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|
|
MIRA INFORM REPORT
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Report No. : |
487820 |
|
Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PINDO DELI PULP AND PAPER MILLS |
|
|
|
|
Registered Office : |
Sinar
Mas Land Plaza Menara 2, 9th Floor, Jalan M.H.Thamrin No. 51 Jakarta
Pusat, 10350 |
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|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
31.01.1975 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.03-0169924 |
|
|
|
|
Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
·
Integrated Pulp and
Paper Industry ·
Investment Holding |
|
|
|
|
No. of Employees : |
11,113 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Foreign Investment Company |
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|
|
Payment Behaviour : |
Slow but Correct |
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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 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
Company
name and summery
Name of Company :
P.T.
PINDO DELI PULP AND PAPER MILLS
A d d r e s s :
Head
Office
Sinar
Mas Land Plaza Menara 2, 9th Floor
Jalan M.H.Thamrin No. 51
Jakarta
Pusat, 10350
Indonesia
Phone -
(62-21) 3929001-3 (Hunting), 3929266, 3929267-69
Fax - (62-21) 3927685, 3162607
E-mail - info@asiapulppaper.com
Website - http://www.asiapuppaper.com
Building Area - 28 storey
Office Space - 2,600 sq. meters
Region - Commercial
Status - Owned
Factories
a. Jalan Prof. Dr. Ir. H. Soetami No. 88
Kampung Teluk Jamer
Johar
Karawang
West Java
Indonesia
Phone - (62-267) 402355, 402553
Fax -
(62-267) 405250, 402359
Land Area - 26,500 sq. meters
Building Space - 44,000 sq. meters
Region -
Industrial Zone
Status - Owned
b. Jalan Kuta Mekar
Kec. Teluk Jambe
Karawang 41313
West Java
Indonesia
Phone - (62-761) 91039, 91088
Fax -
(62-761) 91373, 91376
Land Area - 19,500 sq. meters
Building Space - 45,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
:
31 January 1975
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
- No. Y.A.5/365/16
Dated 27 July 1976
- No. AHU-78587.AH.01.02.Tahun 2008
Dated 27 October 2008
- No. AHU-AH.01.10-03340
Dated 9 February 2010
- No. AHU-AH.01.10-30646
Dated 1 September 2011
- No. AHU-AH.01.10-32274
Dated 4 September 2012
- No. AHU-AH.01.03-0960710
Dated 31 August 2015
- No. AHU-AH.01.03-0069941
Dated 8 August 2016
- No. AHU-AH.01.03-0169924
Dated 8 September 2017
Company Status :
Foreign Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.001.855.4-092.000
The President of the
Republic of Indonesia
No. B-246/Pres/10/1992
Dated 22 October 1992
The Capital Investment
Coordinating Board
- No. 06/V/PMDN/1997
Dated 28 February 1997
- No. 597/III/PMDN/1997
Dated 3 December 1997
- No. 265/III/PMDN/1999
Dated 4 October 1999
- No. 80/III/PMDN/2001
Dated 3 May 2001
- No. 19/III/PMDN/2002
Dated 1 February 2002
- No. 83/II/PMDN/2006
Dated 1 September 2006
The Department of Industry and
Trade
- SIUP No. 0716/PMDN/1982
Dated 16 April 1982
- No. 163/M/SK/5/86
Dated 10 May 1986
Related
Company :
A Member Company of the SINAR MAS Group (see
attachment)
CAPITAL
AND OWNERSHIP
Capital Structure
:
Authorized Capital :
Rp. 8,000,000,000,000.-
Issued Capital :
Rp. 3,605,497,500,000.-
Paid up Capital :
Rp. 3,605,497,500,000.-
Shareholders/Owners :
a. P.T. PURINUSA EKAPERSADA of
Indonesia - Rp. 3,553,733,500,000.-
b. P.T. MEGA KLEENINDO of Indonesia - Rp. 19,426,000,000.-
c. P.T. UNITAMA SARTINDO of Indonesia -
Rp. 12,935,000,000.-
d. P.T. MARIMBA NUGRAHATAMA of
Indonesia - Rp. 12,935,000,000.-
e. P.T. INTRYANE SANTURA of Indonesia - Rp. 6,468,000,000.-
BUSINESS
ACTIVITIES
Lines of Business :
a. Integrated Pulp and Paper Industry
b. Investment Holding
Production Capacity :
A. Initial Plant
a. Culturing (Writing & Printing) & Industrial Papers - 782,000 tons p.a.
b. Tissue Papers -
180,000 tons p.a.
c. Calcium Carbonates - 100,000 tons p.a.
d. Caustic Soda (NaOH) - 80,000 tons p.a.
e. Chlorine (C12) - 12,000 tons p.a.
f. Chloride Acids -
100,000 tons p.a.
g. Sodium Hypochloride - 12,000 tons p.a.
h. Corrugated Sheet/Box/Duplex Box -
100,000 tons p.a.
i. Packaging Papers - 6,000 tons p.a.
j. Bleaching Powder/High Strenght Hypochloride - 17,500 tons p.a.
k. Computer Papers -
150,000 tons p.a.
l. Book Covers - 10,000 tons p.a.
m. HVO Papers - 25,000 tons p.a.
n. Wrapping Papers - 10,000 tons p.a.
o. Paper Bags - 15,000 tons p.a.
q. File Holders - 15,000 tons p.a.
r. Gift Papers (Kado) - 25,000 tons p.a.
s. Self Adhesive Papers - 15,000 tons p.a.
t. Silicone Papers - 10,000 tons p.a.
u. Stationery/Converting - 25,000 tons p.a.
v. Writing Books - 75,000 tons p.a.
q. Cards - 10,000 tons p.a.
x. Calendars - 15,000 tons p.a.
y. Letter Pad - 10,000 tons p.a.
z. Spiral Books - 25,000 tons p.a.
ab. Special Papers - 15,000 tons p.a.
ac. Cover Notes - 15,000 tons p.a.
ad. Drawing Papers - 20,000 tons p.a.
ae. High Quality
Exercise Books - 75,000 tons p.a.
af. Diary - 30,000 tons p.a.
