MIRA INFORM REPORT

 

 

Report No. :

339084

Report Date :

05.09.2015

 

IDENTIFICATION DETAILS

 

Name :

P.T. DYSTAR COLOURS INDONESIA

 

 

Registered Office :

Menara Global 22nd Floor, Jalan Jend. Gatot Subroto Kav. 27, Jakarta 12930

 

 

Country :

Indonesia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

15.05.2001

 

 

Com. Reg. No.:

AHU-AH.01.10-48390

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

·      Textile Chemical (Dyestuff) Industry

·      Trading, Import and Distribution of Textile Chemicals

 

 

No. of Employees :

473

 

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

 

BASIC SEARCH

 

Name of Company :

P.T. DYSTAR COLOURS INDONESIA

 

A d d r e s s :

Head Office

Menara Global 22nd Floor

Jalan Jend. Gatot Subroto Kav. 27

Jakarta 12930

Indonesia

Phone               - (62-21) 5270550 (Hunting)

Fax                   - (62-21) 5270520

Email                - info@dystar.com

Website            -             http://www.dystar.com

Building Area    - 28 storey

Office Space    - 220 sq. meters

Region              - Commercial

Status               - Rental

 

Factory I

Krakatau Indonesia Estate Cilegon

Jalan Australia I Blok F I

Cilegon 42443

Banten Province

Indonesia

Phones             - (62-254) 360001

Fax                   - (62-254) 360002

Land area          - 30,000 sq. meters

Factory space   - 18,500 sq. meters

Region              - Krakatau Industrial Zone

Status               - Owned, the plant now has been close since 2012 and will be sells to other parties

 

Factory II

Jalan Raya Citeras Rangkasbitung Km. 3.8

Desa Gabus, Serang

Banten Province

Indonesia

Phones             - (62-254) 401741 (16 lines)

Fax                   - (62-254) 401751

Land area          - 530,145 sq. meters

Factory space   - 220,540 sq. meters

Region              - Industrial Zone

Status               - Owned

 

Branches

a. Jalan Kopo Jaya II No. 2

    Komplek Kopo Jaya

    Bandung

    West Java

    Phones      - (62-22) 5405222 (9 lines)

    Fax            - (62-22) 5407140, 5403324

b. Jalan Dr. Setia Budi 77

    Solo 77134, Central Java

    Phones      - (62-271) 712738, 719584

    Fax            - (62-271) 712738

c. Jalan Porong No. 14

    Surabaya 60241

    East Java

    Phones      - (62-31) 5666390 (Hunting)

    Fax            - (62-31) 5666154

 

Date of Incorporation :

a. 16 June 1982 as P.T. HOECHST CILEGON KIMIA

b. 4 January 1996 as P.T. DYSTAR CILEGON

c. 15 May 2001 as P.T. DYSTAR COLOURS INDONESIA

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

- No. C2-4957.HT.01.01.TH.83

  Dated 6 June 1983

- No. AHU-66911.AH.01.02.TH.2008

  Dated 22 September 2008

- No. AHU-AH.01.10-02989

  Dated 5 February 2010

- No. AHU-AH.01.10-14871

  Dated 18 May 2011

- No. AHU-AH.01.10-48390

  Dated 13 November 2013

 

Company Status :

Foreign Investment (PMA) Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.000.719.3-052.000

The President of the Republic of Indonesia

No. B-26/Pres/1/1982

Dated 30 June 1982

 

The Capital Investment Coordinating Board

- No. 1806/III/PMA/2000

  Dated 11 December 2000

- No. 14/II/PMA/2001

  Dated 26 January 2001

- No. 595/III/PMA/2001

  Dated 17 May 2001

- No. 485/III/PMA/2007

  Dated 13 April 2007

 

Related Company :

DYSTAR GLOBAL HOLDINGS (SINGAPORE) PTE, LTD. (Investment Holding)

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                           : US$ 44,500,000.-

Issued Capital                                 : US$ 44,500,000.-

Paid up Capital                               : US$ 44,500,000.-

 

