|
Report No. : |
347465 |
|
Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
MULTISTRADA ARAH SARANA TBK |
|
|
|
|
Formerly Known As : |
P.T. MULTISTRADA ARAH SARANA |
|
|
|
|
Registered Office : |
Jl.
Raya Lemah Abang Km. 58,3 Desa Karangsari Kec. Cikarang Timur Bekasi – 17550
West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2014 (Consolidated) |
|
|
|
|
Date of Incorporation : |
20.06.1988 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-17082 |
|
|
|
|
Legal Form : |
P.T. Tbk. (Perseroan Terbatas Terbatas) or Public
Listed Company |
|
|
|
|
Line of Business : |
Manufacturing of Tire. |
|
|
|
|
No. of Employee : |
3,395 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 : |
Slow but correct |
|
|
|
|
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. MULTISTRADA ARAH
SARANA TBK
Head Office & Factory
Jl.
Raya Lemah Abang Km. 58,3
Desa
Karangsari Kec. Cikarang Timur
Bekasi
- 17550
West
Java
Indonesia
Phone -
(62-21) 8914 0333 (Hunting)
Fax - (62-21) 8914 0758
Email - info@multistrada.co.id
Website - http://www.multistrada.co.id
Land Area - 367,095 sq.
meters
Building Space - 22,869 sq. meters
Region - Industrial
Zone
Status - Owned
20 June 1988 as P.T. OROBAN PERKASA, changed its
name to P.T. MULTISTRADA ARAH SARANA, on December 9, 1996 and changed its name
again to P.T. MULTISTRADA ARAH SARANA Tbk., on May 30, 2005.
P.T. Tbk. (Perseroan Terbatas Terbatas) or Public
Listed Company
The Ministry of Law and Human Rights
a. No. C2-8932.HT.01.01.TH.88
Dated 20
September 1988
b. No.
AHU-49709.AH.01.02.Tahun 2008
Dated 11 August 2008
c. No. AHU-11635.AH.01.02.Tahun 2012
Dated 2
March 2012
d. No. AHU-AH.01.10-17082
Dated 11
may 2012
Foreign Investment Company (PMA)
a. The
Department of Finance
NPWP No.
01.330.132.0-055.000
b. The
Capital Investment Coordinating Board
- No.
110/V/PMA/2004
Dated 27 October 2004
- No.
164/II/PMA/2005
Dated 23 June 2005
- No.
1044/III/PMA/2008
Dated 26 June 2008
c. The
Capital Market Supervisory Agency
- No.
S-1377/PM/2005 (Initial Public Offering)
Dated 30 May 2005
- No.
S-2350/BL/2007 (Limited Public Offering I)
Dated 16 May 2007
- No. S-13573/BL/2011
(Limited Public Offering II)
Dated 16 December 2011
a. P.T. CENTRAL SOLE AGENCY (Investment Holding)
b. PVP XVIII Pte., Ltd., of Singapore (Investment
Holding)
c. LUNAR CRESCENT
INTERNATINAL Inc. (Investment Holding)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital -
US$ 198,918,780 (Rp. 1,862,000,000,000
Issued Capital -
US$ 137,342,902 (Rp. 1,285,613,000,000
Paid up Capital -
US$ 137,342,902 (Rp. 1,285,613,000,000
Latest
Shareholders (as of 31 Dec. 2014) :
a.
P.T. CENTRAL SOLE AGENCY -
Rp. 22,890,496 (16.7%)
b.
Mr. Pieter Tanuri (Pres. Director) -
Rp. 21,603,723 (15.3%)
c.
Lunar Crescent International Inc., - Rp. 20,751,865 (15.1%)
d.
Standard Chartered Bank, Singapore -
Rp. 9,147,942 ( 6.7%)
e.
Asia Momentum A Segregated Portfolio -
Rp. 6,987,785 ( 5.1%)
f.