B. Expansion Plant (2006) Planned
Kawasan Industri Ngoro, East
Java (Factory)
Jumbo Roll and Tissue Paper
Converting -
1,100,000 tons p.a.
Makassar, South Sulawesi
(Factory)
Jumbo Roll and Tissue Paper
Converting -
1,100,000 tons p.a.
Total Investment :
A. Initial Plant
a. Equity Capital -
Rp. 2,131.8 billion
b. Loan Capital -
Rp. 5,733.0 billion
c. Total Investment -
Rp. 7,864.8 billion
B. Expansion Plant (2006) Planned
Kawasan Industri Ngoro, East
Java (Factory)
- Owned Capital - Rp. 1,805.6 billion
Makassar, South Sulawesi
(Factory)
- Owned Capital - Rp. 1,128.6 billion
Started Operation :
1977
Brand Name :
Bola Dunia, Anchor Brand, Betet, Clean Coated Board, Evergreen, Globe
Brand, Golden Art, etc
Technical Assistance
:
None
Number of Employee :
11,113 persons
Marketing Area :
Export - 40%
Local - 60%
Main Customers :
a. P.T. SURYA JAYA PALACE (Distributor)
b. P.T. PERMATA BIRU INDAH (Distributor)
c. P.T. SUTIO JAYATAMA (Distributor)
d. P.T. MARGONO (Distributor)
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KERTAS LECES (Persero)
b. P.T. RIAU ANDALAN KERTAS
c. P.T. SUPARMA Tbk
d. P.T. SURABAYA AGUNG KERTAS
e. Etc.
Business
Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
B
a n k e r s :
a. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Wisma BII
Jalan
M.H. Thamrin 50
Jakarta
Pusat
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Graha
Niaga
Jalan
Jend. Sudirman Kav. 58
Jakarta
Selatan
Indonesia
c. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
d. CITIBANK N.A.
Landmark
Centre
Jalan
Jend. Sudirman No. 1
Jakarta
Pusat
Indonesia
e. P.T. Bank SINARMAS Tbk
Wisma Bank Sinarmas, 1st & 2nd Floor
Jalan M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
Auditor
:
Tjiendradjaja & Handoko Tomo (Mazars)
Litigation
:
The Subject Company was involved in various claims
and disputes. (see Litigation and Claims)
FINANCIAL
FIGURE
Annual
Sales (estimated):
2014 – US$ 1,750.0 million
2015 – US$ 1,820.0 million
2016 – US$ 1,915.0 million
2017 – US$ 2,049.0 million
Net
Profit :
2014 – US$ 126.0 million
2015 – US$ 132.0 million
2016 – US$ 140.0 million
2017 – US$ 160.0 million
Payment
Manner :
Average
Financial
Comments :
Fairly strong
KEY
EXECUTIVES
Board of Management :
President
Director - Mr.
Hendri AKA Hendri Gunawan
Vice President
Director - Mr. Hendra
Jaya Kosasih
Directors - a.
Mr. Agustian Rachmansjah Partawidjaja
b. Mr. Kosim Sutiono
c. Mr. Suhendra Wiriadinata
Board of Commissioners :
President
Commissioner - Mr. Arthur
Tahya AKA Arthur Tahija
Commissioner - Mr. Frenky
Loa
Signatories :
President Director (Mr. Hendri AKA Hendri Gunawan)
or one of Vice President Director (Mr. Hendra Jaya Kosasih) or one of the
Directors (Mr. Agustian Rachmansjah Partawidjaja, Mr. Kosim Sutiono, or Mr.
Suhendra Wiriadinata) which must be approved by the Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
P.T.
PINDO DELI PULP AND PAPER MILLS (P.T. PDPPM) was established in January 1975
with an authorized capital of Rp. 400,000,000 entirely issued and paid-up. The
original founding shareholders of the company are Mr. Rudy Wirianata AKA Ng
Kheng Ho, his younger brother Mr. Sanusi Wirianata AKA Tan Tjin. They are
Chinese origins Indonesia entrepreneurs. The company notary deed has been
changed a couple of times. In February 1994, the authorized capital was raised
to Rp. 100,000,000,000 issued and paid up capital to Rp. 20,000,000,000 and all
shareholders have concurrently resigned and replaced by new shareholders P.T.
KARYANTARA PRAKARSA of Indonesia and SOLIDCLASS INVESTMENTS, Ltd., of Hong
Kong. The company was then converted into a foreign investment (PMA) status.
In
December 1994, the authorized capital was raised again to Rp. 500,000,000,000
issued and paid-up capital to Rp. 158,000,000,000. Concurrently SOLIDCLASS
INVESTMENT Ltd., withdrew and replaced by ASIA PULP & PAPER COMPANY Ltd.,
of Singapore. In October 1996, the authorized capital increased to Rp.
2,600,000,000,000 issued capital to Rp. 661,785,000,000 fully paid-up.
