|
Report Date : |
29.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CHAROEN POKPHAND INDONESIA TBK |
|
|
|
|
Registered Office : |
Jalan Ancol VIII No. 1, Ancol Barat, Jakarta Utara
14430 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
07.01.1972 |
|
|
|
|
Com. Reg. No.: |
No. AHU-61146.AH.01.02.TH.2010 |
|
|
|
|
Legal Form : |
Public Listed
Company |
|
|
|
|
Line of Business : |
Animal Feed and
Shrimp Feed Milling |
|
|
|
|
No. of Employees : |
4,229 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - 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. CHAROEN
POKPHAND INDONESIA TBK
A d d r e s s :
Head Office &
Jakarta Factory
Jalan Ancol VIII No. 1, Ancol Barat
Jakarta Utara 14430
Indonesia
P.O. Box -
83 JKT
Phones - (021) 6912501 (hunting), 6902787, 6902538,
(021) 6902567, 69005640
Fax. -
(021) 6917325
Cable -
POKPHAND JAKARTA
Telex -
42659 POKPHAND IA
Website - http://www.prokar.com
E-Mail - charoen@idola.net.id
Surabaya Factory
Jalan Raya
Surabaya Mojokerto Km. 19
Desa Beringin
Bendo, Taman Sidoarjo
Surabaya, East
Java
Phones -
(031) 782183, 782509
Medan Factory
Jalan Tanjung Morawa Km. 8.5
Medan, North Sumatra
Phones -
(061) 751678
Tangerang Factory
Jalan Raya Serang
Km. 30
Desa Cengkudu
Balaraja,
Tangerang
West Java
Warehouse
Jalan Ir. Sutami Km. 8.5 No. 15
Tanjung Karang Timur
Bandar Lampung
Lampung
Phones - (0721) 350041-44
Fax. -
(0721) 350045
Date of
Incorporation :
a. 7 January 1972
as P.T. CHAROEN POKPHAND INDONESIA ANIMAL FEED MILL CO., LTD.
b. 8 June 1990 as
P.T. CHAROEN POKPHAND INDONESIA
c. February 1997
as P.T. CHAROEN POKPHAND INDONESIA 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. YA-5/197/21
Dated 8 June 1973
b. No.
C-UM.02.01.4728
Dated 14 January 2003
c. No.
AHU-97521.AH.01.02.TH.2008
Dated 18 December 2008
d. No.
AHU-61146.AH.01.02.TH.2010
Dated 31 December 2010
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Department :
a. The President of the Republic of Indonesia
No. B-132/Pres/II/1971
Dated 5 November 1971
b. The Capital Investment Coordinating Board
- No. 383/III/PMA/1991
Dated 17 June 1991
- No. 299/II/PMA/2000
Dated 1 November 2000
- No. 123/II/PMA/2001
Dated 30 April 2001
Related Companies :
A Member of the CHAROEN POKPHAND Group
Capital Structure :
Authorized
Capital - Rp.
400,000,000,000.-
Issued Capital - Rp.
163,980,000,000.-
Paid up Capital - Rp.
163,980,000,000.-
Shareholders (as of December 31, 2011) :
a. P.T. CENTRAL AGROMINA - Rp. 91,064,000,000.-
(55.53%)
b. PUBLICS (ownership below 5% each) -
Rp. 72,916,000,000.- (44.47%)
Lines of Business
:
a. Animal Feed and Shrimp Feed Milling
b. Plastic Bag Manufacturing
c. Poultry Equipment Manufacturing
d. Investment Holding
Production
Capacity :
Initial Plant
a. Animal Feeds - 1,090,000 tons p.a.
b. Shrimp Feeds - 84,000 tons p.a.
c. Plastic Bags
- Outer Bags -
12,500,000 sheet p.a.
- Inner Bags -
12,500,000 sheet p.a.
d. Hanging Feeder Tubes - 900,000 units p.a.
e. Chicks Waters - 750,000 units p.a.
f. Egg trays - 600,000 units p.a.
g. Warehouse *) - 100,000 tons
Expansion (1998)
a. Chick Meet Raw -
4,500 tons p.a.
b. Chick Meet Frozen - 14,400 tons p.a.
c. Chick Meet Processed - 8,544 tons
p.a.
Expansion Plant
(2000)
Meet processed - 1,500 tons p.a.
Expansion Plant
(2001)
Fish Feeds - 108,000
tons p.a.
