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MIRA INFORM REPORT
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Report No. : |
485811 |
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Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDO-BHARAT RAYON |
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Registered Office : |
Menara Batavia, 16th Floor Jalan
K.H. Mas Mansyur Kav. 126 Jakarta 10220 |
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Country : |
Indonesia |
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Financials (as on) : |
31.03.2016 |
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Date of Incorporation : |
05.09.1980 |
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Com. Reg. No.: |
AHU-AH.01.03-0194611 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
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No. of Employees : |
1,319 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
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 less than 27 percent 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.
|
Source
: CIA |
BASIC
SEARCH
Name of Company :
P.T. INDO-BHARAT RAYON
Address :
Head Office
Menara
Batavia, 16th Floor
Jalan K.H. Mas Mansyur Kav. 126
Jakarta
10220
Indonesia
Phones - (62-21) 5722452 (Hunting)
Fax -
(62-21) 5722417
E-mail - jktoff@adityabirla.com
Building
Area - 25 storey
Office
Space - 230 sq. meters
Region - Commercial
Status - Rent
Factory
Desa
Cilangkap, Kecamatan Curug
Purwakarta,
41101
West
Java
Indonesia
Phones - (62-22) 202041-44
Fax -
(62-22) 201349
E-mail -
arun.khosla@adityabirla.com
Land
Area - 600,000 sq. meters
Building
Area - 230,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
5
September 1980
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and
Human Rights
- No. AHU-AH.01.10-12520
Dated 7 August 2009
- No. AHU-AH.01.10-19117
Dated 28 July 2010
- No. AHU-AH.01.10-23948
Dated 26 July 2011
-
No. AHU-59453.AH.01.02.TH.2013
Dated 19 November 2013
-
No. AHU-AH.01.10-51262
-
No. AHU-AH.01.03-0954258
Dated 4 August 2015
-
No. AHU-AH.01.03-0139969
Dated 26 May 2017
-
No. AHU-AH.01.03-0194611
Dated 6 December 2017
Company Status :
Foreign
Investment (PMA) Company
Permit by the Government Department :
a. The
President of the Republic of Indonesia
No. B-22/Pres/6/1980
Dated 3 June 1980
b. The
Capital Investment Coordinating Board
- No.
16/I/PMA/1983
Dated 24 June 1983
- No. 39/II/PMA/1983
Dated 8 December 1983
- No.
415/III/PMA/1991
Dated 1 July 1991
- No.
207/III/PMA/1992
Dated 16 March 1992
- No.
95/II/PMA/1993
Dated 21 September 1993
- No.
227/II/PMA/2002
Dated 22 October 2002
- No.
129/II/PMA/2004
Dated 11 August 2004
- No.
80/II/PMA/2005
Dated 31 March 2005
- No.
25/II/PMA/2007
Dated 25 January 2007
c. The Department
of Industry
No. 427/Sk/X/1977
Dated 24 October 1977
d. The
Department of Finance (Directorate General of Tax)
NPWP No.
01.002.087.3-092.000
Related Company :
A
Member Company of the ADITYA BIRLA Group (see attachment)
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized
Capital : Rp. 8,141,250,000.-
Issued
Capital : Rp. 6,262,500,000.-
Paid
up Capital : Rp. 6,262,500,000.-
Shareholders/Owners :
a. EMERGING ASIA
INVESTMENTS LIMITED of Hong Kong -
Rp. 2,830,000,000.-
b. AELIUS INVESTMENTS PTE,
LTD., of Singapore - Rp.
1,553,100,000.-
c. ASIAN OPPS I IMITED of
Hong Kong -
Rp. 1,503,000,000.-
d. GRASIM INDUSTRIES LTD.,
of India -
Rp. 313,125,000.-
e. MAHASMUTH INVESTMENT
PTE, LTD., of Singapore -
Rp. 62,625,000.-
BUSINESS
ACTIVITIES
Lines of Business :
a.
Viscose Rayon Staple Fibre and Acrylic Fibre Industry
b.
Investment Holding
Production Capacity :
a.
Viscose Rayon Staple Fibres
- 150,000 tons p.a.
b.
Anhydrous Sodium Sulphates -
100,720 tons p.a.
c.
Carbon Di-Sulphates - 25,400 tons p.a.
d.
