|
Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SOUTH PACIFIC VISCOSE |
|
|
|
|
Registered Office : |
Sampoerna Strategic Square South Tower, 22nd Floor, Jl.
Jend. Sudirman Kav. 45-46, Jakarta 12910 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
1982 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-08722 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Viscose Fibre, Sulphuric Acid, Carbon
Bisulphide, and Sodium Sulphate |
|
|
|
|
No. of Employees : |
1,686 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
-
ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in
2010 and 2011, respectively. The government made economic advances under the
first administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, and historically low rates of inflation. Fitch and Moody's
upgraded Indonesia's credit rating to investment grade in December 2011.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among regions. The government in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
Source
: CIA
Name of
Company :
P.T. SOUTH PACIFIC VISCOSE
A d d r e s s
:
Head Office
Sampoerna Strategic Square South Tower, 22nd Floor
Jl. Jend. Sudirman Kav. 45-46
Jakarta 12910
Indonesia
Phones - (021) 5771630 (hunting)
Fax. - (021) 5771640
Email - spv-jkt@cbn.net.id
Website - http://www.pt-spv.com
Building Area - 33 storey
Office Space - 1400 sq. meters
Region - Commercial
Status - Rent
Factory
Desa Cicadas, Cilangkap
Purwakarta, West Java
Indonesia
Phones - (0264) 200636, 200637, 201414
Fax. - (0264) 200738
P.O. Box - 11 PWK
Land Area - 12.0 hectares
Building Space - 4.8 hectares
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
14 January 1978
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C-19924.HT.01.04.TH.2004
Dated 06 August 2004
b. No. AHU-AH.01.10-15693
Dated 20 June 2008
c. No. AHU-00109.AH.01.02.Tahun 2009
Dated 05 January
2009
d. No. AHU-AH.01.10-08722
Dated 25 June 2009
Company Status
:
Foreign
Investment Company (PMA)
Permit by the
Government Department :
a. The President of the Republic of Indonesia
No. B-40/Pres/11/1977
Dated 28 November 1977
b. The Capital Investment
Coordinating Board
- No. 113/VI/PMA/1980
Dated 21
November 1980
- No. 470/III/PMA/1991
Dated 30
July 1991
- No. 741/II/PMA/1994
Dated 6
May 1994
- No.89/II/PMA/1999
Dated 18
May 1999
- No.673/II/PMA/2001
Dated 05
June 2001
c. The Department of
Industry
No. 267/DJAI/IUT/III/PMA/VII/88
Dated 12 July 1988
Related
Companies :
a. LENZING A.G.
(Industrial Chemical Manufacturing)
b. ZENITH Steel Pipes and Industries Ltd. (Steel
Making)
c. AVIT Investment Ltd. (Investment Holding)
d. PENIQUE S.A. (Investment Holding)
e. TUNGABHADRA Industries Ltd.
(Textile Milling)
f. P.T. PURA
GOLDEN LION (Trading)
g. P.T. INDO BHARAT RAYON (Viscose Industry)
h. Etc.
Capital
Structure :
Authorized
Capital - Rp.
290,000,000,000.-
Issued Capital - Rp. 72,500,000,000.-
Paid up Capital - Rp. 72,500,000,000.-
Shareholders/Owners :
a. LENZING A.G. of Austria - Rp 30,435,265,000.- (41.98%)
b. AVIT INVESTMENT Ltd. of Turks
& Caicos Islands British West India -
Rp 23,086,012,000.- (31.84%)
c. PENIQUE SA of Panama -
Rp 8,678,356,000.- (11.97%)
d. P.T. PURA GOLDEN LION of Indonesia -
Rp 8,643,664,000.- (11.92%)
e. Mrs. Saparsih Noor Luddin of Indonesia - Rp
1,656,703,000.- ( 2.29%)
Lines of
Business :
Viscose Fibre, Sulphuric
Acid, Carbon Bisulphide, and Sodium Sulphate Manufacturing
Production
Capacity :
Initial Units
a. Viscose Rayon Staple Fibres - 125,000 tons p.a.
b. Anhydrous Sodium Sulphates - 70,000 tons p.a.
c. Carbon Bisulphites - 18,150 tons p.a.
d. Sulphuric Acids - 71,800 tons p.a.
e. Filament Yarns -
15,000 tons p.a.
