MIRA INFORM REPORT
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Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDAH KIAT PULP & PAPER Tbk |
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Formerly Known As : |
P.T. INDAH KIAT PULP and PAPER CORPORATION |
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Registered Office : |
Plaza BII Menara II, 7th Floor, Jalan
M.H.Thamrin No. 51, |
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Country : |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
07.12.1976 |
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Com. Reg. No.: |
No. AHU-AH.01.10-12100 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Integrated Paper Making and Pulp Processing |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 154,600,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. INDAH KIAT PULP & PAPER
Tbk
company Address
Head Office
Plaza BII Menara
II, 7th Floor
Jalan M.H.Thamrin
No. 51
Phone - (62-21) 3929001-3 (Hunting)
Fax -
(62-21) 3928875, 3926179
E-mail - info@asiapulppaper.com
Website - http://www.asiapuppaper.com
Building Area - 28 storey
Office Space - 2,600 sq. meters
Region -
Status - Owned
Factory Unit
Serang
Jalan Raya Serang Km 76
Desa Kragilan, Serang 42186
Banten Provinve
Phone - (62-254) 280088, 281988
Fax -
(62-254) 401490-91
Building Area - 62,000 sq. meters
Office Space - 50,600 sq. meters
Region - Industrial Zone
Status - Owned
Factory Unit
Perawang, Riau
Jalan Raya Minas Km. 26
Perawang, Desa Pinang Sebatang
Siak,
Phone - (62-761) 91039, 91088
Fax -
(62-761) 91373, 91376
Land Area - 210,600 sq. meters
Building Space -
82,000 sq. meters
Region - Industrial Zone
Status - Owned
Factory Unit
Serpong
Jalan Raya Serpong Km. 8
Tangerang
Banten Provinve
Phone - (62-21) 53120222
Fax -
(62-21) 53120220
Land Area - 120,800 sq. meters
Building Space -
50,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
07 December 1976 as P.T. INDAH
KIAT PULP and PAPER CORPORATION, changed its name to P.T. INDAH KIAT PULP &
PAPER Tbk., on June 30, 1998.
Legal Form
P.T. Tbk (Perseroan Terbatas
Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of Law and Human
Rights
a.
No. AHU-72836.AH.01.02.TH.2008
Dated
13 October 2008
b. No. AHU-AH.01.10-12100
Dated 03 August 2009
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.000.566.8-092.000
The President of the
No. B-364/Pres/9/1976
Dated 23 September 1976
The Capital Investment
Coordinating Board
- No. 115/III/PMA/1987
Dated 15 May 1987
- No. 04/II/PMA/1988
Dated 26 January 1988
- No. 28/II/PMA/1994
Dated 21 February 1994
- No. 80/II/PMA/1994
Dated 10 May 1994
- No. 73/III/PMA/1995
Dated 22 February 1995
- No. 64/II/PMA/1997
Dated 22 April 1997
- No. 111/III/PMA/1999
Dated 22 June 1999
- No. 154/II/PMA/1999
Dated 5 August 1999
- No. 110/II/PMA/2000
Dated 19 May 2000
- No. 176/II/PMA/2001
Dated 27 June 2001
- No. 884/III/PMA/2002
Dated 19 August 2002
- No. 75/II/PMA/2005
Dated 29 March 2005
- No. 560/III/PMA/2006
Dated 4 May 2006
- No. 58/II/PMA/2007
Dated 26 February 2007
- No. 59/II/PMA/2007
Dated 26 February 2007
- No. 438/III/PMA/2007
Dated 2 April 2007
The Department of Industry
- No.
75/II/PMA/21005
Dated
29 March 2005
- No.
560/III/2006
Dated
4 May 2006
- No.
92/T/INDUSTRI/2007
Dated
26 February 2007
Related
Company :
A member of the SINAR MAS Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital - Rp.
20,000,000,000,000.-
Issued Capital - Rp. 5,470,982,941,000.-
Paid up Capital - Rp. 5,470,982,941,000.-
Shareholders/Owners :
a. P.T. PURINUSA EKAPERSADA of
b. Publics - Rp.
2,586,680,734,500.- (47.28%)
BUSINESS ACTIVITIES
Lines of Business :
a. Integrated Paper Making and
Pulp Processing
b. Investment Holding
Production Capacity :
A. Initial Plant
a. Cultural Papers - 49,500 tons p.a.
b. Pulps - 100,000 tons p.a.
c. Wood Chips - 200,000 tons p.a.
d. Soda Ashes - 10,000 tons p.a.
e. Chlorines - 8,800 tons p.a.
f.