Total Investment :
Initial Unit
a. Owned Capital
- Rp 60.0 billion
b. Reinvested
Profit - Rp 1.7 billion
c. Loan
Capital - Rp 100.8 billion
d. Total
Investment - Rp 162.5 billion
Expansion Unit
(1998)
a. Equity
Capital - Rp 48.6 billion
b. Loan
Capital - Rp 179.5 billion
c. Total
Investment - Rp 228.1 billion
Expansion Unit
(2000)
a. Equity
Capital - Rp --- billion
b. Loan
Capital - Rp 6.2 billion
c. Total
Investment - Rp 6.2 billion
Expansion Unit
(2001)
a. Equity
Capital - Rp --- billion
b. Loan
Capital - Rp 2.3 billion
c. Total
Investment - Rp 2.3 billion
Started Operation :
1972
Brand Name :
CHAROEN POKPHAND
Technical Assistance :
The CHAROEN POKPHAND Group
Number of Employee :
4,229 persons (as
of June 30, 2012)
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. SURYA
UNGGAS MANDIRI
b. P.T. SUMBER TERNAK PRATAMA
c. P.T. MULTI SARANA PAKANINDO
d. P.T. TIARA TUNGGAL MANDIRI
e. P.T. SINAR INTI MUSTIKA
f. P.T. SEMESTA MITRA SEJAHTERA
g. P.T. BINTANG SEJAHTERA BERSAMA
h. P.T. MITRA SINAR JAYA
i. P.T. INDAH TERNAK MANDIRI
j. P.T. CEMERLANG UNGGAS LESTARI
k. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. METRO FEED
INDONESIA
b. P.T. JAPFA
COMFEED INDONESIA
c. P.T. MULTI DARANA PAKANINDO
d. P.T. MITRA MANGGALINDO
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Wisma Bank MANDIRI
Jalan Gatot Subroto Kav. 36-38
Jakarta Barat
b. P.T. Bank PERMATA Tbk
Wisma
Bank PERMATA
Jalan Jend. Sudirman Kav. 27
Jakarta
Selatan
c. CITIBANK N.A.
CITIBANK Building
Jalan Jend. Sudirman Kav. 54-55
Jakarta
Selatan
Auditor :
Purwantono, Sarwoko & Sandjaja
Litigation :
No litigation record in our database
Annual Sales :
2007 – Rp. 8,767.9 billion
2008 – Rp.
13,311.1 billion
2009 – Rp.
14,569.3 billion
2010 – Rp.
15,007.8 billion
2011 – Rp.
17,958.0 billion
2012 – Rp.
10,240.4 billion (as of 30 June 2012)
Net Profit (Loss)
:
2007 – Rp. 185.4 billion
2008 – Rp. 254.0 billion
2009 – Rp. 1,612.7 billion
2010 – Rp. 2,210.3 billion
2011 – Rp. 2,362.5 billion
2012 – Rp. 1,691.4 billion (as of 30 June 2012)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Tjiu Thomas Effendy
Vice Pres. Directors -
a. Mr. Peraphon Prayooravong
b. Mr. Vinai Rakphongphairoj
Directors -
a. Mrs. Ong Mei Sian
b. Mr. Jemmy
c. Mr. Eddy Dharmawan
d. Mr. Ferdiansyah Gunawan Tjoe
Board of Director :
President
Commissioner - Mr. Hadi Gunawan
Tjoe
Vice Pres. Commissioners -
a. Mr. Jiacipto Jiaravanon
b. Mr. Jialipto Jiaravanon
Independent Commissioners - a. Mr. Herman Sugianto
b. Mr. Suparman S.
Signatories :
President Director (Mr. Tjiu Thomas
Effendy) or one of Vice Pres. Directors (Mr. Peraphon Prayooravong and Mr.
Vinai Rakphongphairoj) or one of directors (Mrs. Ong Mei Sian, Mr. Jemmy, Mr.
Eddy Dharmawan and Mr. Feerdiansyah Gunawan Tjoe) 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
Initially named
P.T. CHAROEN POKPHAND INDONESIA ANIMAL FEED MILL Co., Ltd., the company was set
up in 1972 with an authorized capital of US$ 1,000,000.- and issued capital of
US$ 300,000.- of which US$ 30,000.- was paid up. The founders and original
shareholders are Mr. Sumet
Jiaravanon, Mr. Jaran Chiaravanont, Mr. Montri Chiaravanont (the three are Thai
businessmen of Chinese extraction) and Mr. Johannes Purnama Sudarma SH (an
Indonesian businessman of Chinese origin). In 1990 the company was renamed to
P.T. CHAROEN POKPHAND INDONESIA. In February 1991 the company sold out 25% of
its shares to the public through the Jakarta Stock Exchange (BEJ). Its articles of association have subsequently
been changed for several times. In February 1997, the authorized capital was
increased to Rp. 400,000,000,000.-
issued capital to Rp. 140,766,917,500.- entirely paid-up and
concurrently a word Terbuka (Tbk) was added behind its name to comply with new
law on publicly listed company to P.T. CHAROEN POKPHAND INDONESIA Tbk., is
abbreviated P.T. CPIT.