Concurrently, ASIA PULP & PAPER COMPANY LTD., of Singapore, pulled out and
P.T. PURINUSA EKAPERSADA of Indonesia entered as new shareholder and as the
same occasion. In early of 1999, the authorized capital of company was
increased to Rp. 8,000,000,000,000 issued capital to Rp. 2,131,785,000,000
entirely paid up. Then in January 2010 the issued capital was increased to Rp.
2,281,785,000,000 entirely paid up.
Then
according to revision of notary documents Mrs. Linda Herawaty, SH., No. 48
dated 28 August 2015 company issued capital was increased to Rp.
3,605,497,500,000 entirely paid up. With this development the composition of
it’s shareholders has been changed to become P.T. PURINUSA EKAPERSADA (98.56%),
P.T. MEGA KLEENINDO (0.54%), P.T. MARIMBA NUGRATAMA (0.36%), P.T. UNITAMA
SARTINDO (0.36%) and P.T. UNITRYANE SANTURA (0.18%). Lastly according to
revision of notary deed Mr. Desman, SH., no. 13 dated 6 September 2017 the
shareholders approved changes the board of director and commissioner of the
Company. The amendment was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-AH.01.03-0169924 dated September 8, 2017.
It
seems that P.T. PURINUSA EKAPERADA is a private national company of which
majority shares is controlled by Mr. Eka Tjipta Widjaja AKA Oei Ek Tjong and
his family members. P.T. PDPPM is a member of the SINAR MAS Group, once over
been as a large business group in the country.
P.T.
PDPPM originally obtained a Foreign Investment (PMA) license for dealing with
integrated pulp and paper manufacturing. The company started with operation in
1977 originally running a plant located at Jalan Prof. Dr. Ir. H. Soetami No.
88, Teluk Jambe, Karawang (West Java) standing on 44.0 hectares land. The plant
has been expanded for increasing total capacity. In October 1995, P.T. PDPPM
again expanded (Pindo 2) located in Desa Kuta Mekar, Kerawang (West Java)
standing on 450 hectares land. The above expansion is including coating paper
(paper/cartoon coated, cast coated paper, carton manila & ivory, fancy
paper/board), uncoated paper (Photocopy, fancy paper/board/cartoon buffalo,
paper/cartoon buffalo) and tissue paper (tissue and litho papers). In September
2006, P.T. PDPPM got an expansion permit to increase production capacity. The
expansion plants will be located at Kawasan Industri Ngoro Persada, Mojokerto,
East Java with an investment of Rp. 1,805.6 billion and the other plant will be
located at Makassar, South Sulawesi with an investment of Rp. 1,128.6 billion.
The above expansion plants will be produces of jumbo roll and tissue papers
converting. However the above expansion plant has yet been operating up to
present.
Around
60% products are distributed domestically by using Bola Dunia, Golden Star and
Globe brands (photocopy paper), Golden Coin and Golden Art (art paper/cast
coated) and the rest is exported to South Korea, the People’s Republic of
China, India, Belgium and Turkey. For the marketing of the above products, P.T.
PDPPM appointed a number of local companies as its distributors among others
are P.T. SURYA JAYA PALACE, P.T. PERMATA BIRU INDAH, and P.T. SUTIO JAYATAMA
for Jakarta region, P.T. MARGONO for Semarang (Central Java) and others
spreading several Indonesian major cities. In July 1996, P.T. PDPPM obtained an
ISO 9002, for management and quality accreditation issued by SGS Yarsley
International Certification Services Limited of the UK. We observed that P.T.
PDPPM is classified as a large sized company in the country dealing with
integrated pulp and paper industry of which the operation has been running
smoothly in the last five years.
Besides
that, P.T. PDPPM is also engaged in investment holding by direct ownership
99.83% shares of P.T. LONTAR PAPYRUS PULP & PAPER INDUSTRY engaged in pulp
and cultural paper making industry; 100% shares of PINDO DELI FINANC B.V.
(Financing Services); 94.84% shares of P.T. KARAWANG EKAWANA NUGRAHA
(Investment Holding); 100% shares of EXCEL INTERNATIONAL Ltd., (Investment) and
100% shares PINDO DELI FINANCE MAURITIUS Ltd. (Financing). Besides, P.T. PDPPM
also holds minority interest 35.29% shares of P.T. OKI PULP & PAPER MILLS
in pulp & paper industry; 11.01% shares of P.T. ONWARD PAPER UTAMA and 11.85%
shares of P.T. ONWARD PAPER CONNVERTING both are dealing with paper industries.
