Products and services intended to be delivered, as follows:
1)
Sustainable
Wood Products: Perhutani produce high-quality wood, harvested from managed
forests with sustainable principles. Round timber species that are marketed
through KBM Wood Marketing are: Teak, Pine, Mahogany, Sonokeling, Damar,
Accacia, Jabon, Sengon, Gmelina, Rasamala and so forth, including several
species of rattan and bamboo. Perum Perhutani produce finished goods or
products of the wood processing industry in KBM Cepu Wood Industry, KBM
Brumbung Wood Industry, and KBM Gresik Wood Industry. Some wood products are:
Garden Furniture, Housing Component (doors and frames), Indoor Furniture,
Flooring (Wooden Floor), Raw Sawn Timber, TOP (Teak Plywood Overlay) and other
products to order.
2)
Forest
Chemical Products: Perhutani produce Forest Chemical Products such as Gumrosin
and Turpentine. Gumrosin and Turpentine is distilled products of high quality
pine sap. Other products in this category are: copal, eucalyptus oil, shellac,
ylang-ylang oil and so on.
3)
Ecotourism
and Landscape Beauty; Perum Perhutani managing nature tourism in 162 (one
hundred and sixty-two) locations, such as forest recreation tourist, beaches
tourist , waterfalls, lake tour, tour crater, and cave tours. Some tourist
sites are equipped with attractions arts and cultural interest such as Kawah
Putih tourist festival, strawberry picking and so on.
4)
Forest
Food and Health products; Perum Perhutani providing high quality honey
products, manufactured in the garden apiary Parung Panjang Bogor, Regaloh and
other forest locations in Central Java. Other products in this category are
Honey Water Drinks and Bottled Drinking Water labeled “Air Perhutani”. In
addition, the forestry produce: coffee, rice, corn, spices and other foodstuffs
in collaboration with the forests village community through Joint Forest
Management (PHBM).
5)
Forest
Products Seed: Seeds and plants seeds of qualified and certified forestry is
produced by the Center for Research and Development of Perhutani in Cepu.
Products in this category are prioritized to support business Perum Perhutani
forest management, besides also to be marketed.
6)
Forestry
training and Development; Perum Perhutani provides a package of training and
consulting of forestry business conducted at the Center for Training and Human
Resource Development (HRD) in Madiun. Perum Perhutani also has Assessment
Centre which can be used in cooperation with other parties.
7)
Clean
energy forest products; Perum Perhutani develop alternative energy businesses
through micro-hydro technology, utilizing water sources in the forest or the
river which has waterfall. Perhutani also working with the South Korea
Government in developing alternative energy from waste biomass harvest.
8)
Flora
and Fauna forestry products; Perum Perhutani provides products such as cocoon,
silk yarn, monkey captive, deer captive , crocodile captive as well as for
conservation.
9)
Commercial
zone products; Perum Perhutani open to cooperation with other parties in the
form of optimization of asset utilization such as; rest area, billboards,
tower, hall rental, and so on.
Besides, Perum PERHUTANI also engaged in investment
holding by controls 99% shares of P.T. PERHUTANI ALAM WISATA dealing with
services and tourism industry and 55% shares of P.T. PERHUTANI ANUGERAH KIMIA
dealing with industry and tourism gondorukem derivatives and derivatives
turpentine.
We note that the demand for woodworking, timber,
agribusiness, and other forest products has kept on rising in the last five
years in line with the growth of various industrial sectors. Shift in the
composition of non-timber revenue is greater when compared with timber revenues
in the last three years, in addition to natural factors as the reason, but also
reflect the business transformations. Perhutani that changed the business
direction, from plant-based business to industry-based business is getting on
the track, when Perhutani revenue can be exhibited significantly supported by
the non-timber revenue. This is also reflected in the Perhutani business
transformation journey. In 2013, already under acceleration, so that it is not
possible in subsequent years the composition of timber and non-timber revenue
that will quickly change, in which the non-timber revenue will be much more
racing, along with the operation and optimization of factories owned by Perum
Perhutani.
In non-Timber, Perhutani will focus on increasing the
value-added of Gumrosin. Perhutani has eight gumrosin factories and one of
derivatives. In the future, will be handled by industry experts, and processing
pine resins not only from Perhutani production, but of the entire Indonesia. So
also with turpentine. Perhutani will improve the quality of the resulting turpentine
as China and Brazil so that the maximum added value. Moreover, it will be
maximized revenue from asset optimization, where Perum Perhutani has great
potential in this regard. As for the Tourism, will focus in West Java that has
high potential in terms of destination / object and market access. As for wood,
Perhutani will map the industries that use Perhutani wood. This is conducted,
so well known real wood needs, both in terms of volume is also consumers
required specifications. So that in the future, Perum Perhutani only produce
wood according to market demand.
In addition, the innovations conducted in the field of
marketing such as barcode system, online sales and counters system. Of the
legal aspect, will be made standard format of contract, so anyone who handles
it later, either contract or cooperative agreement, the format is as it is. In
the timber industry, Perhutani also continues to improve. Perhutani Factory
Plywood Industry (PPI) which has been built in Kediri, East Java, began contributing
revenue. When in 2013 was focused on meeting domestic demand, forward, 70% of
the PPI plywood production will be exported, since its production in accordance
with the plant capacity and international standards.