Oxygen - 1,814,400 tons p.a.
B. Expansion Plant
Expansion Units
Serang and Units Serpong
a. Test Liner/ Fluiting
Medium/ Corrugated/Medium
Core Paper/ Wrapping Kraft
Paper/ Uncoated Duplex/
White Lined Kraft/
White
Lined Chipboards -
380,000 tons p.a.
b. Duplex/
Art Board/ Solid
Bleached Boards -
420,000 tons p.a.
c. CPT Computer Paper/HVS
Writing Paper/ PPC Copy
Paper/ Web Off Set Pig-
mentized/ LWC Wood
Containing Papers -
253,000 tons p.a.
d. Chipboard/ Carton/
White Lined Chipboard/
White Lined Test-Liners -
84,000 tons p.a.
e. Printed Packaging
Products - 125,000 tons p.a.
f. Flexible Packaging
Products - 50,000
tons p.a.
g. Display Packaging
Products - 50,000
toms p.a.
h. Cups From T.D. Pulp
Boards - 25,000
tons p.a.
i. HVS Paper/Woodfree - 40,000 tons p.a.
Expansion Unit
Bengkalis, Siak, Riau
a. Woodfree Paper, Photocopy
Paper, Computer Print Out
Continous Business Form,
HVS, HPS & Film Coated
Offset Pigmentireds -
2,560,000 tons p.a.
b. Chipboard/Carton,
Wrapping Paper and
Core Paperboards - 380,000 tons p.a.
c. Component and Equipment of
Pulp and Paper Machines - 6,000 units p.a.
d. Pulps - 1,400,000 tons p.a.
e. Caustic Soda - 109,000 tons p.a.
f. Caustic Soda Flakes - 36,000 tons p.a.
g. Chlorines - 95,000 tons p.a.
h. Polyaluminium
Chlorides - 351,000 tons p.a.
i. Acid Chlorides - 188,000 tons p.a.
j. Sulfur Dioxides - 7,000 tons p.a.
k. Oxygen - 43,000 tons p.a.
l. Nitrogen - 64,000 tons p.a.
m. Argons - 650 tons p.a.
n. Sulfuric Acid - 59,000 tons p.a.
o. Calcium Carbonates - 280,000 tons p.a.
p. Hydrogen Peroxides - 43,000 tons p.a.
q. Chlorine Dioxides - 40,000 tons p.a.
r. Ozones - 7,000 tons p.a.
s. Chloroparaffins - 14,000 tons p.a.
t. Sodium Chlorates - 73,000 tons p.a.
u. Methanols - 7,500 tons p.a.
v. Sodium Sulfates - 22,000 tons p.a.
w. High Strength Hypochlorides/
Bleacing Powders - 36,000 tons p.a.
x. Crate - 400,000 pcs p.a.
y. Testliner/Corrugated Medium - 700,000 tons p.a.
Total Investment :
A. Initial Plant
a. Equity Capital -
US$ 29.0 million
b. Loan Capital -
US$ 70.0 million
c. Total Investment -
US$ 99.0 million
B. Expansion Plant
a. Equity Capital -
Rp. 2,214.5 billion
b. Reinvested Profit -
Rp. 816.0 billion
c. Loan Capital -
Rp. 7,780.5 billion
d. Total Investment -
Rp. 10,810.8 billion
Expansion
Plant
a. Equity Capital -
None
b. Reinvested Profit -
Rp. 1,841.5 billion
c. Loan Capital -
Rp. 8,997.5 billion
d. Total Investment -
Rp. 10,839.0 billion
Started Operation :
1978
Brand Name :
Bola Dunia, Anchor Brand, Betet,
Clean Coated Board, Evergreen, Globe Brand, Golden Art,
Golden Coin, Golden Star, King Kong,
Logo, Lumba-Lumba, Linex, Pigeon, Etc
Technical Assistance :
None
Number of Employee :
16,109 persons
Marketing Area :
Domestic - 45%
Export - 55%
Main Customer :
P.T. SINAR DUNIA MAKMUR
(Distributor)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KERTAS NUSANTARA
b. P.T. RIAU ANDALAN KERTAS
c. P.T. TANJUNG ENIM LESTARI PULP
AND PAPER
d. P.T. TOBA PULP LESTARI Tbk,
Etc.