P.T. PINDO DELI PULP
AND PAPER MILLS Ownership
|
Name of Company |
Lines of Business |
Percentage of Ownership (%) |
|
|
|
Direct Ownership |
|
|
|
|
|
P.T. LONTAR PAPYRUS
PULP & PAPER |
Pulp and Paper |
99.83 |
|
|
|
PINDO DELI FINANCE,
BV. |
Financing Services |
100.00 |
|
|
|
P.T. KARAWANG
EKAWANA NUGRAHA |
Investment Holding |
94.84 |
|
|
|
EXCEL INTERNATIONAL
LIMITED |
Investment |
100.00 |
|
|
|
PINDO DELI FINANCE
Mauritius Limited |
Financing |
100.00 |
|
|
|
P.T. OKI PULP &
PAPER MILLA |
Pulp and Paper Industry |
35.29 |
|
|
|
P.T. ONWARD PAPER
UTAMA |
Paper Industries |
11.01 |
|
|
|
P.T. ONWARD PAPER
CONVERTING |
Paper Industries |
11.85 |
|
|
|
Indirect Ownership through P.T. KARAWANG EKAWANA
NUGRAHA |
Total Asset (USD) |
Percentage of Ownership (%) |
||
|
P.T. Persada
Kharisma Perdana |
27,303 |
99.99 |
||
|
P.T. Parvatakencana
Asri |
23,167 |
99.99 |
||
|
P.T. Paramacipta
Intinusa |
19,232 |
99.99 |
||
|
P.T. Sentra
Karyamas Serasi |
13,438 |
99.99 |
||
|
P.T. Pravesa
Grahamas |
13,026 |
99.99 |
||
|
P.T. Persadanusa
Makmurindo |
13,534 |
99.99 |
||
|
P.T. Setiabuana
Jayadharma |
12,348 |
99.99 |
||
|
P.T. Karyamas
Primalestari |
12,192 |
99.99 |
||
|
P.T. Primakarya
Timurmas |
13,218 |
99.99 |
||
The national pulp and paper industries will
be better in 2015 than in 2014. Market estimates of production and sales will be
the norm. Additional capacity will continue price of pulp is still going up
although with a slower rise in pulp price increases triggered by the low stock
of pulp due to the hard efforts of pulp mills to reduce production, to balance
the supply-demand, and the purchase of pulp on a large scale by China also
triggered a rise in pulp prices. Ir. H. M. Mansur, Chairman of the Presidium
APKI (Association of Indonesian Pulp and Paper) said the increased price of
paper is not as big and as fast as the price of pulp, because the factories are
not as intensive as paper pulp mills to reduce production, so that the paper
stock in the world market is still quite great. Indonesia's pulp paper does not
seem necessary to limit and reduce production because production will be
absorbed by the market-domestic and export markets. Global crisis appears to
have started over, things would be normal, production, consumption and prices
will rise again. Indonesia has very good potential to be leader in the global
pulp and paper industry due to its geographical location.
Indonesian Pulp and
Other Paper Export Volume and Value, 2011-2016*
|
Year |
Pulp |
Other Paper |
||
|
Thousand Tons |
Million US Dollar |
Thousand Tons |
Million US Dollar |
|
|
2011 |
2,934.3 |
1,554.8 |
2,325.0 |
2,155.4 |
|
2012 |
3,197.0 |
1,545.8 |
2,397.5 |
2,132.1 |
|
2013 |
3,718.8 |
1,841.8 |
2,289.7 |
1,881.8 |
|
2014 |
3,498.3 |
1,718.7 |
2,442.7 |
1,947.7 |
|
2015 |
3,401.7 |
1,726.7 |
2,368.9 |
1,819.6 |
|
2016* |
3,187.6 |
1,406.5 |
2,227.4 |
1,656.3 |
We had check
through our sources the company has yet reported financial statement as from
December 2013 to June 2017. The management of P.T.
PDPPM is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the
company in 2014 amounted to US$ 1,750.0 million increased to US$ 1,820.0
million in 2015 rose to US$ 1,915.0 million in 2016 and to US$ 2,049.0 million
and projected to go on rising by at least 5% in 2018. The operation in 2017
gained a net profit of at least US$ 160.0 million. We observe that P.T. PDPPM
is supported by SINAR MAS Group with has financially fairly strong 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.
Litigations and
Claims
On or about
September 10, 2008, the Defendants, OAKTREE and certain of its affiliates
reached an agreement for a full and final settlement of all litigation and disputes
outstanding between them, including in Indonesia, New York, California and
Singapore. Following the settlement above, on or about April 2, 2009, GREMERCY
ADVISORS (GRAMERY PARTIES) and the Defendants agreed to a full and final global
resolution of all litigation and disputes outstanding, including in the
respective jurisdiction listed above. With respect to the proceedings in New
York and California, the original Plaintiffs have transferred their interests
in relations to such proceedings (to the extent they have such interests) to
other companies.
The
management is headed by Mr. Hendri AKA Hendri Gunawan (53) a professional
manager with experienced in pulp and paper industries. The management of the
company is very experienced in the paper and pulp industry. They have very wide
relations with local and overseas business groups. They also have cultivated
close relations with many high-ranking officials of government institutions in
Jakarta, West Java, Riau and other provinces of Indonesia. We observed that
management’s reputation in said business is fairly good. So far, we did not
hear that the company’s management involved in a business malpractice or
detrimental cases that settled in the country. P.T. PINDO DELI PULP AND PAPER
MILLS is sufficiently fairly good for business transaction.