Macro Economics In 2013 global economic did not fluctuate
as much as the previous year, and so as the trend stayed the same. In The
United States, the economic started to stabilize although it grew below the
projection. This follows the same trend as the economic in China and India, but
in Japan the economics was above the projection. The liquidation in emerging
countries grew slower. It is certainly not a good thing for companies that rely
on export products. Demand from Europe and America have yet to be improved,
while demand from Asian countries are also likely to decline. That is, overseas
markets for export products can-not be expected to increase. To that end, must
be optimized potential of domestic market.
Meanwhile, in the domestic, economy of 2013 also face
challenges that are not light, which then put pressure on macroeconomic
stability and disrupt continuity of economic growth. However, according to data
from Bank Indonesia (January 2014), the Indonesian economy in 2013 could still
grow by 5.7%. Pressure on Indonesia's balance of payments (BOP) increased, and
accompanied by weakening of the rupiah. Inflation reaches 8.38%, or above the
inflation target of 4.5 ± 1%. Meanwhile, competition is very tight on account
of the many companies with similar activities operating in the country. Perum
Perhutani is considered to be still in a quite good position for having notched
up lots of experience and having secured a wide clientele and having developed
a wide marketing network in the country as well as overseas.
According to the financial statement of the company
having been audited by public accountant, sales turnover of Perum PERHUTANI in
20102,787.2 billion with a net profit of Rp. 156.0 billion increasing to Rp.
3,144.3 billion with a net profit of Rp. 149.8 billion in 2011 and to Rp. 3,555.9
billion with a net profit of Rp. 202.1 billion in 2012. We estimated the sales
turnover of the company as from January to June 2013 amounted at Rp. 1,925.0
billion with a net profit of Rp. 115.0 billion. We estimated the sales turnover
of the company in 2014 amounted at Rp. 4,115.0 billion with a net profit of at
least Rp. 221.0 billion. We estimated the sales turnover will be higher by at
least 6% in 2015. Based on information obtained from some customers, the
payment habit of the company is smooth ranging from 1 to 3 months. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia). The
condense financial statement is shown.
(In million Rp)
|
Descriptions |
31 December |
||
|
2013 |
2012 |
2011 |
|
|
A. ASSETS |
|
|
|
|
a. Current Assets |
1,708,443 |
1,766,156 |
1,663,051 |
|
b. Non Current
Assets |
797,115 |
674,856 |
524,958 |
|
c. Other Assets |
7,880 |
28,718 |
26,439 |
|
TOTAL ASSETS =
TOTAL LIABILITIES & EQUITY |
2,505,558 |
2,441,012 |
2,188,009 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
|
a. Current
Liabilities |
337,921 |
479,565 |
371,399 |
|
b. Non Current
Liabilities |
137,630 |
135,609 |
154,549 |
|
c. Stockholders
Equity : - Paid Up Capital - General use
retained earning - Specified use
Retained Earnings - Unspecified use
Retained Earnings Total
Stock holders Equity |
700,000 860,437 270,239 205,472 2,036,148 |
700,000 863,799 64,652 202,150 1,830,600 |
700,000 740,759 64,652 149,763 1,655,174 |
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales Net |
3,863,183 |
3,555,951 |
3,144,313 |
|
b. Operating Profit |
261,726 |
263,922 |
64,056 |
|
c. Net Profit
(loss) |
204,091 |
197,068 |
149,763 |
Notes: 31 December 2010, 2011 and 2012 audited by
Hertanto, Sidik & Indra
Litigation Matter
Perum Perhutani civil sued by P.T. Sapta Wahana Mulia (PT
Perhutani Vehicle industry was) in the Central Jakarta District Court Number
Case Number: 480/ Pdt.G/12/PN.Jkt.Pst dated 22-10-2012, while the lawsuit PT
Sapta Wahana Mulia (PT Perhutani Wahana Industry was) is a lawsuit broken
promise / defaults on the implementation of the timber industry cooperation
agreement and its amendment No. 103/SJ/Dir/2002-18/JV/X/2002 and Wood Industry
Cooperation Agreement No. 104/SJ/Dir / 2002-19/ JV/X/2002 and its amendment.
That we need to inform the lawsuit by default PT Sapta Wahana Mulia (PT
Perhutani Wahana Industry) has been submitted to the Central Jakarta District
Court disputed and it is basically the same (nebis in idem) and has received
the decision of the Supreme Court in the level of judicial review that has been
and binding verdict won by Perum Perhutani.
Currently in the process of litigation in the Central
Jakarta District Court, entered the evidentiary hearing agenda of the Parties.
Potential loss to the company of this case is the plaintiff’s claim for damages
amounting to Rp. 110,119,269,142.
The management of Perum PERHUTANI I headed by Mr. Bambang
Sukmananto (56) as President Director. His last position before his career in
Perhutani was as Secretary of the Directorate General of Forest Utilization,
Directorate General of Forest Utilization, Ministry of Forestry of Republic of
Indonesia. He is a Forestry graduate of the Faculty of Forestry, Bogor
Institute of Agricultural, graduate in 1983. Received a Master of Science from
the Ateneo De Manila University Philippine in 1992, and Doctorate Degree in
Agricultural Economics from Bogor Institute of Agriculture in 2007. 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.
Perum PERHUTANI is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.