Public (less than 5% each) -
Rp. 55,961,091 (41.1%)
BUSINESS
ACTIVITIES
|
Lines
of Business :
Tire Manufacturing
Production
Capacity :
a. Car Tires - 10,000,000 units per annum
b. Motorcycle Tires -
6,000,000 units per annum
Total
Investment :
a. Equity Capital -
US$. 374.9 million
b. Loan Capital -
US$. 95.9 million
c. Total Investment -
US$. 470.8 million
Started
Operation :
August 1995
Brand
Name :
ACHILLES, CORSA and STRADA
Technical
Assistance :
None
Number
of Employee :
3,395 persons
Marketing
Area :
Domestic - 28%
Export -
72%
Main
Customers :
a. Tire Distributor and Dealers in the country
b. Overseas buyer in Middle East, Europe, Japan,
Hong Kong and Taiwan
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Goodyear Indonesia
b. PT. Bridgestone Tire Indonesia
c. PT. Gajah Tunggal Tbk
d. PT. Elangperdana Tire Industry
Business
Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. Bank INTERNASIONAL INDONESIA (BII) Tbk
Plaza
BII Menara 2
Jl. M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
b. P.T. Bank
CIMB NIAGA Tbk
GRAHA NIAGA Tower
Jl. Jend. Sudirman Kav. 58
Jakarta
Selatan
Indonesia
c. The Hong
Kong and Shanghai Bank Corp.
Jl. Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
Auditor
:
Purwantono, Suherman and Surya (member of Ernst
& Young Global Ltd)
Litigation
:
No litigation record in our database
FINANCIAL
FIGURE
|
Net
Sales/Revenue :
2010 – US$. 221.3 million
2011 – US$. 326.0 million
2012 – US$. 320.9 million
2013 – US$. 323.9 million
2014 – US$. 284.3 million
Net
Profit :
2010 – US$.14.8 million
2011 – US$.
6.9 million
2012 – US$.
0.3 million
2013 – US$.
3.6 million
2014 – US$.
0.5 million
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY
EXECUTIVES
|
Board of Management :
President
Director -
Mr. Pieter Tanuri
Vie President
Director - Mr. Ir.
Sukarman
Directors - a.
Mr. Yohannes Ade Bunian Moniaga
b. Mr. Uthan M. Arief Sadikin
c. Mr. Andreas Handoyo Hutama
Board of Commissioners :
President
Commissioner - Mr. Eugene
Cho Park
Commissioners -
a. Mr. Mulyo Sutrisno
b. Mr. Paulus Ridwan Purawinata
c. Mr. Andi Solaiman
d. Mr. Glenn T. Sugita
Signatories :
President Director (Mr. Pieter Tanuri) or Vice
President Director (Mr. Ir. Sukarman) or
one of the Directors (Mr. Johannes Ade Bunian Moniaga, Mr. Uthan M. Arief
Sadikin or Mr. Andreas Handoyo Hutama) which must be approved by Board of
Commissioners
CAPABILITIES
|
Management Capability :
G o o d
Business Morality :
G o o d
OVERALL
PERFORMANCE
|
Initially named P.T. OROBAN PERKASA, it was
established in June 1988 with the authorized capital of Rp. 1,000,000,000 of
which Rp. 200,000,000 was issued and fully paid up. The founding shareholders
of the company are Mr. Mulianto Tanaga and his younger brother Mr. Hadiwidjaja
Tanaga, an Indonesian business family of Chinese extraction. The articles of
association of the company have frequently been revised. In December 1996, the
company renamed to P.T. MULTISTRADA ARAH SARANA and concurrently the authorized
capital was raised to Rp. 300,000,000,000 of which Rp. 100,000,000,000 was
issued and fully paid up.
In April 2004, Mr. Mulianto Tanaga and Mr.
Hadiwidjaja Tanaga withdrew and their shares were taken over by P.T. JAVAINDO
ASETAMA and Mr. Yohannes Ade Munian Moniaga. In January 2005, the authorized
capital was increased to Rp. 700,000,000,000 of which Rp. 326,200,000,000 was
issued and paid up. At the same time, whole shares of the company were
controlled by P.T. INDOKEMIKA JAYATAMA (10%), PVP XVIII Pte Ltd of Singapore
(90%).
In March 2005, the company went public by
carrying out IPO (Initial Public Offering) in Jakarta Stock Exchanges (JSE) and
Surabaya Stock Exchanges (SSE) and selling 28.60% of its shares to the public
being effective as of 30 May 2005.
Concurrently, the company’s name was changed to P.T MULTISTRADA ARAH
SARANA Tbk., (P.T. MASA), as a public listed company
In April 2007, the authorized capital of the
company was raised again to Rp 1,862,000,000,000.- with the issued capital of
Rp 489,510,000,000.- entirely paid up. In June 2008, the authorized capital was
raised to Rp. 1,862,000,000,000 of which Rp. 856,642,535,000 was issued and
fully paid up. The capital structures and shareholder composition of P.T. MAST
are PVP XVIII Pte. Ltd., of Singapore
(27.73%), P.T. INDOKEMIKA JAYATAMA of Indonesia (3.81%) and Publics (68.46%). The
amendment to Deed was made by Mr. Benny Kristianto, SH., a public notary in
Jakarta and it was approved by the Ministry of Law and Human Right in its
Decision Letter No.AHU-49709.AH.01.02.TH.2008, dated August 11, 2008 and No.