Pursuant to annual
report of the company, as of 31 December 2009 the issued capital was raised to
Rp. 164,228,000,000.- and fully paid up.
Then, as of 31 December 2011, the issued capital was declined to Rp.
163,980,000,000.- The shareholders of the company are P.T. CENTRAL AGROMINA
(55.53%) and Publics (44.47%). The
latest amendment to Articles of
Association was approved by the Ministry of Law and Human Right with the
Decision Letter No. AHU-61146.AH.01.0.2.TH.2010 dated December 31, 2010. No changes have been effected in term of its
shareholding composition and capital structures to date.
We observed that P.T. CENTRAL AGROMINA is a
private company whose majority business stakes is controlled by Mr. Slamet
Jiaravanon and his family members. Mr. Jiaravanon is also founder and majority
business stakes owner of the CHAROEN POKPHAND Group, the largest business group
in Indonesia in animal feed milling and distribution.
P.T. CPIT (“the Company”) is a Foreign
Capital Investment (PMA) company dealing with animal feed milling by managing a
plant originally located at Jalan Ancol VIII/1, Ancol Barat (North Jakarta).
Its operation has been expanding rapidly by establishing two other factories
respectively in Surabaya (East Java) and Medan (North Sumatra). Furthermore,
they also operate the same plant in Tangerang (West Java). P.T. CPIT has several business segments with
different characteristics. Today, the Company is focused on agro-business
activities that encompass the entire spectrum of the poultry business, from the
production of superior feed products, to the breeding of fast-growing,
disease-resistant poultry stock and to the creation of high quality processed
poultry products.
The Company is also the dominant force in
the production and supply of poultry breeding stock for layer and boiler
chicken in Indonesia. As with poultry feed, the Company is the large producer
of high quality DOC for Indonesian farmers thanks to an extensive network of
breeding facilities across Java, Kalimantan, Bali, Sulawesi and Sumatra.
While poultry feed and poultry breeding activities have historically
been the main agro-business focus, the Company has also responded to the rising
poultry consumption by expanding into poultry processing and production of high
value-added poultry products. This is carried out at the Company’s own
slaughterhouse and processing plant in Cikande (West Java), Salatiga (Central
Java) and Surabaya (East Java).
From
the perspective of consolidated net sales, the biggest contribution was from
the poultry feed segment, followed by DOC, processed chicken and others, which
consist of poultry equipment, packaging and others at amounts to immaterial to
be included in the analysis. The details
of net sales based on business segments 2008 – 2011 (in million Rupiah) are as
follows:
|
Products |
Sales Value |
|||
|
2011 |
2010 |
2009 |
2008 |
|
|
Poultry Feed |
13,822,389 |
11,208,122 |
11,130,084 |
10,310,462 |
|
Day Old Chicks (DOC) |
2,404,605 |
2,447,278 |
2,192,585 |
1,895,753 |
|
Processed Chicken |
1,579,060 |
1,323,232 |
1,202,626 |
1,0444,816 |
|
Poultry Equipment |
-- |
18,045 |
18,654 |
26,178 |
|
Packaging |
-- |
20,864 |
18,576 |
33,932 |
|
Others |
151,918 |
60,281 |
6,742 |
-- |
|
TOTAL |
17,957,972 |
15,077,822 |
14,569,267 |
13,311,141 |
Source: PT.
Charoen Pokphand Indonesia Tbk.