Sulphuric Acids - 87,050 tons p.a.
e.
Acrylic Fibres - 12,000 tons p.a.
f. Electric Power - 28 MW
g.
Export Import of Viscose Staple Fiber and others
Total Investment :
a.
Equity Capital - US$
10.0 million
b.
Reinvested Profit - US$ 38.0 million
c.
Loan Capital - US$ 267.3 million
d.
Total Investment - US$ 315.3 million
Started Operation :
1982
Brand Name :
IBR
Technical Assistance :
ADITYA
BIRLA of India
Number of Employee :
1,319
persons
Marketing Area :
Export - 80%
Local - 20%
Main Customer :
Buyers
in Sri Lanka, India, Bangladesh, Australia, South Korea, Japan etc.
Market Situation :
Very
Competitive
Main Competitors :
a. P.T. ASIA PACIFIC FIBERS Tbk
b. P.T. INDONESIA TORAY SYNTHETICS
c. P.T. INDO-RAMA SYNTHETICS Tbk
d. P.T. SOUTH PACIFIC VISCOSE
e. P.T. SUSILA INDAH SYNTHETIC FIBERS
Business Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan M.H. Thamrin No. 5
Jakarta Pusat
Indonesia
b. CITIBANK, Jakarta Branch
Landmark Building
Jalan Jend. Sudirman No. 1
Jakarta 12910
Indonesia
c. Hongkong and Shanghai Banking Corp., Ltd.
World Trade Center, 3rd
Floor
Jalan Jend. Sudirman
Kav. 29-31
Jakarta Selatan
Indonesia
Auditor :
Purwantono, Sungkoro & Surja (Ernst
& Yong)
Litigation :
No
litigation record in our database
FINANCIAL
FIGURE
Annual Sales :
2014
– US$ 335.6 million (31 December/One-year)
2015
– US$ 87.1 million (31
March/Three-months)
2016
– US$ 366.1 million (31 March/One-year)
2017
– US$ 372.0 million (31 March/One-year) estimated
Net Profit (Loss) :
2014
– (US$ 50.7 million)
2015
– (US$ 4.1 million)
2016
– US$ 39.0 million
2017
– US$ 35.0 million (estimated)
Payment Manner :
Regular
Financial Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Mukul Kumar Agarwa
Directors - a. Mr. Arun Khosla
b. Mr. Deepak Kumar Khandelwal
c. Mr. Sushil Kumar Gupta
d. Mr. Halim Setiono
Board of Commissioners :
President Commissioner -
Mr. Dilip
Singh Gaur
Vice
President Director - Mr.
Chandur Hassaram Mahtani
Commissioners - a. Mr. Aksaran
Agarwala
b. Mr. Bir Kapoor
c. Mr. Kumar Mangalam Birla
c. Mr. Rajashree Birla
d. Mr. Neerja Birla
Signatories :
President
Director (Mr. Mukul Kumar Agarwal) or one of Directors (Mr. Arun Khosla, Mr.
Deepak Kumar Khandelwal, Mr. Sushil Kumar Gupta or Mr. Halim Setiono) which
must be approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
P.T. INDO-BHARAT RAYON (P.T. IBR) was incorporated in September
1980 with an authorized capital of US$ 8,422,000 entirely was issued and paid
up. Initially the founding shareholders of the company were Birla AG of
Switzerland, International Industrial Management and Investment Corporation of
Panama, Mirapa Ltd., of Liechtenstein, Thakral Holdings (HK) Ltd., of Hong
Kong, The Gwalior Rayon Silk Mfg. Co. Ltd., of India, Hong Kong Indonesia Group
Inc., of Hong Kong, Charmnox Ltd., Hong Kong, A.T.E. Maskapai Private Ltd., of
Singapore (all companies are the members of the BIRLA Group based in India) and
P.T. BEKLANI. In 1983, its authorized capital was raised to US$ 32,000,000
wholly was issued and paid up. In May 2001 the authorized capital was decreased
to US$ 13,000,000 issued capital of US$ 10,000,000 entirely paid up or
equivalent into Indonesian Rupiah 8,141,250,000 issued capital and paid up Rp.
