MIRA INFORM REPORT
|
Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PABRIK KERTAS TJIWI KIMIA TBK |
|
|
|
|
Formerly Known As : |
P.T. Pabrik Kertas TJIWI
KIMIA |
|
|
|
|
Registered Office : |
Jl. Raya Surabaya-Mojokerto Km. 44, Desa Kramat Temanggung, Kecamatan Tarik, Sidoarjo, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Date of Incorporation : |
02.10.1972 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-42925.AH.01.02.Tahun 2009 (latest permit) |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Cultural and
Industrial Paper Manufacturing |
|
|
|
|
No. of Employees
: |
12,648 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$. 146.0 million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
---- |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Correct Name of Company
P.T. Pabrik Kertas TJIWI KIMIA Tbk
company Address
Head Office &
Factory
Jl. Raya Surabaya-Mojokerto Km. 44
Desa Kramat Temanggung
Kecamatan Tarik,
Sidoarjo, East Java
Indonesia
Phones -
(0321) 361552, 361574-77
Fax -
(0321) 361615
Telex -
31094 TJIWI MR
P.O. Box - 115 MOJOKERTO
Land Area - 36.0 hectares
Building Space - 4.5 hectares
Region - Industrial
Zone
Status - Owned
Branches
a. Plaza BII, To9wer II, 9th
Floor
Jalan M.H. Thamrin No. 51
Jakarta 10350
Phones - (021) 392966-69
Fax
- (021) 3927685
E-mail
- app_investors@app.co.id
b. Room 1609, 16th Floor, SHENTON
HOUSE
3 Shenton Way
Singapore
Phones
- (65) 2209166-69
c.
Jalan Rajawali No. 31-33
Surabaya
East Java
Phones
- (031) 3530520, 33524130, 3524133
Fax
- (031) 3525409
Date of Incorporation
a. 02 October 1972 as P.T. Pabrik Kertas
TJIWI KIMIA
b. 08 July 1996 as P.T. Pabrik Kertas TJIWI
KIMIA Tbk
Legal Form
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg.No.
The Ministry of
Law and Human Rights
a. No.
Y.A. 5/439/25 (initial permit)
Dated 22 December 1975
b. No.
AHU-42925.AH.01.02.Tahun 2009 (latest permit)
Dated 01 September 2009
Company Status
Domestic Investment (PMDN) Company
Permit by the Government
Department
A. The Department of Industry
No. 2040/St-J/XII/1974
Dated
14 December 1974
B. The Capital Investment
Coordinating Board
-
No. 564/III/PMDN/1987
Dated 11 November 1987
-
No. 212/III/PMDN/1996
Dated 31 May 1996
Related Companies
A Member of the SINAR MAS Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital - Rp. 5,000,000,000,000
Issued Capital - Rp. 1,335,702,240,000
Paid up Capital - Rp. 1,335,702,240,000
Shareholders/Owners :
a. P.T. PURINUSA EKAPERSADA - Rp 796,179,367,000 (59.61%)
b. MAYTIELD INVESTMENT Ltd. - Rp 47,794,114,000 ( 3.58%)
c. The Public -
Rp 491,728,759,000 (36.81%)
BUSINESS ACTIVITIES
Lines of Business
:
a. Cultural
and Industrial Paper Manufacturing
b. Caustic
Soda Manufacturing
c. Investment
Holding
Production Capacity
:
a. Industrial and Cultural Papers -
194,000 tons p.a.
b. Corrugated
Paper Boxes - 98,300 tons p.a.
c. Kraft Papers -
186,000 tons p.a.
d. Caustic
Soda - 14,900
tons p.a.
e. Computer
and Telex Papers - 10,800 tons p.a.
f. NRC, Coated and Cultural Papers -
130,800 tons p.a.
g. Fine
Papers for Laminating - 7,200 tons p.a.
h. Lining Papers - 7,200 tons p.a.
i. Tissue
Papers -
3,600 tons p.a.
j. Duplex
Coated Papers - 51,600 tons
p.a.
k. Cardboards - 14,600 tons p.a.