AHU-AH.01.10-11830 dated July 30, 2009.
On June 2011, the issued capital was raised
to Rp. 1,285,613,000,000.- and fully paid up.
Since that time, the shareholders of the company are PVP XVIII Pte.
Ltd., of Singapore (27.72%), P.T. INDOKEMIKA JAYATAMA (3.81%), P.T. CENTRAL
SOLE AGENCY (15.66%), P.T. BUANA CAPITAL (4.98%), P.T. EQUATOR CAPITAL PARTNERS
(6.70%), P.T. SINARMAS SEKURITAS (2.87%) and Publics (38.27%).
On December 31, 2014, the authorized capital
was converted to US$ 198,918,780 of which US$ 137,342,902 was issued and fully
paid up. The latest shareholders of the
company are P.T. CENTRAL SOLE AGENCY (16.7%), Mr. Pieter Tanuri (15.3%), Lunar Crescent
International Inc., of BVI (15.1%), Standard Chartered Bank of Singapore
(6.7%), Asia Momentum A Segregated Portfolio of Cayman Island (5.15) and
Public, less than 5% each (41.1%). The latest amendment to Deed has been
approved by the Minister of Law and Human rights through its Decision Letter
No. AHU-AH.01.10-17082 dated May 11, 2012. Since then, no changes have been
effected in term of its shareholding composition and capital structures to
date.
Initially, P.T. MASA obtained a Domestic
Capital Investment (PMDN) facility issued by the Capital Investment
Coordinating Board (BKPM) to deal with tire manufacturing. Its plant is located
on Jalan Raya Lemahabang, Kedung Waringin District, Cikarang, Bekasi, West Java
on a land of 367,095 square meters with the building width of 22,869 square meters.
The operation of the company started in 1994 being in commercial operation
since 1995. By the entering of foreign partner, the status of the company was
changed to Foreign Investment Company (PMA). The plant is equipped with various
modern production machines being mostly imported from European counties like
the UK, Italy, Germany, and partly from the USA. Some 70% of the basic
materials in the form of natural rubbers, synthetic rubbers, black carbons,
sulfurs and other chemical materials such as polyesters, nylons, steel cords,
bead wires and others are local products while the rest of 30% is imported from
various European countries, the USA and Asia.
P.T. MASA offers motor cycle, passenger car,
and light truck tires under the Achilles, Corsa, and Strada brands. The company distributes its products in
Indonesia, the Middle East, Europe, Australia, Africa, Asia, and the United
States. It is also involved in the
investment, development, and improvement of industrial timber plantations;
distribution of machinery and spare parts; and provision of business management
consultation services. In October 2013,
P.T. MASA gets new loan facility US$170 million from OCBC Group, aiming to
refinance its old debt with lower interest rate and to expand capacity. The credit facility has 8 year maturity and
interest LIBOR +4.25%, lower than that of the outstanding loan US$110 million
with interest LIBOR +4.75% maturing in 2016 and 2017. The remaining US$60 million will be allocated
for working capital and production capacity expansion. Mr. Pietere Tanuri, president director of
P.T. MASA explained that currently, the company’s market share in Indonesia is
around 13 percent. They aim to increase
market share to 15% in the next two or three years.