Shareholders/Owners :

a. DYSTAR GLOBAL HOLDINGS (Singapore) Pte, Ltd.         - US$ 44,484,000.-

    Address : 1A International Business Park #10-01

                    Singapore, 609933

b. Mr. Sunarto Djuardi                                                         - US$        16,000.-

    Address : Jl. TRS Martanegara No. 17

                    Kelurahan Gumuruh, Kecamatan Batununggal

                    Bandung, West Java, Indonesia

 

BUSINESS ACTIVITIES

 

Lines of Business :

a. Textile Chemical (Dyestuff) Industry

b. Trading, Import and Distribution of Textile Chemicals

 

Production Capacity :

a. Dyestuff                                                          - 24,750 tons p.a.

b. Trading, Import and Distribution of Textile Chemicals

 

Total Investment :

a. Equity Capital                              - US$   40.8 million

b. Reinvested Profits                       - US$     8.0 million

c. Loan Capital                                - US$   59.7 million

d. Total Investment                          - US$ 108.5 million

 

Started Operation :

March 1986

 

Brand Name :

DYSTAR

 

Technical Assistance :

DYSTAR Textilefarben GmbH of Germany

 

Number of Employee :

473 persons

 

Marketing Area :

Domestic (Local)  - 20%

Export                - 80% (Australia, Japan, Asian countries)

 

Main Customers :

a. The BATIK KERIS Group

b. The DAMATEX Group

c. Textile industries, Etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. CLARIANT INDONESIA

b. P.T. COLORINDO ANEKA CHEMICAL

c. P.T. MATSUMOTOYUSHI INDONESIA

d. Etc.

 

Business Trend :

Fluctuating

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a.   DEUTSCHE Bank AG

      Deutsche Bank Building

      Jalan Imam Bonjol 80

      Jakarta 10310

      Indonesia

b.   P.T. Bank DANAMON INDONESIA Tbk

      Menara Bank Danamon 5th Floor

      Jalan Prof. Dr. Satrio Kav. E4 No. 6

      Mega Kuningan

      Jakarta Selatan, 12950

      Indonesia

c.   P.T. Bank MANDIRI Tbk

      Jalan Jend. Gatot Subroto Kav. 36-38

      Jakarta Selatan

      Indonesia

 

d.   P.T. Bank SBI INDONESIA

      Plaza Bumi Daya 1st Floor

      Jalan Imam Bonjol No. 61

      Jakarta Pusat

      Indonesia

 

Auditor :

Siddharta & Widjaja (KPMG)

 

Litigation :

No litigation record in our database

 

FINANCIAL FIGURE

 

Annual Sales :

2012 – US$   86.0 million (estimated)

2013 – US$   98.9 million

2014 – US$ 112.6 million

 

Net Profit (Loss) :

2012 – US$ 0.8 million (estimated)

2013 – US$ 2.6 million

2014 – US$ 7.9 million

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

KEY EXECUTIVES

 

Board of Management :

President Director                           - Mr. Sunarto Djuardi

Directors                                         - a. Mr. Bin Luo

                                                        b. Mr. Sheng Chang

 

Board of Commissioner :

President Commissioner                  - Mr. Yalin Xu

Commissioner                                 - Mr. Viktor Nikolaus Leendertz

 

Signatories :

President Director (Mr. Sunarto Djuardi) or one of the Directors (Mr. Bin Luo or Mr. Sheng Chang) which must be approved by Board of Commissioners

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

OVERALL PERFORMANCE

 

P.T. DYSTAR COLUOURS INDONESIA (ex P.T. HOECHST CILEGON KIMIA) established in 1982 in Jakarta with an authorized capital of US$ 11,000,000 issued capital of US$ 2,200,000 was fully paid up. Founders and original shareholders are HOECHST AG of Germany, a state owned bank P.T. Bank Pembangunan Indonesia (BAPINDO), P.T. PIONEER KIMIA AGUNG and P.T. GAJAH PURA INDAH and now it was renamed P.T. FADJARPURNAMA PRATAMAINTI, and both are private national companies. Its articles association was converted for several times. Only a short time after its establishment, the company had been joined by a new shareholder of the foreign party named DEITSCHE Finanzierunggesellschaft Fuer Beteiligungen in Enwickkklungslaerdern GmbH, a financing company of Germany.