Expansion Units
a. Viscose Rayon Staple Fibres -
15,000 tons p.a.
b. Sodium Sulphate - 10,500 tons p.a.
c. Sulphuric Acid (H2SO4) -
13,500 tons p.a.
Total
Investment :
Initial Units
a. Equity Capital
- US$ 36.2 million
b. Reinvested Profit -
US$ 27.0 million
c. Loan Capital - US$ 188.8 million
d. Total Investment
- US$ 252.0 million
Expansion Units
a. Equity Capital - ---
b. Loan Capital -
US$ 30.0 million
c. Total Investment - US$ 30.0 million
Started
Operation :
1982
Brand Name :
SPV
Technical
Assistance :
LENZING A.G., of
Austria
Number of
Employee :
1,686 persons
Marketing Area
:
Domestic (Local) - 70%
Export - 30%
Main Customers
:
a. Textile Industry
such as P.T. HADTEX, P.T. PUJITEX, P.T. TRISULATEX, P.T. SANDRATEX,
P.T.
PANASIA INDO SYNTEX, etc.
b. Overseas
Buyers in China, Vietnam, Bangladesh, Srilanka, Malaysia, Australia, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. INDO
BHARAT RAYON
b. P.T. TOBA PULP LESTARI Tbk
c. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. STATE BANK OF INDIA, Singapore
10-01 DBS Building, 6 Shenton Way
Singapore
0106
b. American Express
Banking Corp.
Hong Kong
Branch
28/F
Connaught Centre
Central
Hongkong
c. American
Express Banking Corp.
ARTHALOKA
Building
Jalan M.H.
Thamrin No. 2
Jakarta Pusat
d. DEUTCHE BANK LTD.
Jakarta Branch
Jalan Imam Bonjol No. 80
Jakarta Pusat
Auditor :
Purwantono,
Sarwoko and Sandjaja, a public accountant
Litigation :
No litigation
record in our database
Annual Sales :
2007 – Rp.
3,016.5 billion
2008 – Rp.
3,258.9 billion
2009 – Rp. 3,195.6
billion
2010 – Rp.
4,562.8 billion
2011 – Rp.
5,110.0 billion (estimated)
Net Profit :
2007 – Rp. 359.5
billion
2008 – Rp. 110.2
billion
2009 – Rp. 354.4
billion
2010 – Rp. 636.6
billion
2011 – Rp. 712.0
billion (estimated)
Payment Manner
:
Average
Financial Comments :
Satisfactory
Board of
Management :
President
Director - Mr. Wolfram Reinhard Kalt AKA Wolfram
Kalt
Directors -
a. Mr. Ian Arthur Colley
b. Mr. Gerhard Danninger
c. Mr. Sutarto Budi
d. Mr. Darmawan Alim
Board of
Commissioner :
President Commissioner -
Mr. Peter Untersperger
Commissioners -
a. Mr. Kunrat Hadi Tanubrata
b. Mr. Kunrat Hadi Tanubrata
c. Mr. Friedrich Weninger
d. Mr. Wolfgang Plasser
e. Mr. Thomas Winkler
f. Mr.
Guenther Krohn
Signatories :
President Director (Mr. Wolfram Reinhard
Kalt) or one of the Directors (Mr. Ian Arthur Colley, Mr. Gerhard Danninger,
Mr. Sutarto Budi and Mr. Darmawan Alim ) which must be approved by Board of
Commissioners.