In addition, PT. MASA was involved as an
investment holding company and the Company has ownership interest of more than
50% in the following subsidiaries which are engaged in improvement of forestry
industry, distribution of tires, machinery and spare parts, business management
construction, development and improvement of industrial timber plantation. The table of PT. MASA’s subsidiary
companies shall be as follows (as of 31 December 2014):
(In US Dollar)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
% of Ownership |
Investment in Associates (31 Dec 2014) |
|
Direct
Ownership |
|
|
|
|
|
PT. Multistrada Agro International |
Improvement of forestry Industry |
Development stage |
95.00 |
15,108,214 |
|
PT. Kawasan Industri Multistrada |
Industrial Estate |
Non-operating |
99.96 |
2,136,656 |
|
Archilles Tire (Shanghai) Co. Ltd. |
Distribution of Tires, machinery and spare
parts |
2013 |
100.00 |
735,047 |
|
PT. Indo Masa Sentosa |
Business Management Construction |
Non-operating |
70.00 |
4,324,471 |
|
Indirect
Ownership |
|
|
|
|
|
PT. Meranti Laksana |
Improvement of forestry industry |
Development stage |
90.25 |
1,004,170 |
|
PT. Meranti Lestari |
Improvement of forestry industry |
Development stage |
90.25 |
861,810 |
|
PT. Mitra Jaya Nusaindah |
Improvement of forestry industry |
Development stage |
90.25 |
332,860 |
|
PT. Sylvaduta |
Development and Improvement of Industrial
timber plantation |
Development stage |
45.13 |
6,264,536 |
According to financial report audited by Purwantono,
Suherman & Surya, a registered public accountant the total sales/income of
P.T. MASA in 2010 amounted to US$ 221.3 million with a net profit of US$ 14.8
million, increased to US$ 326.0 million with a net profit of US$ 6.9 million in
2011 and rose again to US$ 320.9 million with a net profit of US$ 0.32 million
in 2012 to US$ 323.9 million with a net profit of US$ 3.6 million in 2013 and
declined to US$ 284.3 million with a net profit of US$ 0.47 million in
2014. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia). The
company usually pays its debts punctually to suppliers. Consolidated statement
of financial position of the company, as of 31 December 2011, 2012, 2013 and
2014 (expressed in US Dollar) are attached.
The management of P.T. MASA is led by Mr.
Pieter Tanuri (52) as President Director.
He earned a Bachelor of Economics from the University of Trisakti
Jakarta in 1988. He also served at
President Director of PT. Multistrada Agro International PT. Meranti Laksana
and PT. Meranti Lestari since 2011. In
his daily activities, he is assisted by Mr. Ir. Sukarman ( earned a degree in
Chemical Science from Gajah Mada Univeristy in 1973) as Vice President Director
and Mr. Yohannes Ade Budian Moniaga, Mr. Uthan M. Arief Sadikin and Mr. Andreas
Handoyo Hutama, third as directors respectively. The management has wide relation with
overseas and national private businessmen as well as with the government sectors.
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. MASA is appraised to be quite feasible
for business transaction. But owing to
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
Attachment:
P.T. MULTISTRADA
ARAH SARANA Tbk and Subsidiary
CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
In 2011, 2012,
2013 and 2014
(in US Dollars)
|
D e s c r i p t i o n |
31 December |
|||
|
2014 |
2013 |
2012 |
2011 |
|
|
ASSETS |
|
|
|
|
|
Current Assets |
|
|
|
|
|
- Cash and cash equivalents |
43,075,787 |
34,436,100 |
46,436,100 |
4,940,227 |
|
- Trade receivables |
|
|
|
|
|
* Related parties |
18,036 |
151,122 |
323,180 |
122,491 |
|
* Third parties |
26,186,605 |
34,668,481 |
22,428,675 |
28,414,313 |
|
- Other receivables |
|
|
|
|
|
* Related parties |
3,321,406 |
1,071,460 |
-- |
-- |
|
* Third parties |
2,465,244 |
1,670,458 |
2,633,232 |
889,211 |
|
- Inventories |
87,363,862 |
85,768,464 |
95,322,276 |
86,715,428 |
|
- Prepaid value added taxes |
46,528 |
283,308 |
425,749 |
9,420,673 |
|
- Advances to suppliers |
783,838 |
2,101,985 |
1,013,022 |
6,869,621 |
|
- Prepaid expenses |
1,789,376 |
1,887,555 |