6,262,500,000. The latest shareholders of the company are LONDON EUROPEAN
ASSOCIATES Ltd., of Mauritius (45%), HART GLOBAL Ltd., of Mauritius (42.2%),
GRASIM INDUSTRIES Ltd., of India (5%), CHARMNOX Ltd., of Hong Kong (3.8%),
GRAND ISLAND Ltd., of Mauritius (3%) and MAHASMUTH INVESTMENT Pte., Ltd.,
Singapore (1%). Then according to the revision of notary deed Mr. Ashoya Ratam,
SH., no. 17 dated 19 October 2015 the shareholders approved the restructured of
the board of director and commissioner.
Later based on revision notary deed Mr. Hasbullah Abdul Rasyid,
SH., no. 170 dated 19 May 2017 LONDON EUROPEAN ASSOCIATES LTD., of Mauritius
pulled out and into the company entered by ASIAN OPPS LTD., of Hong Kong as new
shareholder. With this time the composition of its shareholders has been
changed to become ASIAN OPPS LTD., Hong Kong (45%), HART GLOBAL Ltd., of
Mauritius (42.2%), GRASIM INDUSTRIES Ltd., of India (5%), CHARMNOX Ltd., of
Hong Kong (3.8%), GRAND ISLAND Ltd., of Mauritius (3%) and MAHASMUTH INVESTMENT
Pte., Ltd., Singapore (1%). Lastly based on revision notary deed Mr. Ashoya
Ratam, SH., no. 76 dated 30 November 2017 CHARMNOX LTD., HART GLOBAL LTD, GRAND
ISLAND LTD pulled out and into the company entered by AELIUS INVESTMENTS PTE,
LTD., Singapore and EMERGING ASIA INVESTMENTS LTD., Hong Kong as new
shareholders. With this time the composition of its shareholders has been
changed to become EMERGING ASIA INVESTMENTS LIMITED of Hong Kong (45.2%),
AELIUS INVESTMENTS PTE, LTD., of Singapore (24.8%), MAHASMUTH INVESTMENT PTE,
LTD., of Singapore (10.0%) and ASIA OPPS I LIMITED (24.0%), GRASIM INDUSTRIES
LIMITED of India (5.0%). The deed of amendment was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-AH.01.03-0194611 dated
December 6, 2017.
P.T. IBR is a Foreign Capital Investment (PMA) company, engaged in
viscose rayon staple fibre, acrylic fibre industry and side-product of
chemicals like anhydrous sodium suphates, carbon bi-sulphates and sulphuric
acids. Its plant is located at Desa Cilangkap, Purwakarta, West Java, on a land
of some 60.0 hectares. The plant commenced production in 1982 and its operation
has kept on expanding and its production capacity has been increasing for a
couple of times. The plant produces some 150,000 tons of viscose rayon staple
fibers, 10,720 tons of anhydrous sodium sulphates, 25,400 tons of carbon
bi-sulphates, 87,050 tons of sulphuric acids and 12,000 tons of acrylic fibers
respectively per annum.
Besides, the company also owned and manages a power plant by
producing 28 MW of power plant. The plant has absorbed a total investment of
US$ 315.3 million, coming from own capital of US$ 10.0 million, reinvested
profit of US$ 36.5 million and rest from loans.
At present P.T. IBR has production capacity of 192,000 tons of
viscose staple fibre per annum. Mostly of basic material like pulp supplied
through its subsidiary ADITYA BIRLA which operates in Canada and South Africa.
Meanwhile, carbon di-sulphide supplied by sister company P.T. INDO RAYA KIMIA.
P.T. IBR pioneered and has become the leading manufacture of viscose rayon
staple fibre in Indonesia. Employing state of the art machinery and technology,
rayon fibre production has stead increased from the initial annual capacity of
16,500 metric tons to 89,500 metric tons per days.
In addition, it’s produce Sulphuric Acid and Carbon di-Sulphide
for captive use in the rayon fibre production process. This chemical production
is vital to safeguarding consistency in both quality and production from supply
fluctuation.