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
The company was established in Jakarta in
1978 with an authorized capital of US$ 6,500,000.- issued capital of US$
1,300,000.- of which US$ 130,000.- was
paid-up. Founders and original shareholders of P.T. SOUTH PACIFIC VISCOSE (P.T.
SPV) were TUNGABHADRA Industries Ltd.,
of India, SNIA Viscose SPA of Italy,
INTERNATIONAL Textile Corporation Ltd., of Hong Kong and
the late Mr. Ali
Noor Luddin, an indigenous businessman. In 1984, the authorized capital was increased
to US$ 11,500,000.- wholly issued and
paid-up. On the same occasion SNIA
Viscose SPA and INTERNATIONAL Textile Corporation Ltd., pulled-out and replaced
by CHEMIE FASSER LENZING AG., of Austria, ZENITH Steel Pipes Industries Ltd.,
of India, AVIT Investment Ltd of Turks & Caicos Islands British West
India. Meanwhile, the local partner has
been replaced by P.T. PURA GOLDEN LION. In 1991, its capital has been converted
into rupiah and the authorized capital was set-up at Rp. 90,000,000,000.- issued capital
of Rp. 58,614,968,000.- wholly paid-up.
On August 2004, its issued and paid up
capital was increased to Rp. 72,500,000,000.- It seems that 41.98% shares of
P.T. SPV is controlled by LENZING AG.,
a member of the LENZING AG Group,
a major business group of
Austria, 31.18% is controlled
by AVIT INVESTMENT Ltd., of
Turks & Caicos
Islands British West India and the rest by PENIQUE SA., of Panama
(11.97%), two shareholders of Indonesia
namely P.T. PURA GOLDEN LION
(11.92%) and Mrs. Saparsih Noor Luddin (2.29%) and
GODAVARI Corp., Ltd., of India (0.66%).
The latest on June 2008, GODAVARI Corp.,
Ltd., of India pulled-out and its shares sold to AVIT INVESTMENT LTD., of Turks
& Caicos Islands British West India.
At time, the shareholders of P.T. SPV are LENZING AG., (41.98%), AVIT
INVESTMENT Ltd., (31.84%), PENIQUE SA., (11.97%), P.T. PURA GOLDEN LION
(11.92%) and Mrs. Saparsih Noor Luddin (2.29%). The amendment notary deed of
the company was approved by the Ministry of Law and Human Right in its Decision
Letter No. AHU-AH.01.10-15693, dated 20 June 2008.
On June 2009, Mr. Thomas Michael Fahnemann
resigned from a position as President Commissioner and his position replaced by
Mr. Peter Untersperger. Concurrently,
Mr. Wolfram Reinhard Kalt entered into P.T. SPV as a new director. The amendment notary deed of the company was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-08722, dated June 25, 2009. No changes have been effected in term
of its shareholding composition and capital structures to date.
P.T.
SPV is a Foreign Capital Investment (PMA) corporation engaged in viscose fibre
manufacturing. Its plant
is located at
Desa Cicadas, Cilangkap, Purwakarta, West Java, has been
operating commercially since 1982 and
running well as yet. Besides,
P.T. SPV has also produced by-products like sulphurid acid (H2SO4), carbon
bisulphide (CS2) and anhydrous sodium sulphate, all for own needs. P.T. SPV operates 3 production lines
producing 300 tons per day on the average.
Its export volume comes to about 2,500 to 2,600 tons per month.
Mr.
Cacuk Martakusuma, a senior marketing staff of P.T. SPV disclosed
that before economic crisis, domestic market was a potential one, but
since October 1997 it concentrated
to overseas market and now some 30%
of the products exported to
P.R. China, Vietnam,
Bangladesh, Srilangka, Malaysia, the Philippines, Australia,
Switzerland, the USA, Argentine, Africa, Egypt,
South Africa and Asia, while the
rest 70% remains for local textile
industries in the HADTEX
Group, the PUJITEX Group, the TRISULATEX
Group, the SANDRATEX Group, the PANASIA Group, etc.
