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MIRA INFORM REPORT
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Report No. : |
504127 |
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Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. PURA BARUTAMA |
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Formerly Known As : |
PT. PURA BARU |
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Registered Office : |
Gedung Pura Group, Jl. AKBP Agil
Kusumadaya No. 203 Kelurahan
Getas Pejaten, Kecamatan Jati Kab. Kudus 59343 Jawa Tengah |
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Country : |
Indonesia |
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Financials (as on) : |
2017 (Summarized) |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
AHU-AH.01.03-0053522 |
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Legal Form : |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Line of Business : |
·
Manufacture of paper and paper products ·
Printing and reproduction of recorded media ·
Manufacture of machinery and equipment n.e.c. |
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No. of Employees : |
7000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
COMPANY
IDENTIFICATION
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Company
Name |
PT.
Pura Barutama ( Previous Name : PT. Pura Baru ) |
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Address
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Gedung
Pura Group, Jl. AKBP Agil Kusumadaya No. 203 |
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Telephone
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+62291444361,
+62291432223, +62291444362, +622914443625 |
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Fax
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+62291444403,
+62291444935, +62291432586 |
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Mobile
Phone |
N.A
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Email
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hani@kudus.puragroup.com |
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Web
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www.puragroup.com |
PROFILE
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Address
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Gedung
Pura Group, Jl. AKBP Agil Kusumadaya No. 203 |
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Office
Building |
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Date
of Establishment |
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Start
Operation |
1982
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Legal
Status |
Private
Limited Liability Company or Perseroan Terbatas (PT) |
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Legalization
(historical) |
No.
C2-4392.HT.01.01.TH'83 |
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Government
Permit (s) |
Kementerian
Perdagangan |
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Significant
change |
Originally
named PT. Pura Baru, the Company was established in Kudus, Central Java, on
July 31, 1981, with an authorized capital of IDR 5,000 million, of which IDR
10 million was issued and paid up. Initially, the shareholders of the Company
consisted of Mr. Jacobus Busono (95.000%), Ms. Lie May Hiang (4.000%), and
Mr. Kusprianto (1.000%). On
April 10, 1989, the Company was renamed, being PT. Pura Barutama;
meanwhile, its shareholder and capitalization structure remained unchanged. On
April 28, 1989, the Company’s authorized capital was increased to IDR 10,000
million, of which IDR 5,000 million was issued and paid up. On the same
occasion, shareholders of the company changed, to comprise Mr. Jacobus Busono
(49.000%), Ms. Lie May Hiang (1.000%) and Mr. Albertus Pranoto Busono
(50.000%). On
November 10, 1990, the Company’s shareholder and capitalization structures
changed again. Its authorized capital was increased to IDR 50,000 million, of
which IDR 20,000 million was issued and paid up. Meanwhile, the shareholders
changed to consist of Mr. Jacobus Busono (12.300%), Mr. Albertus Pranoto
Busono (12.500%), Ms. Lie May Hiang (0.200%), and PT. Purawidya Graha
(75.000%). On
May 14, 1993, the notarial act of the Company changed, yet it was only
incidental and not affecting the Company’s capitalization and shareholder
structure. Next,
per 26 September 1997, the issued and paid-up capital increased to IDR 35,000
million. Meanwhile, its shareholders comprised Mr. Jacobus Busono (45.000%),
Mr. Albertus Pranoto Busono (9.100%), Ms. Dini Anggreani (0.200%) and PT.
Purawidya Graha (45.700%). On
August 28, 1999, the authorized capital was increased further to IDR 100,000 million,
of which IDR 51,000 million was issued and paid up. Meanwhile, the
shareholder structure consisted of Mr. Jacobus Busono (30.900%) Mr. Albertus
Pranoto Busono (37.650%), Ms. Dini Anggreani (0.080%), and PT. Purawidya
Graha (31.370%). Again,
on December 11, 1999, the authorized capital was increased to IDR 250,000
million, of which IDR 100,000 million was issued and paid up; and the
shareholder structure comprised of Mr. Jacobus Busono (64.760%), Mr. Albertus
Pranoto Busono (19.200%), Ms. Dini Anggreani (0.040%) and PT. Purawidya Graha
(16.000%). On
December 19, 2000, the authorized capital was increased to IDR 1,000,000
million, of which IDR 670,000 million was issued and paid up. Meanwhile,
shareholders of the Company changed, to comprise: Mr. Jacobus Busono
(94.740%), Mr. Albertus Pranoto Busono (2.866%), Ms. Dini Anggreani (0.006%)
and PT. Purawidya Graha (2.388%). On
June 12, 2008, and July 6, 2009, the Company’s notarial act was changing, yet
not affecting its capitalization structure and shareholder structure. On
February 24, 2011, the Company published a notarial act, yet without
changing its capitalization and shareholder structure. On
July 9, 2012, the Company published a notarial act, yet without changing
its capitalization and shareholder structure. On
December 17, 2013, the Company’s issued and paid capital was increased to IDR
850,000 million. Meanwhile, the shareholder structure changed to comprise Mr.