Business Trend :
Fluctuating
BANKER, AUDITOR & LITIGATION
Bankers
:
a. P.T. Bank INTERNATIONAL
Wisma BII
Jalan M.H. Thamrin 50
b. P.T. Bank CIMB NIAGA Tbk
Graha Niaga
Jalan Jend. Sudirman Kav. 58
c. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav.
36-38
d. P.T. Bank PERMATA Tbk
Plaza Bank Permata
Jalan Jend. Sudirman Kav. 27
Auditor :
Jimmy Budhi & Partners (
Litigation :
The Subject was involved in
litigation and claims (see litigation and claims)
FINANCIAL FIGURE
Annual Sales :
2007 – US$ 1,879.4 million
2008 – US$ 2,277.0 million
2009 – US$ 1,773.4 million
2010 – US$ 1,828.3 million (As per
30 September)
Net Profit (Loss) :
2007 – US$ 91.8 million
2008 – US$ 202.4 million
2009 – (US$ 158.5 million)
2010 – US$ 49.9 million (As per 30
September)
Total Assets :
2007 – US$ 5,487.8 million
2008 – US$ 5,968.0 million
2009 – US$ 5,813.5 million
2010 – US$ 5,947.5 million (As per
30 September)
Payment Manner :
Sometime delay
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director - Mr.
Yudi Setiawan Lin
Vice
President Director -
a. Mrs. Linda Suryasari Wijaya Limantara
b. Mr. Hendra Jaya Kosasih
c. Mr. Suresh Kilam
Directors - a.
Mr. Didi Harsa
b. Mr. Hasanuddin The
c. Mr. Ir. Buyung Wahab, MM
d. Mr. Baharuddin
e. Mr. Raymond Liu, Ph.D.
f. Mr.
Lieo Djohan AKA Djohan Gunawan
Corporate
Secretary - Mr.
Agustian Rachmansjah Partawidjaja
Board of Commissioners :
President
Commissioner - Mr. Teguh
Ganda Wijaya
Vice
Pres. Commissioner - Mr.
Ir. Gandi Sulistyanto Suherman
Commissioners - a. Mr. Arthur
Tahya
b. Mr. Franky Loa
c. Mrs. Indah Suryasari Wijaya Limantara
Independent
Commissioners - a. Mr. Mas
Achmad Daniri
b. Mr. Drs. Pande Putra Raka, MA
c. Mr. Letjend. TNI (retired) Soetedjo
d. Mr. DR. Ramelan, SH
Signatories :
President Director (Mr. Yudi
Setiawan Lin) or one of Vice President Directors (Mrs. Linda Suryasari Wijaya
Limatara, Mr. Hendra Jaya Kosasih or Mr. Suresh Kilam) or one of the Directors
(Mr. Didi Harsa, Mr. Hasanuddin The, Mr. Ir. Buyung Wahap, MM, Mr. Baharuddin,
Mr. Raymond Liu, Ph.D or Mr. Lioe Djohan AKA Djohan Gunawan) 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$ 154,600,000 on the 90 days of
payments
OVERALL PERFORMANCE
Initially named P.T. INDAH KIAT PULP & PAPER CORPORATION
was established in December 1976 with an authorized capital of US$ 17,000,000
entirely was issued and paid up. The original founding shareholders were P.T.
BERKAT INDAH AGUNG, a national private
company, CHUNG HWA PULP CORPORATION LTD and YUEN FONG YU PAPER MANUFACTURING
CO. LTD., both of Taiwan. The company notary deed had been changed a couple of
times. In 1990 the authorized capital was converted to Rupiah and raised to Rp.
800,000,000,000 issued and paid up capital to Rp. 458,282,168,000 and the above
shareholders have quitted and they were replaced by P.T. PURINUSA EKAPERSADA, a
national private company, CHP International BVI Corp., YFY Global Investment
BVI Corp., of
In 2003 the authorized capital was converted to AS dollar
again namely US$ 2,189,015,592 entirely issued and fully paid up. By the same
time the shareholders had changed and the latest shareholders of company ware
P.T. PURINUSA EKAPERSADA of Indonesia (52,72%), CHP INTERNATIONAL BVI Corp., of
British Virgin Island (1.94%), YFP GLOBAL INVESTMENT BVI of British Virgin Island
(0.74%), YFP H.K. COMPANY Ltd., of Hong Kong (0.05%) and the Publics
(44,55%). Lastly, in July 2008 the
authorized capital was raised and converted to Rupiah again namely Rp.