Attachment:
List of the SINAR MAS Group Members
1. ABHIPRAYA INSAN PERKASA, P.T. (Sugar Refinery)
2. ABSINARMAS
MULTIFINANCE, P.T. (Financing Services)
3. AGROCARB
INDONESIA, P.T. (Pesticide Formulation)
4. ALAM
INDAH INDO MAKMUR, P.T. (Trading and Mixed Fertilizer Processing)
5. ALPHA
TANJUNG TANGKI, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
6. ANEKA
SARAKINDO, P.T. (Investment Holding)
7. ARARA
ABADI, P.T. (Forestry and Peat Mining)
8. ARGO
INTIM RESPATI, P.T. (Oil Palm Plantation and Palm Oil Processing)
9. ARGO
PANCA MODERN, P.T. (Oil Palm Plantation and Palm Oil Processing
10. ARGOPURO,
P.T. (Land Transportation)
11. ARTA
CUPU KENCANA MONEY CHANGER, P.T. (Money Changer)
12. ASIA
PULP & PAPER CO., LTD. (Investment Holding)
13. ASIA
TRADE LOGISTICS (International Freight Forwarder)
14. ASIAN
DEVELOPMENT SECURITIES, P.T. (Brokerage and Underwriter Activities)
15. ASIANINDO
UNITRADA, P.T. (Softdrink Industry)
16. ASPIRASI
LUHUR, P.T. (Investment Holding)
17. BERSAMA
SEJAHTERA SAKTI, P.T. (Oil Palm Plantation and Palm Oil Processing)
18. BHAKTI
BERSAMA MAKMUR, P.T. (Soybean Flour Milling and Soybean Based Cooking Oil
Management)
19. BHAKTI
BERSAMA SEJAHTERA, P.T. (Soybean Flour Milling and Soybean Based Cooking Oil
Refinery)
20. BII
COMMONDEALTH Bank, P.T. (Banking)
21. BII
FINANCE CENTER, P.T. (Multi Financing Services)
22. BII
LEND LEASE INVESTMENT SERVICES, P.T. (Financing and Securities Services)
23. BII
FINANCE (Hong Kong) Co., Ltd. (Merchant Banking, Centre Management)
24. BINA
SINAR AMITY, P.T. (Warehouse Container Management and Freight Forwarder)
25. BINA
SINAR UTAMA, P.T. (Container Transportation and Document Handling Services)
26. BONO
CORPORATION INTERNATIONAL LTD. Hong Kong (Property Management)
27. BORNEO
PULP & PAPER SDN. BHD., Malaysia (Pulp and Paper Manufacturing and
Industrial Forestation)
28. BUANA
EKA GANDA, P.T. (Industrial Estate Management)
29. BUANA
WIRALESTARI, P.T. (Oil Palm Plantation and Palm Oil Refinery)
30. BUMIMAS
MEGAHPRIMA, P.T. (Shopping Centre and Apartments Development and Management)
31. BUMI
PERMAI LESTARI, P.T. (Oil Palm Plantation and Palm Oil Processing)
32. BUMI
SAWIT PERMAI, P.T. (Oilpalm Plantation and Palm Oil Refinery)
33. BUMI
SERPONG DAMAI, P.T. (Real Estate Development)
34. BUMI
SHANGRIL LA JAYA, P.T. (Real Estate Development)
35. CAHAYA ANEKA KIMIA PERKASA, P.T. (Trading)
36. CAHAYA
INTI PERKASA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Palletizing)
37. CAHAYA
LESTARI SANTOSA, P.T. (Housing Development)
38. CAHAYA
MAS JAYA, P.T. (Real Estate Development)
39. CAHAYA
MAS, P.T. (Trading)
40. CENDRAGO
UTAMA, P.T. (Oil Palm Plantation and Palm Oil Processing)
41. CHINA
STRATEBIC INVESTMENT CORPORATION (Investment Holding)
42. CHIP
LIAN (Pte) Ltd. Singapore (Trading and Investment Holding)
43. CHIP
LIAN INVESTMENT (the USA) Inc., Property Management and Investment)
44. CISCO
MAS SECURITAMA, P.T. (Commodities Transportation Security)
45. CITRA
PERMATA SAKTI PERSADA, P.T. (Real Estate Development and Driving License
Services)
46. CITRA
SIMAS ARTHA, P.T. (Management Information System Services)
47. COLVEX
JAYA, P.T. (Palm Oil Plantation and Processing Plant)
48. CREDIT
LYONNAIS INDONESIA, P.T. Bank (Banking)
49. CULINDO,
P.T. (Pig Farming)
50. DADI
CORPORATION N.V. (Trading)
51. DAIRYVILLE,
P.T. (Ice Cream Manufacturing)
52. DAYANETWORK
LESTARI, P.T. (Financing Services)
53. DAYA
SINAR MAS, P.T. (Woodworking)
54. DHAI
SIN, (Pte) Co., Ltd. Singapore (Trading)
55. DIAN
TARUNAGUNA, P.T. (Trading and Distribution of Cosmetic Products)
56. DJAKARTA
1945, P.T. Maskapai Asuransi (Sea and Fire Insurance)
57. DJUANDASAWIT
LESTARI, P.T. (Integrated Palm oil Refinery)
58. DUTA
DHARMA BHAKTI, P.T. (Low Cost Housing Development)
59. DUTA
PERTIWI Tbk., P.T. (Properties Development and Management; Investment Holding)
60. DWIMAS
INTIWISESA, P.T. (Financing Services)
61. EKA
LIFE, P.T. Asuransi Jiwa (Life Insurance Service)
62. EKAMAS
FORTUNA, P.T. (Corrugated Medium Paper Making Manufacturing)
63. EKO
RAYON, P.T. (Viscose Rayon, Staple Fibre and Pulp Rayon Manufacturing)
64. ELANG
PERMATA, P.T. (General Contracting and Telecommunication Development)