 

In January 1996 the company was renamed P.T. DYSTAR CILEGON, and concurrently joined in new shareholder DYSTAR Textilfarben GmbH of Germany (joint venture for textile dyes of BAYER and HOECHST in dyes textile, July 1995). In April 1998 the whole shares had been controlled by DYSTAR Textilfarben GmbH of Germany, P.T. BAPINDO and P.T. PIONEER KIMIA AGUNG, both of Indonesia. In July 1998 the authorized capital was raised again to US$ 16,500,000 issued and paid up capital to US$ 12,500,000. On the same occasion P.T. BAPINDO pulled out and the whole share owned by DYSTAR Textilfarben GmbH of Germany and P.T. PIONEER KIMIA AGUNG.

 

In December 2000, P.T. DYSTAR CILEGON merged with P.T. DYSTAR INDONESIA and the company taking the merger was P.T. DYSTAR CILEGON. In May 2001 the company was renamed P.T. DYSTAR COLOURS INDONESIA (P.T. DCI) and concurrently the authorized capital was raised to US$ 44,500,000 wholly issued and paid up. On the same occasion the whole share owned by DYSTAR Textilfarben GmbH of Germany and Mrs. Susilowati Poorwo Soedarmo (Susilowati Priyono) of Indonesia. Later in April 2007, Mrs. Susilowati Poerwo Soedarmo pulled out and whole shares are sold to Mr. Bambang Nurcahyo, an indigenous businessman.

 

However since February 2010, KIRI DYES AND CHEMICALS (KDCL) of India has acquired DYSTAR Group of Germany for €50 million. The buyout was executed through a special purpose vehicle, KIRI HOLDING SINGAPORE PRIVATE LTD, along with KDCL's joint venture partner, LONGSHENG Group of China. The deal includes the acquisition of DyStar's 200 live patents, IP rights, brand names, trademarks and subsidiaries in 22 countries. Legally in April 2011 some 99.99% of stakes holds by KIRI HOLDING SINGAPORE PRIVATE LTD., of Singapore and the rest 0.01% holds by Mr. Hari Sudiono. Later based on notary deed Mrs. Irene Yulia, SH., no. 11 dated 9 October 2013 the whole shares took over by DYSTAR GLOBAL HOLDINGS (Singapore) Pte, Ltd., (99.96%) and Mr. Sunarto Djuardi (0.04%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-48390 dated November 13, 2013.

 

P.T. DCI started with operation in March 1986 in synthetic organic dyestuff whose plant located at Kawasan Industry Berat, Krakatau Industrial Estate Cilegon, Banten Province. Before the merger, P.T. DYSTAR INDONESIA  which had a factory in Serang produced dyestuff of the type of disperse dye, a dyestuff for polyester and P.T. DYSTAR CILEGON produced with a factory in the Heavy Industry Zone P.T. KSIC in Cilegon produced reactive dye, a textile dyestuff for cotton cloth. After the merger of P.T. DYSTAR INDONESIA in the end of December 2000, P.T. DCI took over and managed the plant located at Jalan Raya Citeras Rangkasbitung Km. 3.8, Gabus, Serang, Banten Province, standing on 530,145 square meters land.  Both of the above plants (P.T. DCI) produce 24,750 tons of dyestuff per annum. The company produces High Quality Dyestuff through the Century for:  Workwear, Uniform, Corporate Fashion, Sportwear, Military / Camouflage and Medical Textile. Having seen from its production, P.T. DCI concentrates on the production of reactive dyes for cellulosic fiber finishing and besides it has been undergone modernization program.