20,000,000,000,000.- of which Rp. 5,470,982,941,000.- was issued and fully paid
up. Since that time, shareholders of the company are P.T. PURINUSA EKAPERSADA
of
It seems that P.T. PURINUSA EKAPERSADA is a private company of which majority shares is controlled by Mr. Eka Tjipta Widjaja AKA Oei Ek Tjhong and his family members. P.T. IKPPT and P.T. PURINUSA EKAPERSADA are members of the SINAR MAS Group, once over been as a large business group in the country.
P.T. IKPPT has obtained a Foreign Investment (PMA) facility
in integrated paper making and pulp processing and the Company commenced its
commercial operations in 1978. At present the company is managing three
factories, each of which is located at Jalan Raya Serpong Km.8, Tangerang, and
Jalan Raya Serang Km. 76, Desa Kragilan, Serang, both in West Java, and Jalan
Raya Minas Km. 26, Perawang, Desa Pinang Sebatang, Siak, Bengkalis,
The expansion plant has been operation in mid of 2002 with an investment of Rp. 10,839.0 billion. Some 55% of the products is exported to Asian countries, Hong Kong, Taiwan, P.R. China, Pakistan, India, Srilangka, Bangladesh, Vietnam, South Korea, Europe, the USA, the Middle East, Africa, etc. While the other 45% of the products for local market.
The company’s principal printing and writing paper products are uncoated free sheet and cut-sized photocopier paper. The company are sold under the following major brands such as Paperline; Britex; Copy Paper; PPC Paper; Paperon; IK-Plus, and e-Paper. The packaging products are including: ivory board, duplex board and containerboard.
Besides, P.T. IKPPT has also engaged in investment holding, it controls 100% shares of INDAH KIAT INTERNATIONAL FINANCE COMPANY, 100% shares of INDAH KIAT FINANCE MAURITIUS Ltd., 100% shares of INDAH KIAT FINANCE (III), 100% shares of IMPERIAL INVESTMENT Ltd (all dealing with financing services), 100% shares of IK TRADING Ltd., 100% shares of INDAH KIAT TRADING (II) Ltd., 100% shares of IK IMPORT & EXPORT Ltd., (the three are dealing with distribution), 93.94% shares of P.T. PARAMITRA ABADIMAS CEMERLANG in trading and 99.93% shares of P.T. PARAMITRA GUNAKARYA CEMERLANG in fabricating and 50% shares of P.T. SINAR MAS SPECIALTY MINERALS dealing with manufacturing of liquid chemical. P.T. IKPPT belongs to a major company in integrated paper milling and pulp processing in the country and the operation had been fluctuating in the last three years.
The Company listed its Indah Kiat I 1999 Bonds of Rp 1 trillion on the Surabaya Stock Exchange (now Indonesia Stock Exchange) dated October 20, 1999. These bonds are participated in the Master Restructuring Agreement (MRA) signed on April 28, 2005. The Company and several Subsidiaries also listed their Guaranteed Secured Global Notes (GSGN) due in 2002, 2006 and 2007 totaling US$ 200 million, US$ 150 million and US$ 600 million, respectively, on the Luxembourg Stock Exchange. The GSGN due in 2002, 2006 and amounting to US$ 60 million due in 2007 were not participated in the Master Restructuring Agreement.
The national pulp and paper production realization has kept on increased in the last five years. The increase in pulp and paper production was triggered by high economic growth enabling manufacturing industry sector to grasping rapid progress. 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 2010. The competition is very tight on account many similar companies operating in the country. Beside that the domestic price of pulp has also been dwindling due to the relatively large amount of pulp supplies for domestic demand. The business position of P.T. IKPPT is a sufficiently good for controlling marketing network in within and outside the country.
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)
According to financial report audited by a public accountant the total
sales turnover of P.T. IKPPT in 2007 amounted to US$ 1,879.4 million with a net
profit of US$ 91.8 million increased to US$ 2,277.0 million with a net profit
of US$ 202.4 million in 2008 and declined to US$ 1,773.4 million with a net
loss of US$ 158.5 million in 2009. As per 30 September 2010 the sales turnover
of the company has reached to US$ 1,828.3 million with a net profit of US$ 49.9
million. It is projected that total sales turnover of the company will be
higher by at least 6% in 2010. Financial statement as f 31 December 2007, 2008,
2009, and per 30 September 2010 are attached.