P.T. IBR Rayon Fibre Uses:
Apparel (accessories, blouses, dresses, jackets, lingeric,
linings, millinery, etc)
Home Furnishing (bedspreads, blankets, curtains, draperies,
sheets, slipcovers, tablecloths, upholstery)
Industrial
Uses (industrial products, medical surgical products, non woven products, tire
cords)
Other
Uses (feminine hygiene products)
The company's products are 20% sold locally to P.T. INDO LIBERTY
TEXTILE, P.T. SUNRISE BUMI TEXTILE, and P.T. ELEGAN TEXTILE INDUSTRI. Besides, the
products is also supplied to paper industries and detergent industries and also
distributed through distributor P.T. AKR CORPINDO Tbk. Some 80% exported to
India, China, Pakistan, Srilanka, Bangladesh, Australia, South Korea,
Philippine, Iran, New Zealand, Japan, Singapore and other countries. Besides,
P.T. IBR also engaged in investment holding by controlling some 40% shares of
P.T. INDO RAYA KIMIA engaged in carbon disulphide manufacturing. We see that
P.T. IBR operation has been growing in the last five years.
Year 2013 was a very challenging for the trade and business in
general and for Polyester sector in particular where it undergone very
turbulent period. The Global economic slowdown had an impending and prolonged
impact on the demand that has been further exacerbated by the excessive supply
due to over capacity of PTA, Polyester Fiber and Filament yarn in Asia, mainly
led by China. This has triggered a global down-cycle in the polyester chain,
which has been lasting for an abnormally longer period and where many of the
Asian and Global manufacturers suffered considerably. The product spreads
across the polyester value chain continued to remain depressed due to stiff
competition and the softening trend in cotton and Rayon prices during the year.
Polyester and Raw material chain apparently reflect the current uncertainty and
slow down of the global economy and the overall growth of polyester production
has slowed down in the past two years 2012 and 2013. With the effective
capacity of about 17 million tons added in the last two years, PTA operating
dropped to 76% in 2013 from 90.2% and likely to fall below 74% in 2014 with
rationalization of the regional capacities. Polyester polymer production
reaching 61.68 million tons, a growth of 3.2 million tons or 5.5% in the year
2013, marginally improved from 4.6% in 2012 as the global economy recovered in
the second half of 2013. Longer-term growth rates are trending better with over
6% look impressive compared with other major petrochemical related business sectors.
Global economy is expected to grow by 3.7% in 2014 and 3.9% in
2015, primarily due to recovery in advanced economies and the emerging
economies to expand by 5.10% and 5.4% respectively. Indonesian economy is
projected to grow moderately at 5.3% - 5.5% in 2014 and 2015 and the growth
will be primarily driven by strong domestic consumptions and modest increase in
exports to its major trading partners. The Indonesian rupiah (IDR) is likely to
remain under pressure in early 2014 amid uncertainty over the election results
and U.S. Fed tapering. Domestic environment for manufacturing sectors expect to
pass through a tough phase with the proposed hike in energy and manpower costs.
Both Gas prices and Electricity tariff are slated for a significant increase in
2015 putting pressure on cost competitiveness of the domestic manufacturers.
Industry is taking up the matter with the ministry for phasing out
the hike over a period of time instead at one go. With regard to polyester
upstream sector, with the additional capacity of Fiber and Filament yarn going
on stream, domestic market is expected to face a stiff price competition for
commodity products. However, the Company with its strong customer base and with
a diversified product mix is firmly placed to remain competitive and maintain
its leadership position.
The delay in finding a solution to its long pending secured debt
restructuring continues to remain a setback to carry out its growth plans. To
expedite the process, the Company has recently submitted an updated
restructuring plan with alternate option to its secured creditors that are
under active consideration. Post restructure, the Company will have a sound and
healthy financial base with its debts brought down to sustainable levels. This
would in turn enable the company to raise finance from market to meet its short
and long terms investments to fund its growth plans. All of these efforts will
improve the performance of the Company significantly, and to reposition it to
the forefront of the polyester industry and retain its strategic and leadership
position.
The
Board of Commissioners have reviewed the business outlook and the strategic
plan of the Company for the year 2017 and onwards considering an anticipated
recovery in the domestic TPT sector as a result of various stimulus packages,
fiscal and monetary policies announced by the Government of Indonesia.
Stability in crude and polyester feedstock prices are likely to improve the
polyester chain prices and margins. Despite fluctuations, polyester continues
to hold a dominant position relative to other fibers due to its affordability
and ever widening application in new segments. Polyester is expected to remain
more competitive than cotton and other fibers, which would improve polyester’s
share in blended textile products.