65. ERIHATU,
P.T. (Logging)
66. ESA SINAR PERKASA, P.T. (Trading)
67. EXCOMM
REMAJA, P.T. (Trading and Investment Holding)
68. FERRO
MAS DINAMIKA, P.T. (Ceramic and Enamel Frits Industry)
69. FINDECO
JAYA, P.T. (Alkyl Benzene Sulfonate Processing)
70. FILMA,
P.T. (Coconut Oil Based Cooking Oil Refinery)
71. FORESTALESTARI
DWIKARYA, P.T. (Integrated Palm Oil Refinery)
72. FUJI
INTERNATIONAL INDONESIA, P.T. Bank (Banking)
73. GAJAH
PERDANA INDAH, P.T. (Housing Development)
74. GELORA
MUDA PERKASA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Meal Processing)
75. GEMA
KREASI, P.T. (Real Estate Management)
76. GLOBAL AGRONUSA INDONESIA, P.T. (Banana Plantation)
77. GOLDEN
AMCOL Pte. Ltd. (Manufacturing of Electronics, Electrical Household Appliances,
Electrical Equipment, Lighting Equipment, Property Development and Investment
Holding)
78. GRAHAMAS
INDOJAYA, P.T. (Transportation)
79. GREEN
WINDHU LINES, P.T. (Special Shipping)
80. GRIYAMAS
ADIPRATAMA, P.T. (Real Estate and Developer)
81. GUNUNG
MAS RAYA, P.T. (Rubber and Oil Palm Plantation)
82. HADEKA
FEEDMILL, P.T. (Animal Feed Milling)
83. HARAPAN
ANANG BAKRI & SON'S, P.T. (Industrial Estate Development and Management)
84. HARMONI
MAS, P.T. (Housing Development)
85. HARMONI
SEJAHTERA, P.T. (Housing Development)
86. HASTA
BUANA MANDIRI, P.T. (Trading)
87. HASTA
DHARMA KARYA, P.T. (General Contracting and Trading)
88. HENKEL
INDONESIA, P.T. (Industrial Chemical Processing)
89. HERCULES
MAS INDONESIA, P.T. (Industrial Chemical Processing)
90. HIAP
CHUN TIMBER (Pte) Ltd. (Trading)
91. HONGKONG
UNION BANK CO., LTD. (Banking)
92. HONGZHOU
ZHONGCE RUBBER CO., LTD. (Manufacturing of Motorcar Tubes and Tyres and Rubber
Components)
93. HORIGUCHI
ENGINEERING INDONESIA, P.T. (Machinery and Heavy Equipment Maintaining
Services)
94. IBI
FAR EAST (Hong Kong) Co., Ltd. (Property and Securities)
95. INDAH
KIAT PULP & PAPER Tbk., P.T. (Integrated Paper Making and Pulp Processing)
96. INDOJAYA
MARKONRAD, P.T. (Trading)
97. INDRI
PLANT, P.T. (Oil Palm Plantation)
98. INDOMILK, P.T. (Milk Processing)
99. INTERCIPTA KIMIA PRATAMA, P.T. (Paper Chemicals
Processing)
100. INTERMAS
TATA TRADING, P.T. (Distribution of Cooking Oils)
101. INTERNATIONAL
INDONESIA, P.T. Bank (Banking)
102. INTERNATIONAL
MONEY CHANGER, C.V. (Money Changer)
103. INTERNATIONAL
NINGBO Bank (China), (Banking)
104. INTI
GERAKMAJU, P.T. (Oil Palm and Coconut Plantation)
105. INTITAMA
MAS, P.T. (Cold Rolled Stainless Steel Coils/Sheets Manufacturing)
106. ISTANA
MUTIARA MAS, P.T. (Liquid Tanker Shipping)
107. IVOMAS
TRADING, P.T. (Trading and Suppliers)
108. IVO
MAS TUNGGAL, P.T. (Palm Oil Based Cooking Oil Refinery and Oil Palm Plantation)
109. JAGOTAMA
INDAH RATTAN INDUSTRIES, P.T. (Rattan Furniture Manufacturing)
110. JATI
CAHAYA CEMERLANG PLYWOOD, P.T. (Integrated Woodbased Industry)
111. JATI
DHARMA INDAH PLYWOOD INDUSTRIES, P.T. (Integrated Woodbased Industry)
112. JATI
MALUKU TIMBER, P.T. (Logging, Sawmilling and Shipping)
113. JATI
MULIA SEMESTA, P.T. (Plywood Industry)
114. JU
LIE (Pte) Co. Ltd. Singapore (Trading)
115. KALI
BESAR RAYA UTAMA, P.T. (Insurance Brokerage Services)
116. KARTIKA
INTI PERKASA, P.T. (Palm Plantation)
117. KARYA
DUNIA MAKMUR, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
118. KARAWANG
TATABINA INDUSTRIAL ESTATE, P.T. (Industrial Estate Management and Development)
119. KELAPA
MURNI, P.T. (Coconut Oil Refinery)
120. KEMAKMURAN
TANITERNA INDONESIA, P.T. (Integrated Poultry Farming)
121. KERTAS
INDAH, P.T. (Trading)
122. KOPO
PERMAI, P.T. (Housing Development)
123. KRAWANG
BUKIT GOLF, P.T. (Golf Course and Real Estate Management)
124. KRESNA
DUTA AGROINDO, P.T. (Oil Palm Plantation and Refinery)
125. LEIDONG
KREASITAMA, P.T. Maskapai Perkebunan (Oilpalm Plantation and Palm Oil Refinery)
126. LAHAN TANI SAKTI, P.T. (Oil Palm Plantation)
127. LANGGENG
KREASITAMA, P.T. (Adhesive Glue Manufacturing)
128. LLOYD
INDONESIA, P.T. (Sea and Fire Insurance)
129. LONTAR
PAPYRUS PULP & PAPER INDUSTRY, P.T. (Pulp and Paper Industry, Industrial
Chemical Processing)
130. MAKINDO
PERKASA, P.T. (Industrial Power Engine Agent and Distribution)