Significant Litigations and Claims
The following
were the significant litigation and claims directly and indirectly involving
the Company:
1. On February 15, 2007, the Company
filed a Notice of Arbitration under the Guarantee for enforcement of the
Guarantee against Crown Andersen. On March 1, 2007, Crown Andersen served a
response upon the notice which denying the Company’s contentions and reserving
their right to file their Statement of Defence. On February 15, 2007, the
Company filed a Notice of Arbitration under the Guarantee for enforcement of
the Guarantee against Crown Andersen. On March 1, 2007, Crown Andersen served a
response upon the notice which denying the Company’s contentions and reserving
their right to file their Statement of Defence.
2. On October 24, 2007, the Plaintiffs
obtained a Temporary Restraining Order (TRO) from the
3. 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
4. On December 22, 2008, Judge Kapnick
has signed a turnover order in connection with the second New York Judgment and
the Defendants have 30 days to file a Notice of Appeal after the Plaintiffs
serve the Notice of Entry of the turnover order upon the Defendants. Up to the
date of this report, the Plaintiffs have not served the Notice of Entry upon
the Defendants.
5. Since early December 2008, EXIM, in
its effort to enforce the summary judgment, has obtained various writs from the
court and has sent those writs and/or subpoenas to various companies. Up to the
date of this report, EXIM’s effort to enforce the summary judgment through such
writs and subpoenas is still ongoing.
6. On December 22, 2008, JP Morgan
filed a motion for summary judgment against the Company and Tjiwi Kimia and
also a separate motion against the Company. Defense counsel filed responses to
these motions on March 9, 2009, and JP Morgan filed its reply on April 6, 2009.
The Court ruled on JP Morgan’s motions on October 14, 2009. The Honorable James
F. Holderman granted JP Morgan’s motion against the Company and Tjiwi Kimia,
but indicated that JP Morgan’s motion for summary judgment against the Company
remained under advisement and strongly encouraged the parties to discuss
settlement.
7. On April 21, 2010, The Honorable
James F. Holderman has issued the Memorandum Opinion And Order which granted
the Summary Judgment in favor of JP Morgan. In relation to the summary
judgment, the Company, Tjiwi Kimia and APP has filed a notice of appeal
regarding The Honorable Holderman’s orders as to JP Morgan’s motions for
summary judgment.
Gryphon Domestic VI, LLC, OCM Opportunities Fund II,
L.P., OCM Opportunities Fund III, L.P.,
(i) In the United States of America State Supreme
Court against the Company, Asia Pulp & Paper Company Ltd. (APP), PT Lontar
Papyrus Pulp & Paper Industry (Lontar), APP International Finance Company
B.V. (APP Finance) and Indah Kiat International Finance Company BV (Indah Kiat
BV) (collectively the Defendants) in respect of certain notes issued by APP
Finance (the Lontar Notes) and Indah Kiat BV (the Indah Kiat 02 and 06 Notes).
The claims in respect of the Indah Kiat 02 and 06 Notes amounted to USD78.8
million and USD92.9 million, respectively. The claim in respect of the Lontar
Notes amounted to USD147 million.
SIGNIFICANT INFORMATION
a. The Company, PT Pabrik Kertas Tjiwi
Kimia Tbk., and PT Pindo Deli Pulp And Paper Mills are currently facing dumping
and countervailing duties allegations by Appleton Coated LLC, NewPage
Corporation, S.D. Warren Company d/b/a Sappi Fine Paper North America, and
United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied
Industrial and Service Workers International Union. The petition were filed on
September 23, 2009 before the International Trade Administration, United States
Departement of Commerce (DOC) and the United States International Trade
Commission (ITC).
On September
21, 2010, DOC rendered its final determination on anti dumping and
countervailing duties i.e. 20.1% and 17.9% for the Company, PT Pabrik Kertas
Tjiwi Kimia Tbk., and PT Pindo Deli Pulp And Paper Mills. On October 22, 2010,
ITC rendered an affirmative injury determination. Therefore AD/CVD duties will
continue.
b. On November 27, 2009, 2 paper
companies in South Korea: Hankuk Paper Manufacturing Co., Ltd. and Hongwon
Paper Manufacturing Co., Ltd. filed a petition to the Ministry of Strategy and
Finance (MOSF) of South Korea to initiate a review on the imposition of
Anti-Dumping Duty on imports of uncoated woodfree paper originating from the
Republic of Indonesia and the People’s Republic of China. On January 26, 2010,
MOSF initiate investigation against the Company, PT. Pabrik Kertas Tjiwi Kimia
Tbk (Tjiwi Kimia) and PT. Pindo Deli Pulp And Paper Mills (Pindo Deli).