l. Pulps
and Baggases - 117,600 tons p.a.
m. Writing
Books - 30 million pcs.p.a.
n. HVS
and Writing Papers -
210,000 tons p.a.
o. Silicon
Papers - 20,000
tons p.a.
p. Cast
Coating Papers - 10,000 tons p.a.
q. High
Quality Exercise Book, Note
Book,
Computer Continuous Form
Box Stationery -
300,000 tons p.a
r. Calcium
Hypochloride - 7,200
tons p.a.
s. Liquid
Calcium Hypochloride -
64,000 tons p.a.
t. Calcium
Oxide - 36,000
tons p.a.
Total Investment :
a.
Equity Capital -
Rp. 1,335.3 billion
b.
Loan Capital -
Rp. 15,295.0 billion
c.
Total Investment -
Rp. 16,630.3 billion
Started Operation :
1 9 7 7
Brand Name :
Bola Dunia, Anchor
Brand, Betet, Clean Coated Board, Evergreen, Globe Brand, Golden Art, etc
Technical Assistance :
None
Number of Employee :
12,648 persons
Marketing Area :
Domestic
- 70%
Export - 30%
Main Customers :
a. P.T. SURYA JAYA
PLACE (Distributor)
b. P.T. PERMATA
BIRU INDAH (Distributor)
c. P.T. SUTIO
JAYATAMA (Distributor)
d. P.T. MARGONO (Distributor)
e. Buyers in Middle East, Africa, Europe, USA, Australia and Asia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SURABAYA
AGUNG KERTAS
b. P.T. RIAU ANDALAN KERTAS
c. P.T. KERTAS LECES
d. P.T. SUPARMA Tbk
e. Etc.
Business Trend :
Fluctuating
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T.
Bank INTERNATIONAL INDONESIA Tbk.
Plaza BII, Menara II, 7th Floor
Jalan
M.H. Thamrin No. 51
Jakarta 10350
b. The Bank of AMERICA N.T. & S.A.
Gedung
Bursa Efek Jakarta, Menara I
Jalan Jend.
Sudirman Kav. 52-53
Jakarta Selatan
c. The
LONG-TERM CREDIT Bank of Japan Ltd.
Singapore
d.
DEUTSCHE
Bank, AG
Jalan
Imam Bonjol No. 80
Jakarta
Pusat
e. P.T. INDOSUEZ INDONESIA Bank
Jakarta
Branch
SUMMITMAS
TOWER II, 19th Floor
Jalan
Jend. Sudirman Kav. 61-62
Jakarta
Selatan
f.
P.T.
INTERNATIONAL NEDERLANDEN
INDONESIA,
Bank
SUMMITMAS
TOWER II, 14th Floor
Jalan
Jend. Sudirman Kav. 61-62
Jakarta
Selatan
Auditor :
Jimmy Budhi & Partners (A member of Moores Rowland International)
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2007 – US$.
1,154.9 million
2008 – US$.
1,358.8 million
2009 – US$.
1,174.1 million
2010 – US$. 999.8 million (as of 30 September)
Net Profit (Loss)
:
2007 – US$. 10.6 million
2008 – US$. 51.7 million
2009 – US$. 31.6 million
2010 – US$. 73.6 million (as of
30 September)
Total Assets
(Loss) :
2007 – US$. 2,167.3 million
2008 – US$. 2,263.4 million
2009 – US$. 2,357.8 million
2010 – US$. 2,375.8 million (as
of 30 September)
Payment Manner :
Sometime delay
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Yudi Setiawan Lin
Directors - a.
Mrs. Linda Suryasari Wijaya Limantara
b. Mrs. Indah Suryasari Wijaya Limantara
b. Mr. Hendra Jaya Kosasih
c. Mr. Anton Mailoa
d. Mr. Suresh Kilam
e. Mr. Raymond Liu, Ph.D
f. Mr.
Ir. Buyung Wahab, MM
g. Mr. Agustian R. Partawidjaja or Yan
Partawidjaja
Board of Commissioners :
President
Commissioner - Mr. Teguh
Ganda Widjaja AKA Oei Tie Goan
Vice
Pres. Commissioner - Mr.