Jacobus Busono (95.850%), Mr. Albertus Pranoto Busono (2.260%), Ms. Dini
Anggreani (0.004%) and PT. Purawidya Graha (1.886%). On
February 26, 2016, the Company published a notarial act. As written in
the act, authorized capital of the Company was increased to IDR 1,000,000
million, of which IDR 850,000 million was issued and paid up. Meanwhile,
a percentage of shares controlled by the shareholders changed, being: Mr.
Albertus Pranoto Busono (2.259%), PT. Purawidya Graha (1.882%), Ms. Dini
Anggreani (0.005%), and Mr. Jacobus Busono (95.854%). On
May 31, 2016, the Company published a notarial act with no change in the
capital structure and share ownership. As
far as we know, there has been no more change in the Company’s notarial act
as published by the Ministry of Justice. |
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Capitalization
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SHAREHOLDERS
& MANAGEMENT
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Shareholders
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Total
No. of Shareholders: 4 |
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Name
of Shareholders |
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Management
Board |
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Name
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Mr.
Yohanes Moeljono Soebiyanto |
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Position
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President
Director |
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Nationality
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Indonesian
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Name
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Mr.
Handoyo Soputeranto |
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Position
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Director
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Nationality
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Indonesian
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Name
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Mr.
Johanes Slamet Harjanto |
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Position
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Director
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Nationality
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Indonesian
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Supervisory
Board |
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Name
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Mr.
Jacobus Busono |
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Position
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President
Commissioner |
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Nationality
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Indonesian
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Name
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Mr.
Julianto |
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Position
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Commissioner
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Nationality
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Indonesian
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Management
Assessment |
The
management is deemed to have sufficient experience and industry expertise to
manage subject properly. However,
based on information from the online mass media, on 27 February 2018, Mr.
Jacobus Busono (the Company's president commissioner) was summoned by the
Corruption Eradication Commission (Komisi Pemberantasan Korupsi) in the
alleged bribery case of the Regent of Subang Imas Aryumningsih related to the
handling of permits within the Subang Regency Government, West Java. Jacobus
was questioned as a witness of Imas who had become a suspect in this case.
Until this report is completed, the related developments of Mr. Jacobus
Busono has no continuation so far he has only been a witness |
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Authorized
Signatories |
Mr.
Yohanes Moeljono Soebiyanto as President Director or Mr. Handoyo Soputeranto
and Mr. Johanes Slamet Harjanto as Directors which must be approved by
shareholders meeting. |
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Affiliate
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KEY
DATA ON OPERATIONS
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Registered
Activities |
SIC
Code 17 : Manufacture of paper and paper products |
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Employee
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Per
2018 |
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Business
Category |
SIC
Code 17.1 : Manufacture of pulp, paper and paperboard |
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Line
of Business |
SIC
Code 17.12 : Manufacture of paper and paperboard |
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Product
& Capacity |
-
Paper Products - 62,485 tons p.a. |
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Status
of Investment |
Non-facilities
based Company |
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Sales
Territory |
Local
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40%
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International
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60%
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Main
Items Imported |
Industrial
Machinery |
Germany |
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Main
Items Exported |
Paper
Products |
Ecuador |
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Major
Customers |
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Major
Supplier |
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Terms
of Payment |
Purchase
Payment |
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Activity
Comment |
PT.
Pura Barutama (the Company) is a non-facilities based company that is
engaged in manufacturing of label, paper products, security printing, and
equipment products since 1982. The Company's head office and factory-I
are located in a commercial area of Kudus (Central Java), precisely at the
address: Gedung
Pura Group, Jl. AKBP Agil Kusumadaya No. 203, Kelurahan Getas Pejaten,
Kecamatan Jati, Kab. Kudus 59343 (not 59347), Jawa Tengah - Indonesia.
As we learned, this location is joining with head offices of several other
members of Pura Group, and we believe it belongs to the Company. Meanwhile,
the Company is also supported by other 2 factories, which are located at the
address: Jl. Kresno, Kelurahan Jati Wetan, Kecamatan Jati, Kab. Kudus 59346,
Jawa Tengah, Indonesia (for Factory II) and at Jl. Raya Kudus-Pati Km.