Korea Trade
Commission (KTC) has sent the supplemental questionnaires which have to be
replied and submitted by the Company, Tjiwi Kimia and Pindo Deli to KTC. On
July and August 2010, the Company, Tjiwi Kimia and Pindo Deli have submitted
their responds on the supplemental questionnaire to KTC. And on August 26 to
September 3, 2010, KTC has conducted verification on the responds and the final
determination will be issued by KTC in October 2010.
c. On October 7, 2010, The Company and
ICBC signed credit agreement whereby ICBC provided fixed loan on demand with
the total amount of USD9,750,000 for the period of 1 (one) year. This facility
was secured by land and building at the secured amount of USD9,973,000 and also
machinery and equipment at the secured amount of USD8,381,000.
Source: Annual Report per 30 September 2010
The company's management is now headed by Mr. Yudi Setiawan Lin (63) as
the president director. He has experienced for more than 23 years in integrated
paper making and pulp processing. But we
are sure that prime-mover of the company is Mr. Teguh Ganda Widjaja AKA Oei
Tjie Goan (66), the eldest son of Dr. Eka Tjipta Widjaja (the head of the SINAR
MAS Group). He is also one of the founders of P.T. Pabrik Kertas TJIWI KIMIA
Tbk, a paper industrial company controlled by the above family. 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
P.T. INDAH KIAT PULP AND PAPER Tbk is sufficiently fairly good for
business transaction.
Attachment:
PT. INDAH KIAT PULP & PAPER Tbk And
Subsidiaries
FINANCIAL STATEMENTS
Per 31 December 2007, 2008, 2009 and per 30
September 2010
(In Thousand US Dollar)
|
DESCRIPTION |
30 September 2010 |
31 December |
||
|
2009 |
2008 |
2007 |
||
|
A. ASSETS |
|
|
|
|
|
a.
Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
122,507 |
55,924 |
44,038 |
20,747 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
126,107 |
109,849 |
142,964 |
78,122 |
|
* Related Parties |
163,168 |
151,734 |
68,905 |
91,101 |
|
- Other Receivable |
9,263 |
9,243 |
6,081 |
21,753 |
|
- Inventories |
572,994 |
423,338 |
470,340 |
411,096 |
|
- Advance Purchases |
130,147 |
80,476 |
110,092 |
79,159 |
|
- Prepaid Taxes and Expenses |
9,615 |
24,370 |
43,373 |
14,968 |
|
- Other Current Assets |
10,527 |
29,703 |
31,531 |
34,590 |
|
Total Current Assets |
1,101,980 |
884,637 |
917,324 |
751,535 |
|
b.
Non Current Assets |
|
|
|
|
|
- Deferred Tax Assets - net |
334 |
538 |
554 |
110 |
|
- Due from related parties – net of
accumulated depreciation |
73,843 |
73,894 |
82,494 |
95,409 |
|
- Due to related Parties |
174,356 |
176,892 |
185,254 |
184,584 |
|
- Advance to related parties |
300,639 |
300,639 |
300,639 |
300,639 |
|
- Investment in shares of stock |
4,222 |
3,769 |
3,916 |
4,245 |
|
- Fixed Assets – net of accumulated
depreciation |
4,190,859 |
4,269,283 |
4,358,479 |
3,998,280 |
|
- Advance for Purchases Fixed Assets |
|
|
|
|
|
* Third Parties |
57,529 |
59,702 |
75,012 |
95,575 |
|
* Related Parties |
-- |
-- |
- |
12,148 |
|
- Asset not in operation |
37,237 |
37,237 |
37,237 |
37,237 |
|
- Other Non-current Assets |
6,531 |
6,910 |
7,063 |
8,028 |
|
Total Non Current Assets |
4,845,512 |
4,928,863 |
5,050,638 |
4,736,256 |
|
TOTAL
LIABILITIES TOTAL ASSETS = & STOCKHOLDERS’ EQUITY |
5,947,532 |
5,813,500 |
5,967,962 |
5,487,791 |
|
B.