Ir. Gandi Sulistiyanto Soeherman
Commissioners - a. Drs. John
Ferdinand Pandelaki
b. Mr. Arthur Tahja
c. Drs. Pande Putu Raka, MA
d. Letjen TNI (ret) Soetedjo
e. DR. Ramelan, SH, MH
Signatories :
President Director (Mr. Yudi Setiawan
Lin) or one of the Directors (Mrs. Linda Suryasari Wijaya Limantara, Mrs. Indah
Suryasari Wijaya Limantara, Mr. Hendra Jaya Kosasih, Mr. Anton Mailoa, Mr.
Suresh Kilam, Mr. Raymond Liu, Ph.D., Mr. Ir. Buyung Wahab, MM., and Mr.
Agustian R. Partawidjaja or Yan Partawidjaja) which
must be approved by the Board of Commissioners
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$. 146.0 million on the 90 days of payments
OVERALL PERFORMANCE
Originally named P.T. Pabrik Kertas TJIWI KIMIA, it was established in October 1972 with an authorized capital of Rp. 200,000,000.- issued capital of Rp. 50,000,000.- wholly paid-up. Founders and original shareholders are Dr. Eka Tjipta Widjaja AKA Oei Ek Tjhong and the late his son-in-law Mr. Rudy Maeloa AKA Loa Bon Peang (died on 5 April 1988) Chinese origin Indonesian business family. The Articles of Association was made by Mr. Ridwan Suselo, SH., a public notary in Jakarta and it was approved by the Ministry of Justice Republic Indonesia under its Decision Letter No. Y.A. 5/439/25 dated 22 December 1975.
Its articles of association have subsequently been changed for a couple of times. In April 1990, the company went public by releasing its 6.74% shares to the public through Jakarta Stock Exchange (BEJ) and Surabaya Stock Exchange (BES). In July 1996, the company renamed to P.T. Pabrik Kertas TJIWI KIMIA Tbk. (P.T. PKTKT). Later in June 1997, the authorized capital was increased again to Rp. 5,000,000,000,000.- In July 1997, P.T. PKTKT undertook right issue I and the issued capital has from that time on increased to Rp. 1,321,526,432,000.- Later of July 2008, P.T. PKTKT issued the bonus shares and concurrently the issued and paid-up capital rose again to Rp. 1,335,702,240,000. The majority business stakes of the company is controlled by P.T. PURINUSA EKAPERSADA (59.61%) and the rest is owned by MAYTIELD INVESTMENT Ltd., (3.58%) and Publics (36.81%).
The amendment Articles of Association was made by Mrs. Linda Herawati, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-42925.AH.01.02.TH.2009, dated 01 September 2009. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. PURINUSA EKAPERSADA (63.4%), a private company whose majority business stakes is controlled by the Eka Tjipta Widjaja family. Mr. Eka Tjipta Widjaja AKA Oei Ek Tjhong is the founder of the SINAR MAS Group is a very large-size private business group in the country.
P.T. PKTK is the largest paper making plant in Indonesia whose plant is located in Desa Kramat Temanggung, Kecamatan Tarik, Sidoarjo, East Java operating as from 1977. Its major production is industrial and cultural papers, corrugated papers, kraft papers, computer and telex papers, NRC, Coated and Fine Papers, Lining and Tissue Papers, Duplex Coated Papers, HVS and Writing papers, Cast Coating papers and others.
Besides that, it also produces paper chemicals including caustic soda, calcium hypocloride, liquid calcium hypochloride and calcium oxide. Its production is marketed by the SINAR MAS Group member who has controlled an extensive marketing network in many countries including the USA, the European countries, Japan, the People's Republic of China, Australia, India, Hong Kong, Thailand, Singapore and Malaysia.