12, Kelurahan Klaling, Kecamatan Jekulo, Kab. Kudus,
59382, Jawa Tengah, Indonesia (for Factory III). Moreover,
the Company also owns three branch offices, located in South Jakarta,
Semarang, Surabaya and one representative office in Dubai, United Arab
Emirates. Based
on the collected information, the Company's main products are folding box,
inner box, display box, label, catch cover, hanger, hinge-lid, flip top,
package level, window bill, shell, and slide. In
addition, the Company is also an expert in producing labels such as hologram
tamper evident sticker, hologram hot stamping foil, prepaid phone card,
holographic cap seal, holographic PVC shrink, security printings, high-valued
documents, visa/passport, cigarette tripping paper, and many more. To
support its production, the Company has some processing machinery like
intellectual hologram design applicator, glass varnish effect, high-speed hot
stamping foil machines, varnish UV and high-speed cutting-creasing machines. Based
on permit from the Coordination Board of Investment, the Company has put some
IDR 670,000 million of investment for producing a variety of products, such
as: Paper
products (62,485 tons per year) Coating
products (5,320 tons per year) Corrugated
boxes (11,400 tons per year) Offset
printing products, rotogravure printing and converting holography products
(322,900,000 tons per year) The
Company can also produce approximately 18,000 tons of precious paper
annually. Meanwhile,
the raw materials that the Company used such as paper and chemical, are from
some domestic suppliers, such as PT. Purawidya Graha, PT. Pabrik Kertas Tjiwi
Kimia Tbk, PT. Pindo Deli Pulp and Paper Mills, PT. Surya Pamenang, PT. Sapta
Sumber Lancar, PT. Kusuma Kemindo Sentosa, PT. Indah Kiat Pulp and Paper Tbk,
PT. Fajar Surya Wisesa Tbk, PT. Sinar Suryo Kimia and CV. Multi Warna
Grafika. In addition, the Company also imported it from several countries
such as the USA and Europe. In
marketing, the Company distributes 40% of its products to the domestic market
i.e to several government institutions, universities, and some companies,
such as PT. Tempo Scan Pacific Tbk, PT. Sanbe Farma, PT. Djarum, PT. HM
Sampoerna Tbk., PT. Flash Net, PT. Telkomsel (Telekomunikasi Seluler Indonesia),
PT. Cipta Multi Buana Perkasa, PT. Kian Mulia Manunggal and PT. Suryaprima
Jayatama. Meanwhile,
the rest are exported to several countries such as Russia, Pakistan, India,
Hong Kong, Ecuador, and some other countries in Asia, namely to Daulat Biofibers
Pvt. Ltd. of India, Salmon Corp. Sac. of Hong Kong, Euroecuatoriana Indgrafsa
S.A. of Ecuador, Eagle River Importers, Inc of the USA and Telenor Pakistan
Pvt. Ltd. of Pakistan. In
addition, in 2017, the Company exported its products to several countries
such as: -
On May 30, 2017, the Company exported HS Code Description, FOB (USD),
Freight (USD), Insurance (USD), Package Type, and Net Weight of
2,690 kgs to Salmon Corp. Sac. of Hong Kong. -
On July 25, 2017, the Company exported paper roll of 685.40
kgs to Daulat Biofibers Pvt. Ltd., of India. -
On September 14, 2017, the Company exported wrapper product of 9880
kgs to Eagle River Importers Inc. of USA. -
On October 13, 2017, the Company exported 64,682 kgs of products
to Security Printing And Minting Corp. of India. -
On April 15, 2018, the Company exported 9,880 kgs of homogenized tobacco leaf
wrapper to Eagle River Importers, Inc of USA. Together
with its partner, Artes Holographical of Bolivia, the Company is now also
supplying security products to Bolivia. The products are Hologram
Sticker for DNFR (Direccion Nacional d Fiscalizaciony Recaudaciones La
Paz), Diploma for UMSA (Universida d Mayor de San Andres), Security
Paper for UMSA, Car Sticker for Hologram for the Technical Inspection of
vehicles to DNFR, Hologram Pouch for DNFR, and Hologram Pouch for
RUAT RUA (Registro Unico Automotor). The
Company is not only involved in the paper industry, but also in other
businesses, namely in the making of metal racks, filing cabinet, and in the
development of equipment/tool/materials for plantation, fishery, and
supporting system. These other businesses are included in the engineering and
industry division. Through
the Agricultural Machinery Department, the Engineering Division produces and
develops agriculture processing machines, such as power thresher, dryer, and
rice milling unit. Waste from the rice milling unit can be used as energy for
husk burner. Meanwhile,
through Fishery Machinery Department, Engineering Division of Pura Group
produces ice flake machine, cold storage, air blast freezer machine. The
Engineering division also develops in fish processing business by producing
fish pellet machine and meatball processing machine. Inside
the same division, there is also Part and Machinery Department, which