Pursuant to Annual Report of the Company, As
of June 30, 2012, P.T. CPIT has ownership interest of more than 50% shares
directly and indirectly in the following subsidiaries which are engaged in
poultry farming, trading and processed chicken, production and distribution of
poultry feed, chicken feather meal and others. The table of P.T. CPIT’s
subsidiary companies shall be as follows:
(In Rp
million)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
% of Ownership |
Total Assets (30 June 2012) |
|
Direct ownership |
|
|
|
|
|
PT. Charoen Pokphand Jaya Farm |
Poultry farming |
1972 |
99.99 |
3,195,684 |
|
PT. Primafood International |
Trading and processed chicken |
2000 |
99.96 |
159,694 |
|
PT. Vista Grain |
Production and distribution of poultry feed |
1982 |
99.92 |
43,500 |
|
PT. Poly Packaging Industry |
Production of plastic product |
2003 |
99.99 |
57,083 |
|
PT. Feprotama Pertiwi |
Production and distribution of chicken feather meal |
1994 |
99.32 |
24,290 |
|
PT. Agrico International |
Trading |
2009 |
99.99 |
139,363 |
|
PT. Sarana Proteina Utama |
Poultry farming |
2012 |
100.00 |
84,793 |
|
Indirect ownership |
|
|
|
|
|
PT. Centralavian Pertiwi |
Poultry farming |
1991 |
100.00 |
417,775 |
|
PT. Satwa Utama Raya |
Poultry farming |
1987 |
99.99 |
339,120 |
|
PT. Vista Agung kencana |
Poultry farming |
1986 |
99.99 |
127,606 |
|
PT. Istana Satwa Borneo |
Poultry farming |
1989 |
99.96 |
70,273 |
|
PT. Cipta Khatulistiwa Mandiri |
Poultry farming |
1989 |
50.00 |
62,630 |
|
PT. Agrico International |
Trading |
2009 |
0.01 |
139,363 |
|
PT. Cipendawa Agriindustri |
Poultry farming |
2010 |
100.00 |
68,602 |
|
PT. Poly Packaging Industry |
Plastic Product Industry |
2003 |
0.01 |
57,082 |
|
PT. Kharisma Proteindo Utama |
Poultry farming |
2012 |
100.00 |
3,492 |
According
to financial statement the total sales turnover of P.T. CPIT in 2008 amounted
to Rp 13,311.1 billion with a net profit of Rp 254.0 billion, increased to Rp
14,569.3 billion with a net profit of Rp 1,612.7 billion in 2009 rose again to
Rp 15,077.8 billion with a net profit of Rp 2,210.3 billion in 2010 and rose
again to Rp. 17,958.0 billion with a net profit of Rp. 2,362.5 billion in
2011. As per June 30, 2012, its sales
turnover was Rp. 10,240.4 billion with a net profit of Rp. 1,691.4 billion. So
far, we have never heard that P.T. CPIT has been black listed by Bank Indonesia
(Central Bank) or involved in detrimental cases being settled in the local
court. Financial highlights as of 31 December 2009, 2010, 2011 and as of June
30, 2012 are attached.
The management of P.T. CPIT is led by Mr.
Tjiu Thomas Effendy (54) as president director.
He acquired his Master of Business Administration from the University of
the City of Mania, Philippines in 1994.
Started his career in the Company in 1980 and appointed President
Director of the Company in 2008. In
daily activities, he is assisted by Mr. Peraphon Prayooravong (59) and Mr.
Vinai Rakphongphairoj (56), both as vice president directors and four directors
namely Mrs. Ong Mei Sian (50), Mr. Jemmy (36), Mr. Eddy Dharmawan (36) and Mr.
Ferdiansyah Gunawan Tjoe (37). The management
reputation is the above business is excellent.
The management maintains wide relation with home and overseas private
businessmen. So far, we have never yet heard of the company’s management having
been involved in business malpractices. P.T. CPIT is sufficiently fairly good
for business transaction.