Beside that P.T. PKTK is also engaged in investment holding by controlling 99% shares of P.T. Mega Kertas Pratama (distributor of paper products), 100% shares of Tjiwi Kiia Trading III (BVI) Limited (distributor of paper products), 100% shares of Tjiwi Kimia Finance Mauritius Ltd., (financing company), 100% shares of TK Trading Limited (distributor of paper products), 100% shares of Tjiwi Kimia Trading (II) Ltd., (distributor of paper products), 100% shares of TK Import & Export Ltd., (distributor of paper products), 100% shares Tjiwi Kimia Finance BV., (financing company), 100% shares of Marshall Enterprises Ltd., (investment) and 60% shares of P.T. Sumalindo Hutani Jaya (integrated wood-based industry).
Generally, the national pulp and paper production realization in the period of 1996 to 2003 increased from year to year despite economic crisis battering Indonesia in 1997. Within the period of 1995-1997, the increase in pulp and paper production was triggered by high economic growth enabling manufacturing industry sector to grasping rapid progress. The economic crisis striking Indonesia as from the middle of 1997 up to now has evidently brought no problem to national pulp and paper production. But, the pulp and paper prices tended to decline on the international market within the last four years until the end of 2006. The plunge down of pulp and paper prices on the international market was attributable to over supply of such commodity. But, we observed that Indonesian pulp and paper export has kept on rising until the end of 2006. Beside that the domestic price of pulp has also been dwindling due to the relatively large amount of pulp supplies for domestic demand.
Projected Condition of National Paper Industries 2007 – 2010
(In thousand tons)
|
Description |
2007 |
2008 |
2009 |
2010 |
|
Paper Capacity |
10,707 |
10,957 |
10,957 |
10,957 |
|
Paper Production |
8,271 |
8,580 |
8,940 |
8,975 |
|
Imports |
245 |
214 |
208 |
245 |
|
Export |
2,513 |
2,571 |
2,700 |
2,900 |
|
Domestic Consumption |
6,004 |
6,223 |
6,449 |
6,320 |
Sources: Department of Industry
(Depperin) and BI
According to financial statement the total sales turnover of P.T. PKTK in 2002 amounted to US$ 778.5 million with a net loss of US$ 47.4 million increased to US$ 870.1 million with a net loss of US$ 30.3 million in 2003 to US$ 900.3 million with a net profit of US$ 185.1 million in 2004 and to US$ 926.4 million with a net profit of US$ 18.0 million in 2005. The company's sales turnover in 2006 amounted to US$ 956.7 million with a net loss of US$ 63.3 million rose to Rp. 1,154.9 million with a net profit of Rp. 10.3 million in 2007, to US$ 1,358.8 million with a net profit of US$ 51.7 million in 2008 and declined to US$ 1,174.1 million with a net profit of US$ 31.6 million. As of 30 September 2010 its sales turnover amounted to US$ 999.8 million with a net profit of US$ 73.6 million, with total assets of US$ 2,375.7 million. Financial statement as 0f 31 December 2007, 2008, 2009, and as per 30 September 2010 are attached.
The management is headed by Mr. Yudi Setiawan Lin AKA Lim Yun Shiang (63) an experienced professional manager in pulp & paper industry and marketing. He graduated from China Culture Academy, Taiwan, ROC, in Pulp & Paper Technology. He started his career in TA HUNG PAPER MILL (Taiwan). He joined the company since 1978 and posted as director since 1991 and as president director since 1994. In daily activities, he is supported by the WIDJAJA Family, such as, Mr. Teguh Ganda Widjaja AKA Oei Tjie Goan (65), Mr. Muktar Widjaja AKA Oei Siong Lian (56) and Mr. Franky Oesman Widjaja AKA Oei Jong Nuan (52) and a number of other local and foreign professionals like Mr. Dipl. Ing. Sureh Kilam, MBA of India, Mr. Hendra Jaya Kosasih, Mr. Lu Ho Chang and others. But the prime mover is Dr. Eka Tjipta Widjaja AKA Oei Ek Tjhong (87), the main founder and prime mover of the SINAR MAS Group. The management has maintained a wide business relation among private national and foreign businessmen as well as among government agencies. As far as business is concerned the management of P.T. PKTKT has never involved in any fraudulent dealings.