131. MALIGI
PERMATA INDUSTRIAL ESTATE, P.T. (Industrial Park Development and Management)
132. MAKTO
JAYA, P.T. (Trading)
133. MARGA
TULUS ENTERPRISE LTD., P.T. (Leasing)
134. MARISON
NUSANTARA AGENCY, P.T. (Investment Holding)
135. MASKAPAI
PERKEBUNAN LEIDONG WEST INDONESIA, P.T. (Oil Palm Plantation)
136. MEDISON
SECURITIES LTD. Hong Kong (Property and
Security)
137. MEGAH
UTAMA MOTOR, P.T. (Car Distribution)
138. MENARA
MAJU, P.T. (Trading and Distributor)
139. MITRA
ADIGUNA SENTOSA, P.T. (Printing & Corrugated Packaging Manufacturing)
140. MITRABANGUN
ADIGRAHA, P.T. (Contracting Services)
141. MITRA
NUGRAHA, P.T. (Plastic Container Manufacturing)
142. MULTIMAS
DINAMIKA, P.T. (Ceramic Goods Manufacturing)
143. MURINI
TIMBER, P.T. (Woodbased Industry)
144. MUSTIKA
ARTA MAS, P.T. (Investment Holding)
145. MUTIGUNA
PERKASA INDONUSA, P.T. (Trading)
146. NALA
VINI EKA BEVERAGES, P.T. (Carbonated Softdrink Industry)
147. NILAM
TERANG OFFSET PRINTING, P.T. (Graphic Printing and Fire Packaging)
148. NINGBO
INTERNATIONAL BANK LTD. (Banking)
149. NINGBO
PULP AND PAPER CO., LTD. (Pulp and Paper Manufacturing, Corrugated Carton Box
Making and Packaging)
150. NUMBING
JAYA, P.T. (Oil Palm Plantation)
151. NUSA
PIRANTI RIANA, P.T. (Industrial Chemical Manufacturing and Trading)
152. ONWARD
PAPER CORPORATION, P.T. (Sanitary Napkin and Tissue Paper Manufacturing)
153. ORIENTAL
INDAH BALI HOTEL, P.T. (Hotelry)
154. OTO
MULTIARTHA, P.T. (Consumer Finance Services)
155. PAKUAN
REAL ESTATE, P.T. (Real Estate Development)
156. PALMINDO
RAYA, P.T. (Oil Palm Plantation and Palm Oil Processing)
157. PANGERAN
PLAZA UTAMA, P.T. (Real Estate Development)
158. PARAGA
ARTAMIDA, P.T. (Investment Holding)
159. PERBAWA
DUTA PERSADA, P.T. (Trading)
160. PERWITA
MARGASAKTI, P.T. (Real Estate Development)
161. PETRO
CENTRAL, P.T. (Industrial Chemical Processing)
162. PILINTI
PERKASA ALAM, P.T. (Oil Palm Plantation and Palm Oil Refinery)
163. PINDO
DELI, P.T. (Paper Making)
164. PLAZA
INDONESIA REALTY, P.T. (Hotel, Shopping Centre and Recreation Centre
Management)
165. PONDOK
CANDRA INDAH, P.T. (Housing Development)
166. PONDOK
NIRWANA, P.T. (Housing Development)
167. PRIMA
VIJAYA INDAH TOUR, P.T. (Tour and Travel Agency)
168. PRODUKSI
INDONESIA, P.T. (Marketing Promotion Services)
169. PULO
GEBANG INDAH, P.T. (Housing Development)
170. PURINUSA
EKAPERSADA, P.T. (Carton Packaging Manufacturing and Investment
Holding)
171. PURIMAS SASMITA, P.T (Banana Porridge Processing)
172. PURNAMALA
INTERNATIONAL INDONESIA, P.T. Asuransi Jiwa (Life Insurance)
173. PUSAKA
MAKMUR ABADI, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
174. PUTRAMAS
PRIMA PERKASA, P.T. (Investment Holding)
175. RAMAJA
PRAMUKTI, P.T. (Oil Palm Plantation and Processing)
176. REKSA
ARTHA MUSTIKA, P.T. (Integrated Poultry Farming and Food Crop Plantation)
177. RIMBA TUNGGAL PERKASA, P.T. (Cocoa Plantation)
178. RIVERA
HOLDINGS (Hong Kong) Ltd., (Property Management and Investment Holding)
179. ROLIMEX
CORPORATION, P.T. (General Trading)
180. ROYAL
ORIENTAL LTD., P.T. (Office Block Owner and Rental Management)
181. SADANG
MAS, P.T. (Investment Holding)
182. SARANAPAPAN
EKASEJATI, P.T. (Real Estate Development)
183. SARPINDO
SOYABEAN, P.T. (Soybean Flour Milling and Plantation)
184. SATRIA
PERKASA AGUNG, P.T. (Investment Holding)
185. SATYA
KISMA UTAMA, P.T. (Oil Palm Plantation)
186. SAWIT
MALINDA, P.T. (Palm Oil Refinery and Oil Palm Plantation)
187. SAWIT
MAS SEJAHTERA, P.T. (Oil Palm Plantation and Processing, Investment Holding)
188. SAYANG
HEULANG, P.T. (Palm Oil Based Cooking Oil Refinery)
189. SEMBADA
KRIYA PRIMA, P.T. (Trading)
190. SERIKAT
PUTRA, P.T. (Oil Palm Plantation)
191. SIANTAN
SHIPPING, P.T. (Interinsulair Shopping)
192. SIANTAN
WINDHU, P.T., (Freight Forwarding)
193. SINAR CULINDO PERKASA, P.T. (Pig Farming)
194. SINAR
DAYA MARINA, P.T. (Investment Holding & Fishing)
195. SINAR
DUNIA MAKMUR, P.T. (Industrial Paper Manufacturing)
196. SINAR
DUNIA THIRTA KIMIA, P.T. (Industrial Chemical Processing)
197. SINAR
KENCANA INTI PERKASA, P.T. (Oil Palm Plantation and Processing)
198. SINAR
KILAT BUANA, P.T. (Investment Holding)