National Polyester
Production, 2007 – 2015
|
Year |
Polyester Staple Fiber
(PSF) |
Polyester Filament Yarns
(PFY) |
Nylon Yarns (NY) |
|
2007 2008 2009 2010 2011 2012 2013 2014 2015 |
497715 500,670 505,674 515,680 529,700 556,000 583,800 618,828 655,958 |
715,000 670,000 674,000 680,000 700,000 725,000 761,250 806,925 855,340 |
16,360 17,443 18,556 19,740 21,000 32,000 33,600 35,616 37,788 |
According to financial statement of P.T. IBR which audited by
public accountant that sales turnover of the company as per 31 December 2014
amounted at US$ 335.6 million with a net loss of US$ 50.7 million. As per 31
March 2015 (three-months) the sales turnover amounted at US$ 87.1 million with
a net loss of US$ 4.1 million, and as per 31 March 2016 (one-year) the sales
turnover has reached at US$ 366.1 million with a net profit of US$ 39.0
million. We estimated the sales turnover as per 31 March 2017 amounted at US$
372.0 million with a net profit of at least US$ 35.0 million. Its projected the
sales turnover will be higher by at least 6% in 2017. We observe that P.T. IBR
is supported by foreign partner with has financially strong and sound behind
it. So far, we did not heard that the company having been black listed by the Central
Bank (Bank Indonesia). The company usually pays its debts punctually to
suppliers. The financial highlight as per 31 December 2014 (one-year); as 31
March 2015 (three-months); and as per 31 March 2016 (one-year) is attached
below.
(In USS)
|
Descriptions |
31 March 2016 |
31 March 2015 |
31 December 2014 |
|
A. ASSETS |
|
|
|
|
a. Current Assets |
178.064.863 |
163.112.396 |
160.361.336 |
|
b. Non Current Assets |
863.675.632 |
877.955.499 |
862.096.891 |
|
c. Other Assets |
529.566 |
492.456 |
554.989 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
1.041.740.495 |
1.041.067.895 |
1.022.458.227 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
|
a. Current Liabilities |
53.691.700 |
81.768.349 |
75.640.155 |
|
b. Non Current Liabilities |
150.636.438 |
175.033.115 |
166.031.548 |
|
c. Stockholder’s Equity : - Paid Up Capital - Unrealized gain of available for sale - Retained Earnings Total Stock holder’s
Equity |
10.000.000 229.224.504 675.999.249 891.104.057 |
10.000.00 246.538.364 639.289.958 866.034.780 |
10.000.000 228.048.941 643.305.149 856.426.679 |
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales Net |
366.125.928 |
87.134.684 |
335.626.465 |
|
b. Profit Before Tax Benefits |
52.810.466 |
(5.468.299) |
(62.340.385) |
|
c. Tax Benefit (Expenses) |
(13.789.626) |
1.359.322 |
11.666.036 |
|
d. Net Profit (loss) |
39.020.840 |
(4.108.977) |
(50.674.349) |
Notes: 31 December 2014,
2015, 2016 by KAP Purwantono, Sungkoro & Surja (Ernst & Young)
The management of P.T. IBR is led by Mr. Mukul Kumar Agarwal (52),
a professional manager with 17 years experience in viscose rayon staple fiber
and acrylic fiber manufacturing and distribution. The management is well
experienced and handled by professional managers in the above business. They
have wide relation with home and overseas private businessmen as well as with
the government sector. 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 fraudulent dealings. We observed that management’s reputation in said
business is sufficiently fairly good. P.T. INDO-BHARAT RAYON is sufficiently
fairly good for business cooperation.
Attachment
List of the BIRLA
INDONESIA Group Members
1.
ELEGANT TEXTILE INDUSTRY, P.T. (Spinning Mills)
2.
INDO-BHARAT RAYON, P.T. (Viscose Rayon Staple Fiber and Acrylic Fiber
Industry and Investment Holding)
3.
INDO LIBERTY TEXTILE, P.T. (Spinning Mills)
4.
INDO RAYA KIMIA, P.T. (Specialty Chemical Manufacturing)
5.
SUNRISE BUMI TEXTILE, P.T. (Spinning Mills)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.53 |
|
|
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
|
IDR |
1 |
INR 0.0051 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
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 |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.