We
observe that the operation of the company has kept on fluctuating in the last
five years. However, the operational
cost has also been rising in line with the ascending fuel price, electric based
tariff, labour wages and textile basic materials prices. However, we believe
that the operation of the company will be rising in the coming years.
Media Local Checks
Indonesia becomes the world's
second largest rayon fiber producer
Lenzing expands worth US$150 million
Bisnis Indonesia daily, 12 May 2010
By: Hery Lazuardi
JAKARTA
Lenzinq AG group of Austria to make Indonesia as the largest rayon fiber production
base in the world, outside of Austria, following a fourth-line operation of its
plant in Purwakarta, West Java. Lenzing invested capital of US. $ 150 million
or about Rp l, 3 trillion in PT South Pacific Indonesian Viscose (SPV), its
subsidiary that operates since
Factory
rayon (viscose fiber) for the textile and nonwoven) was equipped with
supporting facilities, namely power plant 12 megawatts (MW), sulfuric acid
plant with a capacity of 300 tons per day, and carbon disulfide plant (CS2)
with environmentally friendly raw material natural gas.
Additional
production lines is capable of producing 60,000 tons per annum of rayon fibers
so that the total capacity of SPV to be 220.000 tons per year. This expansion
makes the SPV as the largest rayon producer in Asia and second largest in the
world, after the parent company in Lenzing, Austria, with a capacity of 255 000
tons per year.
Head
of Board of Director of Lenzing Peter Untersperger disclosed Indonesia is very
crucial to the company because the local market to grow 15% every year, in
addition strategic as an export base.
"Indonesia is an attractive and provides business opportunities for us. This
investment indicates our commitment to Indonesia and throughout Asia," he
said in a press conference yesterday.
According
to him, the expansion in Indonesia was in line with long-term plan of the
company which would focus on Asian markets. "Asia will become the market
of the world's largest synthetic fiber with a share to 62% in 2015," he
said. After all the investment projects completed in 2012, Peter continued,
half of the production capacity of Lenzing Group’s fibers or approximately 378
000 tons will be located in Asia. "We are targeting production of 1
million tons of which is marked with this expansion and later more than half of
our cellulose fiber production will be done in Asia," he added. (Source: Bisnis Indonesia daily, May 12,
2010) ***
SPV builds fifth factory to boost production
The Jakarta Post, Jakarta | Fri, 01/14/2011 10:55
AM
PT South Pacific Viscose (SPV), a subsidiary of the world’s
leading viscose fiber producer, Lenzing Group AG, of Austria, will build its
fifth production line in Purwakarta, West Java, this year with an investment
worth US$130 million.
The
new plant, which would start operation in December 2012, was expected to
produce 80,000 tons of viscose fibers annually, SPV president director Wolfram
Kalt said on Thursday. “Our fifth
production line will increase SPV’s total production capacity to 325,000 tons
per annum in 2013, making it the largest viscose fiber producer in the world,”
he said.
SPV,
which operates four production lines in Purwakarta with a total annual
production of 240,000 tons, is currently the biggest viscose fiber supplier in
Asia. Out of the total production,
80,000 tons originate from its fourth production line, which took a $150
million investment and began its operation in May last year. Kalt said that the products from the new
line, especially bright fibers for high speed spinning technology, would mainly
serve domestic textile industries.
Right
now, around 60 percent of SPV’s output fulfills domestic demand, while the rest
is exported to other Asian countries such as Turkey, Pakistan and India. Last
year’s SPV exports were worth $250 million.
Chairman of Lenzing Management Board Peter Untersperger said that his
firm continued its investment in Indonesia because it wanted to tap into the
country’s huge and fast-growing market. “Indonesia’s market is so
dynamic. It will keep on growing and bring us more customers,” he said.
Untersperger expected to increase its market share in
Indonesia up to 20 percent from 17.9 percent in upcoming years, in line with
the estimated growth of per capita consumption of viscose fibers from six
kilograms (kg) to 14 kg by 2020. Currently, Indonesia is its second
largest market after China which controls 22.1 percent of the market share.