P.T. Pabrik Kertas TJIWI KIMIA Tbk., (P.T. PKTKT) is sufficiently fairly good for business transaction. However, considering the operation of the company declined in 2009, we recommend to treat prudently in extending any new loan to the company.
Attachment 1:
P.T.
Pabrik Kertas TJIWI KIMIA Tbk
FINANCIAL STATEMENTS
Per 31 December
2007, 2008, 2009 and As of 30 June 2010
(In US dollar)
|
DESCRIPTION |
30 September |
31
December |
||
|
2010 |
2009 |
2008 |
2007 |
|
|
1. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
|
|
|
|
|
* Third Parties |
21,240,263 |
89,729,244 |
44,152,176 |
31,750,000 |
|
* Related Parties |
65,810,320 |
29,670,487 |
6,617,786 |
0 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
68,594,558 |
64,884,924 |
96,891,347 |
95,194,000 |
|
* Related Parties |
263,506,123 |
250,147,167 |
155,842,584 |
86,950,000 |
|
- Other Trade
Receivable – net |
130,821 |
160,430 |
21,301 |
6,885,000 |
|
- Inventories |
329,862,171 |
265,170,344 |
251,702,235 |
322,110,000 |
|
- Advances and prepaid
expenses |
57,479,622 |
110,670,925 |
149,965,100 |
77,206,000 |
|
- Prepaid Taxes |
32,231,326 |
22,781,304 |
22,656,194 |
31,710,000 |
|
- Other current assets |
|
|
|
|
|
* Third Parties |
55,888,825 |
42,777,446 |
47,289,672 |
61,355,000 |
|
* Related Parties |
51,518,134 |
44,808,935 |
305,286 |
-- |
|
Total Current Assets |
946,262,163 |
920,801,206 |
775,443,681 |
713,160,000 |
|
b. Non-current Assets |
|
|
|
|
|
- Trade receivables –
related parties |
79,333,671 |
80,701,446 |
85,258,512 |
94,258 |
|
- Other receivables –
related parties |
160,238,984 |
159,362,722 |
160,369,661 |
160,640,000 |
|
- Deferred Tax Assets |
649,279 |
35,831 |
-- |
-- |
|
- Long-term Investment |
1,120,570 |
1,063,830 |
-- |
-- |
|
- Industrial Timber Estate
– net of accumulated
amortization |
2,060,925 |
2,233,754 |
-- |
-- |
|
- Industrial Timber
Estate – under development |
7,460,074 |
6,261,907 |
-- |
-- |
|
- Fixed assets – net of
acc. depreciation |
1,168,094,941 |
1,176,711,914 |
1,239,583,230 |
1,196,220,000 |
|
- Goodwill – net of acc.
amortization |
6,798,577 |
8,022,321 |
-- |
-- |
|
- Other non-current
assets |
3,739,867 |
2,582,661 |
2,712,825 |
3,013,000 |
|
Total Non-Current Assets |
1,429,496,888 |
1,436,976,386 |
1,487,924,228 |
1,454,131,000 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND EQUITY |
2,375,759,051 |
2,357,777,592 |
2,263,367,909 |
2,167,291,000 |
|
2. LIABILITIES
AND EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short term Liabilities |
107,723,822 |
89,167,140 |
96,198,236 |
51,145,000 |
|
- Trade Payable |
|
|
|
|
|
* Third Payables |
53,678,965 |
69,106,375 |
88,246,208 |
75,820,000 |
|
* Related Payable |
14,466,600 |
30,431,999 |
13,877,086 |
-- |
|
- Other Payables – third
parties |
18,017,205 |
14,709,509 |
8,615,613 |
8,221,000 |
|
-
Advances from customers |
|
|
|
|
|
* Third parties |
8,781,446 |
5,556,930 |
7,357,662 |
8,470,000 |
|
* Related parties |
151,826 |
266,676 |
72,415 |
-- |
|
- Accrued Expanses |
89,810,825 |
76,908,190 |
46,976,108 |
41,889,000 |