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
a.
Current Liabilities |
|
|
|
|
|
- Short-Term Loan |
133,171 |
158,186 |
103,022 |
25,337 |
|
- Trade Liabilities |
|
|
|
|
|
* Third Parties |
153,178 |
154,583 |
229,267 |
249,116 |
|
* Related Parties |
70,719 |
66,661 |
108,820 |
81,395 |
|
- Other Liabilities |
16,210 |
16,947 |
31,480 |
16,571 |
|
- Accrued Expanses |
284,966 |
224,667 |
190,873 |
111,584 |
|
- Tax Liabilities |
14,306 |
12,330 |
6,425 |
3,644 |
|
- Lease Liabilities |
641 |
773 |
546 |
229 |
|
- Current Maturity of Long Term Loans |
414,812 |
366,926 |
90,887 |
99,00 |
|
Total Current Liabilities |
1,088,004 |
1,001,072 |
761,320 |
586,876 |
|
b.
Non Current Liabilities |
|
|
|
|
|
- Payable to Related Parties |
619 |
2,758 |
11,082 |
53 |
|
- Deferred Tax Liabilities |
133,215 |
126,306 |
108,355 |
112,749 |
|
- Post employment benefit obligation |
57,137 |
51,097 |
38,952 |
38,133 |
|
- Current maturities of long term loan |
|
|
|
|
|
* Lease liabilities |
1,556 |
2,291 |
2,067 |
663 |
|
* Bank loans |
85,164 |
73,617 |
69,927 |
-- |
|
* Bond payables |
2,045,539 |
2,049,055 |
2,046,809 |
2,065,973 |
|
* Long term loans |
909,876 |
883,010 |
870,314 |
834,426 |
|
-
Long term liabilities – net of current maturities |
|
|
|
|
|
* Lease liabilities |
(642) |
(773) |
(546) |
(229) |
|
* Bank loans |
(27,062) |
(20,425) |
(8,387) |
-- |
|
* Bond payables |
(387,750) |
(346,500) |
(82,500) |
(99,000) |
|
Total Non Current
Liabilities |
2,817,653 |
2,820,436 |
3,056,073 |
2,952,768 |
|
c.
Minority Interest |
187 |
168 |
263 |
284 |
|
d.
Stockholders’ Equity |
|
|
|
|
|
- Issued and Paid Up Capital |
2,189,016 |
2,189,016 |
2,189,016 |
2,189,016 |
|
- Additional Paid-up Capital |
5,808 |
5,808 |
5,808 |
5,808 |
|
- Retained Earnings (Accumulated Losses) |
(153,135) |
(202,832) |
(44,521) |
(246,960) |
|
Total Stockholders’ Equity |
2,041,688 |
1,991,992 |
2,150,302 |
1,947,864 |
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – Net |
1,828,328 |
1,773,400 |
2,277,002 |
1,879,377 |
|
b.
Cost of Goods Sold |
(1,481,666) |
(1,597,895) |
(1,770,338) |
(1,469,297) |
|
c.
Gross Profit |
346,663 |
175,505 |
506,664 |
410,080 |
|
d.
Operating Expenses |
(180,352) |
(179,856) |
(211,645) |
(185,508) |
|
e.
Operating Profit |
166,310 |
(4,361) |
295,019 |
224,572 |
|
f.
Other Income (Expenses) |
(99,965) |
(118,996) |
(97,444) |
(112,995) |
|
g.
Profit before Extraordinary Post |
66,346 |
(123,348) |
197,576 |
111,577 |
|
h.
Extraordinary Post |
0 |
0 |
0 |
0 |
|
i.
Profit before Income Tax |
49,884 |
(123,348) |
197,576 |
111,577 |
|
j.
Income Tax |
(16,462) |
(35,186) |
4,880 |
(19,723) |
|
k.
Profit Before Minority Interest |
49,864 |
(158,533) |
202,456 |
91,854 |
|
l.
Minority Interest |
(19) |
54 |
(17) |
(21) |
|
m. Net Profit (Loss) |
49,864 |
(158,479) |
202,439 |
91,833 |
Note: - 31 December 2007, 2008, 2009 audited by
Jimmy Budhi & Partners, a public accountant
(Member of
- 30 September 2010 un audited
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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 |
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.