Lenzing
group is the world’s largest viscose fiber producer in the world, with a total
annual output of 700,000 tons. In Asia, it runs plants in Indonesia and China. (lnd).
Generally, demand for textile and textile products, including polyester textured yarn, finished fabrics, garment, textile chemicals and raw materials has been fluctuating in the last five years. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million) in 2010.
The Indonesia textile products export in 2002
amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6
million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons
(US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006
to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$
4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 and
rose again to 1,525,900 tons (US$ 4,721.8 million) in 2010.
The export
volume and value of the national TPT products in 2002 to 2010 are pictured on
the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 |
Source: Central Bureau of Statistic
According
to the financial statement of the company (source: the Department of Trade and
Industry), the total income/revenue of P.T. SPV in 2008 amounted to Rp. 3,258.9
billion with a net profit of Rp. 110.2 billion declined to Rp. 3,195.6 billion
with a net profit of Rp. 354.4 billion in 2009 and rose again to Rp. 4,562.8
billion with a net profit of Rp. 636.6 billion in 2010. Up to present, we have yet to gain the
statement of income of P.T. SPV in 2011.
However, we estimated that net income of the company in 2011 rose again
to Rp. 5,110.0 billion with a net profit of Rp. 712.0 billion. The company’s balance sheets and statement of
income in fiscal 2007, 2008, 2009 and 2010 are attached. So far we did not hear that the P.T. SPV has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
We
appraise that P.T. SPV is one of large sized viscose fibre industries in the
country. So far, we did not hear that
the company has been black listed by Bank Indonesia (Central Bank) or involved
in detrimental cases being settled in the court.
Since
January 2010, the management of P.T. SPV has been headed by Mr. Wolfram
Reinhard Kalt AKA Wolfram Kalt (50) replacing Mr. Guenther Krohn (54) as the
president director. Mr. Kalt is a
professional manager from Austria, with more than 20 years experience in
LENZING Group with various positions. In
his daily activities, he is assisted by four directors namely Mr. Ian Arthur
Colley (49), Mr. Gerhard Danninger (55), Mr. Sutarto Budi (66) and Mr. Darmawan
Alim (58). The management has a good
reputation in industry and trading of viscose rayon staple fibre and other textile
raw materials. The management also has
wide relation with private businessmen of home and overseas as well as with the
government sectors. So far, we did not
hear that the management of the company has involved in fraudulent business
dealing.
We believe that
P.T. SOUTH PACIFIC VISCOSE is sufficiently fairly good for business
transaction.
Per 31 December 2007, 2008, 2009 and 2010
(In million Rupiah)
|
DECCRIPTION |
31 December |
|||
|
2010 |
2009 |
2008 |
2007 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and cash equivalents |
288,039.0 |
120,201.4 |
258,674.6 |
357,454.0 |
|
- Trade and other receivables - net |
386,701.5 |
329,014.2 |