|
- Taxes Payable |
6,261,881 |
19,282,947 |
4,815,124 |
705,000 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Lease liabilities |
149,824 |
198,452 |
152,101 |
-- |
|
* Bank loan |
8,198,117 |
7,782,979 |
6,681,279 |
55,000,000 |
|
* Loans, notes payable
and bonds |
91,800,000 |
75,600,000 |
27,000,000 |
40,292,000 |
|
Total Current Liabilities |
399,040,511 |
389,011,197 |
299,991,832 |
281,542,000 |
|
|
|
|
|
|
|
b. Non-Current Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities |
68,518,024 |
68,502,575 |
47,956,025 |
56,153,000 |
|
- Other Payables – related parties |
19,181 |
991,021 |
7,317,943 |
345,000 |
|
- Employee Benefits
Obligation |
42,294,186 |
36,107,650 |
26,723,884 |
26,750,000 |
|
- Long term liabilities |
|
|
|
|
|
* Lease liabilities |
207,049 |
359,402 |
278,239 |
290,000 |
|
* Bank loan |
18,445,764 |
23,348,941 |
26,723,884 |
-- |
|
* Loans – net |
293,912,592 |
341,069,176 |
336,051,027 |
-- |
|
* Notes payable and
bonds |
931,448,258 |
932,176,356 |
931,753,618 |
1,273,847,000 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Lease liabilities |
(149,824) |
(198,452) |
(152,101) |
-- |
|
* Bank loan |
(8,198,117) |
(7,782,979) |
(6,681,279) |
-- |
|
* Loans, notes payable
and bonds |
(91,800,000) |
(75,000,000) |
(27,000,000) |
(40,292) |
|
Total Non-Current Liabilities |
1,254,697,113 |
1,318,973,690 |
1,343,035,060 |
1,317,093,000 |
|
3. TOTAL EQUITY |
|
|
|
|
|
- Issued and Paid up Capital |
537,169,549 |
537,169,549 |
537,169,549 |
537,170,000 |
|
- Additional paid in capital |
30,201,229 |
30,201,229 |
30,201,229 |
30,201,000 |
|
- Exchange differences due to
financial statements translation |
417,303 |
381,398 |
-- |
-- |
|
- Retained Earnings |
154,233,346 |
82,040,529 |
52,970,239 |
1,284,000 |
|
Total Equity |
722,021,427 |
649,792,705 |
620,341,017 |
568,655,000 |
|
|
|
|
|
|
|
3. INCOME
STATEMENT |
|
|
|
|
|
a. Total/Net Sales |
999,839,195 |
1,174,106,251 |
1,358,794,334 |
1,154,885,000 |
|
b. Cost of Goods Sold |
816,774,823 |
946,075,156 |
1,151,637,184 |
996,585,000 |
|
c. Gross Profit |
183,064,372 |
228,031,095 |
207,157,150 |
158,300,000 |
|
d. Operating Expenses |
90,127,675 |
108,200,382 |
121,227,804 |
116,671,000 |
|
e. Operating Profit (Loss) |
92,936,697 |
119,830,713 |
85,929,346 |
41,629,000 |
|
f. Other Income (Expenses) |
(13,416,358) |
(47,422,531) |
(42,316,245) |
(33,345,00) |
|
g. Profit (Loss) Before
Income Tax |
79,520,339 |
72,408,182 |
43,613,101 |
8,284,000 |
|
h. Tax Benefit (Expense) -
Net |
(5,871,272) |
(40,910,846) |
(8,073,158) |
1,775,000 |
|
i. Income Before Pre-Acquisition Loss |
-- |
31,497,336 |
51,686,259 |
10,059,000 |
|
j. Pre-acquisition loss |
-- |
156,517 |
-- |
-- |
|
m. Net Profit (Loss) |
73,649,067 |
31,653,853 |
51,686,259 |
10,059,000 |
Note: Audited by Jimmy Budhi &
Partner (a public accountant)
Attachment 2:
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 |
Rs.52.96 |
|
UK Pound |
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.68.91 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.