initially was for supporting other units, such as for providing CNC machines
(lathe, milling, punch), OSU machine, sleeve machine and tax cigarette
labeling machine. As
we learned, those machines are mainly marketed domestically and usually
made by order from the government’s agriculture and fishery institutions, and
cooperatives. Some of the products are also exported, among other to
Malaysia, China and Iran. Currently,
the Company produces a rice harvesting machine in the form of Combine Mini, that
has dimensions of 2,690 x 1,950 x 2,300 millimeters. There is also Combine
Medium with dimensions of 3,820 x 1,950 x 2,300 millimeters and there is a
Combine Large with a dimension of 4,595 x 2,745 x 2,890 millimeters. Combine
Mini is priced at a nominal of IDR 111 million, Combine medium size with
price IDR 129 million and for Combine big size sells for IDR 289 million. In
2016, sales of the Company increased by 10% compared to 2015. This was due to
the increasing demand for export of the Company's products to several
countries. The increase in the USD exchange rate became one factor. To meet
its export volume, the Company expanded its production capacity supported by
several production machines imported from Germany and China. And until the
end of 2017, sales of the Company was quite stable. In
addition, in 2016, the Company becomes the supplier of raw materials for
making the new IDR banknote money where the banknote is printed by the Money
Printing of Republic of Indonesia (PERURI). Not only the state-owned
companies, at the end of 2016, the Company also cooperated with PT.
Telekomunikasi Seluler Indonesia or Telkomsel. Telkomsel has trusted the
Company to create sim cards for the needs of its cellular operator customers. The
Company also received packaging production orders. One of them is for Epson
brand printer products. The
Company has recently won tender of projects of multiplication and
distribution of national education examination materials for SMP/MTs, SMPLB,
SMA/MA, SMALB, SMK, Packet A/Ula, Packet B/Wusta, Packet C, and Packet C
Kejuruan TP 2012/2013 Packet 2, with HPS value of IDR 17,691,386,400. The
Company won these projects by offering price of IDR 14,562,448,000. |
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Litigation
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Based
on the collected information, in 2014, the Company was suing Public Printing
Corporation of the Republic of Indonesia or Percetakan Negara Republik Indonesia (PNRI)
through the Central Jakarta State Court. PNRI was accused of harming the
plaintiff amounted to IDR 371.57 billion. This case was registered on 9
December 2014, with case No. 582/PDT.G/2014/PN.JKT.PST. The
Company in the trial that took place on Tuesday (17/02/2015), said the loss
derived from the payment that has not been repaid by PNRI in e-ID card
project. The Company’s attorney Dita Oktaviani said that agreement between
the two companies was contained in the minutes of meeting agreement dated 21
August 2011. This
agreement was made between PNRI, as the first defendant, the plaintiff
verbally through Director of PNRI Djakfarufin Junus (the second defendant),
the marketing team Satrio S. Wirjawan (third defendant), Isnu E. Wijaya
(fourth defendant), and Yuniarto (fifth defendant). After the treaty in 2011,
it turned out that the clause was not included in the written agreement. Initially,
PNRI always paid according to the bill requested. Problems emerged in 2012
when the work was completed. Actually, PNRI had met 80% of the bill and
leaving a liability of IDR 400 billion. They
argue payment can only be made after the government disbursed. But after the
government confirmed, it turns out that it already paid it off. PNRI had
already paid installments about 50% of the total deficiency, and when billed
PNRI said that the money was on hold by Corruption Eradication Commission or Komisi Pemberantasan Korupsi. The
Company demanded material compensation was amounting to IDR 205.98 billion.
Plaintiffs also claimed for immaterial damages to the defendant IDR 100
billion and confiscation of assets belonging to the defendant in the form of
lands in Jakarta, Solo, Surabaya, and Banda Aceh. Based on the collected
information, up to the completion of this report, the final decision in
the case is still unknown In
addition, based on information from the online mass media published on May
15, 2017, it was reported that the Company allegedly received a grant of
e-KTP corruption in Indonesia, while the Company did not become one of the
consortiums who won the procurement project. But until now, there is no
sustainability news related to these allegations. |
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Sources
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Mr.