403,245.3 |
341,622.4 |
|
- Inventories - net |
705,196.4 |
484,325.2 |
612,421.1 |
437,000.1 |
|
- Prepayments |
7,358.1 |
6,058.3 |
1,827.0 |
2,707.4 |
|
- Claims for tax refund |
210,183.5 |
161,132.7 |
101,652.9 |
55,415.2 |
|
Total Current Assets |
1,597,478.5 |
1,100,731.8 |
1,377,820.9 |
1,194,199.2 |
|
|
|
|
|
|
|
b. Non-Current Assets |
|
|
|
|
|
- Property, plant and equipment - net |
2,172,167.1 |
1,812,667.6 |
721,099.6 |
559,237.1 |
|
- Intangible asset – net of accumulated |
-- |
-- |
-- |
864.6 |
|
- Net deferred tax assets |
17,625.5 |
24,397.9 |
36,112.3 |
16,572.1 |
|
- Receivables from employees |
8,155.2 |
7,934.1 |
5,347.0 |
4,623.3 |
|
- Advances for purchase of property and plant |
4,379.2 |
48,195.9 |
164,114.4 |
8,917.2 |
|
- Other non-current assets |
3,256.3 |
3,382.3 |
2,804.6 |
2,893.7 |
|
Total Non-Current Assets |
2,205,583.3 |
1,896,577.9 |
929,507.9 |
593,107.9 |
|
TOTAL ASSETS = TOTAL
LIABILITIES & SHAREHOLDERS’ EQUITY |
3,803,061.8 |
2,997,309.8 |
2,307,328.8 |
1,787,307.1 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Trade and other payables |
510,591.2 |
389,020.5 |
581,629.1 |
375,880.4 |
|
- Dividends payable |
51,800.9 |
-- |
-- |
23,602.2 |
|
- Taxes payable |
113,672.3 |
51,164.4 |
39,696.3 |
114,747.5 |
|
- Accrued expenses and provisions |
150,568.7 |
131,930.7 |
92,685.5 |
108,370.0 |
|
- Current portion |
282,143.2 |
122,351.4 |
26,006.2 |
174,063.5 |
|
Total Current Liabilities |
1,108,776.2 |
694,467.0 |
740,017.1 |
796,663.6 |
|
|
|
|
|
|
|
b. Non-Current Liabilities |
|
|
|
|
|
- Long-term
portion * Long-term debt * Subordinated loans |
889,286.9 135,058.6 |
1,055,617.4 183,811.1 |
653,140.1 205,247.3 |
66,975.0 212,563.0 |
|
- Dividends payable |
-- |
54,448.5 |
63,024.4 |
-- |
|
- Retirement benefits obligations |
75,209.0 |
54,997.9 |
50,849.0 |
40,397.9 |
|
- Government Grants |
8,680.6 |
4,545.5 |
-- |
-- |
|
Total Non-Current
Liabilities |
1,108,235.0 |
1,353,420.4 |
972,260.8 |
319,935.9 |
|
|
|
|
|
|
|
c. Shareholders’ Equity |
|
|
|
|
|
- Share capital (Issued and Paid up capital) |
72,500.0 |
72,500.0 |
72,500.0 |
72,500.0 |
|
- Revaluation increment in property and plant |
-- |
-- |
-- |
0.1 |
|
- Retained earnings |
1,513,550.6 |
876,922.4 |
522,550.9 |
598,207.5 |
|
Total Shareholders’ Equity |
1,586,050.6 |
949,442.4 |
595,050.9 |
670,707.6 |
|
|
|
|
|
|
|
STATEMENTS OF INCOME |
|
|
|
|
|
- Net Sales |
4,562,813.9 |
3,195,630.1 |
3,258,886.5 |
3,016,457.3 |
|
- Cost of goods sold |
(3,383,113.2) |
(2,519,118.3) |
(2,727,631.7) |
(2,217,453.9) |
|
- Gross Profit |
1,179,680.7 |
676,511.8 |
531,254.9 |
799,003.4 |
|
- Operating Expenses |
(372,163.7) |
(286,533.2) |
(273,527.4) |
(240,761.5) |
|
- Income from operations |
807,517.0 |
389,978.6 |
257,727.5 |
558,241.9 |
|
- Other Income (Charges) |
42,927.4 |
106,931.1 |
(92,522.8) |
(41,159.5) |
|
- Income before income tax |
850,444.4 |
496,909.7 |
165,204.7 |
517,082.4 |
|
- Income tax expense - Net |
(213,816.2) |
(142,538.2) |
(54,990.3) |
(157,625.8) |
|
NET PROFIT (Net Income) |
636,628.2 |
354,371.5 |
110,214.4 |
359,456.6 |
Audited by
Purwantono, Sarwoko & Sandjaja (a member of Ernst & Young)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.89 |
|
|
1 |
Rs.88.62 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.