2,346,587 |
744,487 |
|
Total Current Assets |
167,560,982 |
162,334,277 |
170,928,821 |
138,116,451 |
|
Non-Current Assets |
|
|
|
|
|
- Other receivables – related
parties |
1,711,576 |
1,639,300 |
-- |
-- |
|
- Claims for income tax refund |
1,500,919 |
1,076,513 |
700,333 |
1,830,936 |
|
- Advances for acquisitions of
non-current asset |
12,166,461 |
11,359,393 |
3,026,612 |
12,280,296 |
|
- Intangible assets |
1,120,488 |
-- |
-- |
-- |
|
- Goodwill |
423,004 |
431,714 |
544,174 |
-- |
|
- Industrial timber plantations
under dev. stage |
7,799,868 |
6,506,132 |
6,053,137 |
-- |
|
- Deferred tax assets |
6,935,144 |
7,466,754 |
-- |
-- |
|
- Fixed assets |
418,977,844 |
431,314,562 |
426,791,328 |
372,520,752 |
|
- Due from related parties |
-- |
-- |
3,250,431 |
1,053,203 |
|
- Investments in associates |
-- |
-- |
2,782,144 |
188,903 |
|
- Other non-current assets |
7,007,416 |
6,937,187 |
10,408,915 |
12,100,884 |
|
Total Non-Current Assets |
457,642,720 |
466,731,555 |
453,557,074 |
399,974,974 |
|
TOTAL ASSETS
= TOTAL LIABILITIES AND EQUITY |
625,203,702 |
629,065,832 |
624,485,895 |
538,091,425 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
- Short-term bank loans |
39,292,056 |
42,792,056 |
30,292,056 |
94,176,499 |
|
- Trade payables - third
parties |
22,856,687 |
36,133,041 |
57,492,887 |
41,792,911 |
|
- Other payables |
|
|
|
|
|
* Third parties |
1,358,509 |
1,806,449 |
4,393,301 |
8,715,967 |
|
* Related parties |
-- |
-- |
-- |
190,295 |
|
- Advances from customers |
4,851,453 |
6,925,580 |
4,002,942 |
10,139,357 |
|
- Income taxes payable |
225,671 |
166,241 |
281,150 |
308,185 |
|
- Accrued expenses |
3,119,586 |
2,966,150 |
1,968,260 |
2,407,354 |
|
- Short-term employee benefits
liability |
13,434 |
239,437 |
56,465 |
930,236 |
|
- Current maturities of
long-term bank loans |
24,153,585 |
13,369,507 |
24,191,477 |
130,272,396 |
|
Total Current
Liabilities |
95,870,981 |
104,398,461 |
122,678,538 |
288,933,200 |
|
Non-Current Liabilities |
|
|
|
|
|
- Long-term bank loans, net |
143,474,554 |
141,042,399 |
121,681,073 |
31,992,064 |
|
- Deferred tax liabilities |
1,229,943 |
-- |
945,974 |
1,513,549 |
|
- Employee benefits liability |
9,753,502 |
8,345,676 |
7,197,328 |
5,114,507 |
|
Total Non-current Liabilities |
154,457,999 |
149,388,075 |
129,824,375 |
38,620,120 |
|
Total
Liabilities |
250,328,980 |
253,786,536 |
252,502,913 |
327,553,320 |
|
Equity |
|
|
|
|
|
- Capital Stock or Share
Capital |
137,342,902 |
137,342,902 |
137,342,902 |
90,764,969 |
|
- Additional paid-in
capital |
140,116,051 |
140,116,051 |
140,116,051 |
24,209,327 |
|
- Other component of equity |
(1,292,043) |
(1,212,168) |
328,169 |
(47,750) |
|
- Retained earnings |
|
|
|
|
|
* Appropriated |
103,965 |
88,965 |
73,965 |
63,624 |
|
* Un-appropriated |
97,190,001 |
97,444,149 |
93,786,714 |
95,453,167 |
|
- Equity attributable to
parent entity |
373,460,876 |
373,779,899 |
371,647,801 |
210,443,337 |
|
- Non-controlling interests
|
1,413,846 |
1,499,397 |
335,181 |
94,768 |
|
Total Equity |
374,874,722 |
375,279,296 |
371,982,982 |
210,538,105 |
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
284,304,838 |
323,891,487 |
320,881,449 |
325,976,954 |
|
b. Selling and distribution expenses |
(239,109,136) |
(275,221,558) |
(273,093,807) |
(271,842,475) |
|
c. Gross Profit |
45,195,702 |
48,669,929 |
47,787,642 |
54,134,479 |
|
d. Total operating expenses and others |
(38,642,723) |
((47,984,378) |
(43,410,668) |
(36,870,128) |
|
e. Operating Profit |
6,552,979 |
685,551 |
4,376,974 |
17,264,351 |
|
f. Other expenses |
(4,292,561) |
(6,483,712) |
(2,826,503) |
(5,304,235) |
|
g. Profit (loss) before tax |
2,260,418 |
(5,798,161) |
1,550,471 |
11,960,116 |
|
h. Income tax benefit / (expense) |
(1,787,403) |
9,399,726 |
(1,230,724) |
(5,016,996) |
|
i. Net Profit
(Loss) |
473,015 |
3,601,565 |
319,747 |
6,943,120 |
Remarks: In 2011, 2012, 2013 and
2014 audited by Purwantono, Suherman & Surya
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.45 |
|
|
1 |
Rs.100.96 |
|
Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.