Murdhoko (Marketing Manager, contacted on 20 April 2017) |
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Branch
Address |
Branch
Address 1 : |
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Representative
Office |
PO
BOX 502160 |
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Factory
I and Registered Address |
Jl.
AKBP Agil Kusumadaya Km. 4 |
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Factory
II Address |
Jl.
Kresno |
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Factory
III Address |
Jl.
Raya Kudus-Pati Km. 12 |
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BANKING
INFORMATION
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Banker
(s) |
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Insurance
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BUSINESS
PROSPECTS
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Business
Prospects |
As
targeted by the Ministry of Finance, Indonesian economy will grow by 5.4% in 2018,
supported by the growth of the domestic economy, which is now relatively
stable and tend to increase. It will certainly have an impact on all sectors
of industry in Indonesia, as well as, indirectly affect also to the Company's
business in the future. PT.
Visi Globalindo Data Utama predicts that the non-oil and gas manufacturing
industry will only grow by 4.75% – 5.25% in 2018, or lower than the 5.67%
growth targeted by the government. These predicted figures are calculated
based on the data issued by Central Bureau of Statistics. According
to data from the Central Bureau of Statistics, the non-oil and gas
manufacturing industry only grew by 5.49% in Q3 2017, with the highest growth
occurred in basic metal industry (10.6%), followed by food and beverage
industry (9.49%), machinery and equipment industry (6.35%), and
transportation tool industry (5.63%). On
the other hand, PT. Visi Globalindo Data Utama believes that the non-oil and
gas manufacturing industry will remain as the reliable and the largest contributor
to the government and the national economy. In
QIII/2017, based on data from Central Statistics Bureau, this non-oil and gas
manufacturing industry contributed 17.76% or the highest into the national
gross domestic products (GDP), if compared to contribution from other
industrial sectors. In
the future, the basic metal industry will continue to become the reliable
sector for driving up the growth of the non-oil and gas manufacturing
industry. Actually,
there are also six other reliable industries for the government. They are
food and beverage industry, transportation tool industry, machinery and
equipment industry, chemical industry, pharmacy industry and electronic
industry. These all industrial sectors have been growing significantly and
able to drive up the growth of non-oil and gas manufacturing industry as well
as the national economy in global. Considering
the growth of the manufacturing industry in Indonesia which is still the
reliable and the largest contributor to the government and the national
economy, although with the predicted growth not so high (4.75% - 5.25% in
2018), we believe the Company's businesses are still prospective in the
future. |
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FINANCIAL
STATEMENT
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Sales
Turn Over |
2014
- IDR 1,348,125,000,000 (Estimated) |
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Total
Assets |
As
the Company is not a publicly listed company, we are unable to give a
detailed picture of the financial condition of the Company. |
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Other
Financial Data |
As
the Company is not a publicly listed company, we are unable to provide details
on the financial condition of the Company. |
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CREDITWORTHINESS
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Management
Capability |
Good
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Business
Morality |
Poor
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Payment
Manner |
Satisfactory
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Financial
Condition |
Satisfactory
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Operating
Trend |
Up
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Conclusive
remarks |
Based
on the above information, we can conclude that the Company is engaged in the manufacture
of labels, paper products, security printing, and equipment products since
1982 with 40% market share in domestic market and 60% in the international
market. As
we learned, the performance of the Company in the last 3 years was in good
condition. In 2016, sales of the Company increased by 10% compared to
2015. This was due to the increasing demand for export of the Company's
products to several countries. And until the end of 2017, sales of the
Company is quite stable. In
terms of the existing business prospects, taking into consideration the
growth of the manufacturing industry in Indonesia which remains the reliable
and the largest contributor to the government and the national economy,
albeit with a predicted growth of not too high (4.75% - 5.25% in 2018), we
believe the Company's businesses are still prospective in the future. With
the capability of a qualified business and bright business prospects, the
Company's credit risk is quite low. However, considering some of the cases
that are being experienced by the Company such as alleged bribery by the
Company's top officials to one of the government officials, the current
corruption allegedly received by the Company is also the case with PNRI
(Percetakan Negara Republik Indonesia) is allegedly harming the Company with
a high enough value, we rate the Company's credit opinion at MEDIUM TO HIGH RISK. However,
for security reason, we advise those wishing to cooperate with or grant loans
to this Company to ask adequate collateral from shareholders. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.01 |
|
|
1 |
INR 92.72 |
|
Euro |
1 |
INR 81.45 |
|
IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.