 

P.T. DCI’s operation and technology is backed by its holding company DYSTAR Textilefarben GmbH of Germany. Some 80% of its products is exported to Australia, Japan and other Asian countries while the rest is marketed locally particularly to textile industries. The supplies of basic materials in the form of oxysulton blue, parabaester, H. acid TTRG and others is imported from Germany, Hong Kong, etc. Besides that, P.T. DCI is also engaged in trading and distribution of textile chemicals by importing textile chemical from Germany and other countries through companies owned by DYSTAR Group.

 

Based on the approval of the Commissioners of P.T. DCI dated 28 February 2012 (as legalized by notary public Chen Wen Woan Angela in Singapore on the same date and as acknowledged by the Indonesian Embassy in Singapore on 2 March 2012), the Commissioners of the Company approved and authorized the Directors of the Company to do the following actions:

 

·         To close down the Company’s factory is located in Cilegon, Banten and;

·         To authorize the Directors of the Company to deal with and settle all of the consequences of such closing down of the Company’s factory, including but not limited to the relevant employment matters and;

·         To sell and/or dispose the land, building and other assets located at the factory, under the terms and conditions as deemed best by the Directors of the Company and for the best interest and benefits of the Company

 

According information from the management and staff explained the plant located at Krakatau Industrial Estate Cilegon, Jalan Australia I Block F 1, Cilegon, Banten has been close and there was no activity to present. In the next the plant will be sold to other party. Currently the Company just operates factory located at Jalan Raya Citeras Rangkasbitung Km. 3.8, Gabus, Serang, Banten Province, produces of dyestuff. The whole products sold to various textile industries in Cilegong, Tangerang, Bekasi, Cikarang, Karawang, Subang, West Java, Central Java and East Java. We observed that P.T. DCI is classified as a large sized company of its kind in the country of which the operation has been growing slowly in the last three years.

 

Generally, the demand for textile chemicals such as dyestuff, textile auxiliaries, and others tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. There are eleven domestic dyestuff producers which are still active with a combined production capacity of 45,620 tons per annum. Some of the largest producers are P.T. DYSTAR COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA CHEMICAL. The country’s garment industry is facing serious marketing problem not only in the country but also abroad.

 

The textile and textile product (TTP) industry is one of the industries that has contrived to with stand the protracted global economic crisis. At a time when the average national industrial utilization rate fell to under 20% in 2008, TTP plants on the other hand were operating at an utilization rate of above 81.6%. This was attributable to the ability of textile and garment producers to maintain the utilization rate of plants at a high level by aggressively stepping up exports. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327,300 tons (US$ 4,351.9 million) in 2004 to 369,500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010 rose to 450,900 ton (US$ 7,801.5 million) in 2011 decline to 450,200 tons (US$ (7,304.8 million) in 2012, increased to 470,200 tons (7,501.0 million) in 2013 and 463,900 tons (US$ 7,450.9 million) in 2014.

 

The Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010 decreased to 1,493.3 tons (US$ 5,563.3 million) in 2011 increase to 1,508.5 tons (US$ 5,278.1 million) in 2012 increased to 1,633.1 tons (US$ 5,293.6 million) in 2013 and 1,815.6 tons (US$ 5,379.9 million( in 2014. The domestic textile producers are pessimism the textile export in 2009 could match the export numbers in 2008. The blow of the global economic crisis is resulted in the reduced of demand from the export destination countries like the United States (U.S.), Japan, and European Union region. While this year’s the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the decline in global purchasing power caused of the demand in the Indonesian textile products could not be able to grow as tight as 2008. The export volume and value of the national TPT products in 2002 to 2013 are pictured on the following table.