199. SINAR
LUCKY PLASTICS INDUSTRY, P.T. (Pipes and Plastic Hoses Industry)
200. SINAR
MAS, P.T. (Investment Holding)
201. SINAR
MAS AGRO RESOURCES AND TECHNOLOGY CORPORATION (SMART CORPORATION), P.T. (Oil Palm
Plantation and Palm Oil Refinery)
202. SINAR
MAS CIPTA, P.T. Asuransi Kerugian (Sea and Fire Insurance)
203. SINAR MAS EKA GRAHA, P.T. (Security)
204. SINAR
MAS GRIYA, P.T. (Housing Development and Investment Holding)
205. SINAR
MAS MULTIARTHA, P.T. (Financing, Treasury Management & Investment
Holding)
206. SINARMAS
MULTIFINANCE, P.T. (Financing)
207. SINAR
MAS TELADAN, P.T. (Palm Oil Based Cooking Oil Refinery and Real Estate
Development)
208. SINAR
MAS TUNGGAL, P.T. (Investment Holding and Trading)
209. SINAR
MAS WISESA, P.T. (Real Estate Development and Management)
210. SINAR
MEADOW INTERNATIONAL INDONESIA, P.T. (Fat and Food Products
Processing)
211. SINAR
OBOR MAS, P.T. (Coconut Oil Based Cooking Oil Refinery)
212. SINAR
OLEOCHEMICAL INTERNATIONAL, P.T. (Fatty Acid and Glycerin
Manufacturing)
213. SINAR
PUREFOODS INTERNATIONAL, P.T. (Marine Product Processing and Canning)
214. SINAR
SYNO KIMIA, P.T. (Industrial Chemical Manufacturing)
215. SINARSURYA
LAND, P.T. (Luxury Apartment Development and Management)
216. SINARTAMA
GUNITA, P.T. (Commodity Future Trading Services)
217. SINARWIJAYA
EKAPRATISTA, P.T. (Real Estate and Property Management)
218. SINAR WISATA LESTARI, P.T. (Hotelry)
219. SINDOPEX
FEROTAMA, P.T. (Hydrogen Peroxides Manufacturing)
220. SINGGA
RIMBA MAKMUR, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
221. SMART
CORPORATION Tbk. P.T. (Integrated Palm Oil Refinery and Investment Holding)
222. SMARTINDO
BLUEBIRD SNACKS, P.T. (Snack Foods Industry)
223. SPININDO
MITRADAYA, P.T. (Industrial Estate Development and Management, Investment
Holding)
224. SUKMA
SUCI KENCANA MONEY CHANGER, P.T. (Money Changer)
225. SUMBER
INDAHPERKASA, P.T. (Integrated Oil Palm Plantation)
226. SUMMIT
SINARMAS FINANCE, P.T. (Financial Institution)
227. SUPRA
VERITAS, P.T. (Investment Holding and Trading)
228. SURYA
MITRA SEJATI, P.T. (White Carbon & Water Glass Industry and Investment
Holding)
229. SURYA
SUKMA MAS MONEY CHANGER, P.T. (Money Changer)
230. SUPER
KAOLINDO PERDANA, P.T. (Kaolin Mining and Processing)
231. SWADAYA
BHAKTI NEGARA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Meal
Processing)
232. TAI
SANG LAND DEVELOPMENT CO., LTD., Hong Kong (Property and Real Estate
Development)
233. TAN ENG (Pte) Ltd., (Trading)
234. TAPIAN
NADENGGAN, P.T. (Palm Oil Refinery and Oil Palm Plantation)
235. THE
UNIVENUS COMPANY, P.T. (Manufacturing of Tissue Paper, Toilet Paper and
Sanitary Napkins and Napkin Paper)
236. TIMUR
AGRO KARYA, P.T. (Oil Palm Plantation and Palm Oil Processing)
237. TJIWI
KIMIA Tbk., P.T. Pabrik Kertas (Cultural and Industrial Paper Manufacturing)
238. TOMSON
PACIFIC (Hong Kong) Ltd., (Property Management)
239. TUNGGAL
MITRA PLANTATION, P.T. (Oil Palm Plantation)
240. TUNGGAL
PERKA CORPORATION, P.T. (Industrial Chemical Processing)
241. UNGGUL
INDAH CORPORATION, P.T. (Industrial Chemical Processing)
242. UNI-CHARM
INDONESIA, P.T. (Sanitary Napkin Industry)
243. UNITED
WARU BISCUIT MANUFACTORY, P.T. (Biscuit and Dry Cookies Processing)
244. USAHA
MANGGAR, P.T. (Coconut Oil Based Cooking Oil Refinery)
245. VIVA
KARYAWISATA, P.T. (Hotelry Restaurant and Recreation Centre Management)
246. WANA KRIDA UTAMA, P.T. (Logging)
247. WASTUNIDYA
UTAMA, P.T. (Soybean Flour Milling and Soybean Based Cooking
Refinery)
248. WENANG
PERMAI, P.T. (General Contracting and Housing Development)
249. WENANG
SAKTI, P.T. (Wood Working)
250. WESTERN
OCEANIC BANK (Banking)
251. WIDJAJA
PERMAI, P.T. (Real Estate Development and Management)
252. WIDJAJA
PRATAMA RAYA, P.T. (Real Estate Development and Management)
253. WIRAKARYA
SAKTI, P.T. (Wood Working)
254. ZETA
ANEKA KIMIA, P.T. (Sole Agent and Distributor)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.64 |
|
|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
|
IDR |
1 |
INR 0.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
KET |
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.