(in million Rp )
|
DESCRIPTION |
30 June |
31 December |
||
|
2012 |
2011 |
2010 |
2009 |
|
|
1. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
1,344,155 |
876,198 |
1,316,840 |
387,996 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
1,540,192 |
1,331,463 |
883,855 |
857,286 |
|
* Related Parties |
667 |
21,607 |
6,635 |
156 |
|
- Other Receivable |
|
|
|
|
|
* Third Parties |
145,394 |
22,307 |
55,743 |
11,791 |
|
* Related Parties |
15,793 |
6,330 |
370 |
187,568 |
|
- Inventories - net |
2,415,532 |
2,339,543 |
1,554,780 |
1,575,018 |
|
- Breeding flocks – net |
577,820 |
527,496 |
395,111 |
396,759 |
|
- Prepaid expenses and
advances |
288,362 |
124,532 |
61,302 |
52,269 |
|
- Prepaid value added
tax |
-- |
769 |
-- |
-- |
|
Total Current Assets |
6,327,915 |
5,250,245 |
4,274,636 |
3,468,843 |
|
b. Non-current Assets |
|
|
|
|
|
- Deferred Tax Assets |
71,659 |
70,486 |
71,036 |
22,176 |
|
- Property, plant and
equipment - net |
3,747,071 |
3,198,604 |
1,931,069 |
1,685,370 |
|
- Claims for tax refund |
288,012 |
269,786 |
194,850 |
134,664 |
|
- Goodwill |
7,438 |
7,438 |
-- |
-- |
|
- Others - net |
63,111 |
51,645 |
46,685 |
38,322 |
|
Total Non-Current Assets |
4,177,291 |
3,597,959 |
2,243,640 |
1,880,532 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
10,505,206 |
8,848,204 |
6,518,276 |
5,349,375 |
|
2. LIABILITIES |
|
|
|
|
|
a. Short-term bank loans |
273,300 |
241,360 |
2,080 |
40,000 |
|
b. Trade Payables |
|
|
|
|
|
- Third Parties |
568,948 |
599,017 |
737,302 |
688,602 |
|
- Related Parties |
45,478 |
30,236 |
17,892 |
46,729 |
|
c. Other Payables |
|
|
|
|
|
- Third parties |
209,175 |
154,143 |
119,437 |
95,808 |
|
- Related parties |
327,541 |
217,640 |
77,161 |
14,831 |
|
d. Customer advance |
-- |
10,958 |
12,364 |
13,197 |
|
e. Taxes payable |
285,083 |
215,865 |
269,492 |
333,527 |
|
f. Accrued expenses |
144,952 |
81,086 |
71,028 |
76,800 |
|
g. Current portion of long-term debts |
111,497 |
36,205 |
166,949 |
510,737 |
|
Total Current Liabilities |
1,965,974 |
1,575,552 |
1,461,341 |
1,820,231 |
|
b. Non-Current Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities – net |
3,154 |
2,718 |
10,342 |
11,552 |
|
- Long-term debts - net |
1,005,140 |
766,770 |
282,477 |
318,884 |
|
- Employees’ benefits |
343,895 |
313,694 |
279,080 |
247,034 |
|
Total Non-Current Liabilities |
1,352,189 |
1,083,182 |
574,899 |
577,470 |
|
- Minority Interests |
-- |
-- |
23,604 |
18,656 |
|
3. STOCKHOLDERS’
EQUITY |
|
|
|
|
|
- Issued and Paid up Capital |
163,980 |
163,980 |
163,980 |
164,228 |
|
- Additional Paid up Capital |
147,037 |
147,037 |
147,037 |
147,259 |
|
- Other equity |
(10,856) |
(10,856) |
(10,856) |
(10,856) |
|
- Difference in value of
restructuring |
(15,006) |
(15,006) |
(15,006) |
(15,006) |
|
- Retained Earning |
7,162,158 |
6,161,267 |
4,458,432 |
2,647,393 |
|
- Non-controlling Interests |
24,885 |
28,203 |
23,604 |
-- |
|
- Total Equity |
7,187,043 |
6,189,470 |
4,482,036 |
2,933,018 |
|
Total Stockholders’ Equity |
10,505,206 |
8,848,204 |
6,518,276 |
5,349,375 |
|
|
|
|
|
|
|
3. INCOME
STATEMENT |
|
|
|
|
|
a. Net Sales |
10,240,366 |
17,957,972 |
15,077,822 |
14,569,267 |
|
b. Cost of Goods Sold |
(7,562,498) |
(14,033,726) |
(11,323,708) |
(11,689,920) |
|
c. Gross Profit |
2,677,868 |
3,924,246 |
3,754,114 |
2,879,347 |
|
d. Operating Expenses |
(471,721) |
(915,033) |
(916,695) |
(822,466) |
|
e. Operating Profit (Loss) |
2,306,147 |
3,009,213 |
2,837,419 |
2,056,881 |
|
f. Other Income (Expenses) |
(41,625) |
(34,633) |
(19,192) |
103,515 |
|
g. Profit Before Income Tax |
2,164,522 |
2,974,580 |
2,818,227 |
2,160,396 |
|
h. Income Tax Expanse |
(473,139) |
(612,083) |
(598,366) |
(540,978) |
|
i. Income before Minority Interest |
1,691,383 |
2,362,497 |
2,219,861 |
1,619,418 |
|
j. Minority interest |
-- |
-- |
(9,595) |
(6,708) |
|
k. Net Profit (Loss) |
1,691,383 |
2,362,497 |
2,210,266 |
1,612,710 |
Notes: Audited by Purwantono,
Suherman & Surya (a member of Ernst & Young)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.69 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.14 |
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.