 

 

Year

Garment

Textile Products

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

445.2

450.9

450.2

470.2

463.9

3,887.2

4,037.9

4,351.9

4,967.0

5,608.1

5,712.9

6,092.2

5,735.6

6,598.0

7,801.5

7,304.8

7,501.0

7,450.9

1,425.9

1,307.5

1,300.4

1,427.3

1,477.8

1,473.6

1,312.2

1,369.6

1,525.9

1,493.3

1,508.5

1,633.1

1,815.6

3,075.9

3,064.6

3,354.6

3,704.0

3,908.6

4,178.0

4,127.9

3,602.8

4,721.8

5,563.3

5,278.1

5,293.6

5,379.9

 

 

According to financial statement of P.T. DCI which audited by Siddharta & Widjaja (KPMG) which ended 31 December 2013 the sales turnover amounted at US$ 98.9 million with a net profit of US$ 2.6 million increased to US$ 112.6 million with a net profit of US$ 7.9 million in 2014. It is projected the sales revenue will be increasing by at least 5% in 2015. We estimated the company has an estimated total net worth at least US$ 120 million. We observe that P.T. DCI is supported by financially strong behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The financial highlight as per 31 December 2013 and 2014 is attached below.

 

 (In US$)

 

Descriptions

31 December

 

2014

2013

A.  ASSETS

 

 

a.  Current Assets

 

 

       - Cash and Cash Equivalent 

1,032,670

3,352,920

       - Trade receivables, net

29,089,396

19,023,798

       - Inventories

52,157,972

42,554,542

       - Restricted cash

350,013

390,673

       - Other current cash

173,655

344,196

       Total Current Assets

82,803,706

65,846,129

a.  Non Current Assets

 

 

       - Fixed assets, net

21,039,482

21,436,562

       - Refundable income tax

-

504,640

       - Value added tax overpayments

341,670

275,748

       - Deferred tax assets

2,291,427

2,252,493

       - Refundable deposits

79,699

79,699

       - Other non current assets

463,120

515,243

       -  Total Non – Current Assets

24,215,398

25,064,385

 

 

 

B.   LIABILITIES & STOCKHOLDERS’ EQUITY 

 

 

a.   Current Liabilities 

 

 

       - Trade and other payable

24,916,230

23,004,495

       - Income tax payable

2,049,577

190,160

       - Loans and borrowings

33,406,233

30,000,000

       - Total current liability

60,372,040

53,194,655

b.  Non Current Liabilities 

 

 

      - Loans and borrowings

-

-

      - Post-employment benefits obligation

3,016,377

1,999,039

c.  Stockholders Equity  

 

 

     -  Share Capital 

44,500,000

44,500,000

     -  Accumulated deficit

(869,313)

(8,783,180)

     -  Total Equity

43,630,687

35,716,820

     -  Total Liability & Equity

107,019,104

90,910,514

 

 

 

C. INCOME STATEMENT

 

 

      - Sales – Net  (Revenue)

112,614,939

98,782,717

      - Cost of Goods Sold 

(93,428,110)

(83,405,543)

      - Gross Profit

19,186,829

15,467,174

      - Other expenses 

(6,812,756)

(6,752,815)

      - Result from operating activities

12,374,073

8,714,359

      - Net income (cost) income

(1,101,123)

(5,221,738)

      - Profit (loss) before income tax

11,272,950

3,492,621

      - Income tax expense

(2,886,203)

(949,492)

      - Accrual (loss) gains from employee benefits

(472,880)

80,450

      - Net Profit

7,913,867

2,623,579

 

Notes: Ended 31 December 2014 and 2013 Audited by KAP Siddharta & Widjaja (KPMG)

 

P.T. DCI’s management is led by Mr. Sunarto Djuardi (55), a professional manager with has experience for more than 22 year in dyestuff industry and trade. He has been worked and begun his career as Business Management Reactive since 2001. Daily, he is assisted by Mr. Bin Luo (44) and Mr. Sheng Chang (41) as Directors. The management is handled by experienced professional managers in dyestuff trading industry, trading and distribution having wide relation with home and overseas private businessmen as well as with the government sectors. So far, we have never heard of the management of the company being filed to the district court for detrimental cases. We are convinced that P.T. DYSTAR COLOURS INDONESIA is fairly good for business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.40

UK Pound

1

Rs.101.19

Euro

1

Rs.73.89

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.