MIRA INFORM REPORT

Report Date :

15.02.2013

IDENTIFICATION DETAILS

Name :	PT INDO-RAMA SYNTHETICS TBK
Registered Office :	Floor 17, Graha Irama H.R. Rasuna Said Road Block X-1, Lot 1-2 Jakarta, 12950
Country :	Indonesia
Financials (as on) :	31.12.2011
Date of Incorporation :	03.04.1974
Legal Form :	Public Parent
Line of Business :	Preparation and spinning of textile fibres
No. of Employees :	6,496

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 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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

Company name and address Top of Form

Bottom of Form

Top of Form

PT Indo-Rama Synthetics Tbk

Floor 17, Graha Irama
H.R. Rasuna Said Road
Block X-1, Lot 1-2
Jakarta, 12950
Indonesia
Tel:	62-21-5261555
Fax:	62-21-5261501
www.indorama.com

Employees:

6,496

Company Type:

Public Parent

Corporate Family:

9 Companies

Traded:

Indonesia Stock Exchange:

INDR

Incorporation Date:

03-Apr-1974

Auditor:

Osman Bing Satrio & Rekan

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	US Dollar
Annual Sales:	780.6 ^1
Net Income:	10.3
Total Assets:	673.5 ^2
Market Value:	883,374.8
	(31-Jan-2013)

Business Description

PT Indo-Rama Synthetics Tbk is an Indonesia-based polyester manufacturer. The Company is comprised of four divisions: polyester, which produces partially oriented yarns, draw textured yarns, fully drawn yarns, polyester staple fibers and textile grade chips; spun yarns, which manufactures cotton yarns, synthetic yarns, blended yarns, twisted yarns, yarns on dye springs and polyester sewing thread yarns; fabrics, which produces failles, georgettes, bottom wear and new fabrics; and captive power plants, which are located at Purwakarta. As of December 31, 2011, the Company had two subsidiaries, which are Isin International Pte. Ltd. and Indorama Industry Pte. Ltd. For the nine months ended 30 September 2012, PT Indo-Rama Synthetics Tbk revenues decreased 4% to $573.1M. Net income decreased 87% to $2.5M. Revenues reflect Polyester segment decrease of 15% to $109.9M, Other segment decrease of 60% to $1.3M, North America segment decrease of 46% to $15M, South America segment decrease of 26% to $16.9M, Indonesia segment decrease of 5% to $73.5M.

Industry

Industry	Textiles - Non Apparel
ANZSIC 2006:	1312 - Natural Textile Manufacturing
NACE 2002:	171 - Preparation and spinning of textile fibres
NAICS 2002:	313112 - Yarn Texturing, Throwing, and Twisting Mills
UK SIC 2003:	171 - Preparation and spinning of textile fibres
UK SIC 2007:	1310 - Preparation and spinning of textile fibres
US SIC 1987:	2282 - Yarn Texturizing, Throwing, Twisting, and Winding Mills

Key Executives

Name	Title
Amit Lohia	President Director
Vishnu Swaroop Baldwa	Chief Financial Officer, Director
Arun Taneja	Director
Aloke Lohia	CEO
Sri Prakash Lohia	President Commissioner

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	1	PT Indorama Synthetics Tbk Announces FY 2011 Final Dividend	4-Jul-2012

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.16	2.75
Quick Ratio (MRQ)	0.67	1.45
Debt to Equity (MRQ)	0.31	0.52
Sales 5 Year Growth	10.60	10.05
Net Profit Margin (TTM) %	-0.94	7.39
Return on Assets (TTM) %	-1.08	7.59
Return on Equity (TTM) %	-2.08	15.09

Stock Snapshot

Traded: Indonesia Stock Exchange: INDR

As of 31-Jan-2013

   Financials in: IDR

Recent Price	1,350.00	EPS	153.01
52 Week High	2,475.00	Price/Sales	0.12
52 Week Low	1,350.00	Dividend Rate	33.00
Avg. Volume (mil)	0.0065	Price/Book	0.31
Market Value (mil)	883,374.80	Beta	0.73

	Price % Change	Rel S&P 500%
4 Week	-3.57%	-5.11%
13 Week	-12.34%	-15.13%
52 Week	-34.94%	-41.69%
Year to Date	-4.93%	-8.43%

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
Floor 17, Graha Irama
H.R. Rasuna Said Road
Block X-1, Lot 1-2
Jakarta, 12950
Indonesia

Tel:	62-21-5261555
Fax:	62-21-5261501

www.indorama.com

Quote Symbol - Exchange
INDR - Indonesia Stock Exchange
Sales USD(mil):	780.6
Assets USD(mil):	673.5
Employees:	6,496
Fiscal Year End:	31-Dec-2011

Industry:

Textiles - Non Apparel

Incorporation Date:	03-Apr-1974
Company Type:	Public Parent
Quoted Status:	Quoted

CEO :

Aloke Lohia

Industry Codes

ANZSIC 2006 Codes:
1312	-	Natural Textile Manufacturing

NACE 2002 Codes:
171	-	Preparation and spinning of textile fibres

NAICS 2002 Codes:
313112	-	Yarn Texturing, Throwing, and Twisting Mills
313113	-	Thread Mills
313111	-	Yarn Spinning Mills

US SIC 1987:
2282	-	Yarn Texturizing, Throwing, Twisting, and Winding Mills
2281	-	Yarn Spinning Mills
2284	-	Thread Mills

UK SIC 2003:
171	-	Preparation and spinning of textile fibres

UK SIC 2007:
1310	-	Preparation and spinning of textile fibres

Business Description

PT Indo-Rama Synthetics Tbk is an Indonesia-based polyester manufacturer. The Company is comprised of four divisions: polyester, which produces partially oriented yarns, draw textured yarns, fully drawn yarns, polyester staple fibers and textile grade chips; spun yarns, which manufactures cotton yarns, synthetic yarns, blended yarns, twisted yarns, yarns on dye springs and polyester sewing thread yarns; fabrics, which produces failles, georgettes, bottom wear and new fabrics; and captive power plants, which are located at Purwakarta. As of December 31, 2011, the Company had two subsidiaries, which are Isin International Pte. Ltd. and Indorama Industry Pte. Ltd. For the nine months ended 30 September 2012, PT Indo-Rama Synthetics Tbk revenues decreased 4% to $573.1M. Net income decreased 87% to $2.5M. Revenues reflect Polyester segment decrease of 15% to $109.9M, Other segment decrease of 60% to $1.3M, North America segment decrease of 46% to $15M, South America segment decrease of 26% to $16.9M, Indonesia segment decrease of 5% to $73.5M.

More Business Descriptions

Manufacture of polyester filament yarn, PET resin, spun yarns, polyester staple fibre and polyester fabrics. The company is the largest polyester producer in Indonesia

Polyester Filament Yarns, Spun Yarns, PET Resins, Polyester Staple Fibers & Polyester Filament Fabrics Mfr & Marketer

Fiber, Yarn, and Thread Mills

Brand/Trade Names

Indorama

Financial Data

Financials in:	USD(mil)
Revenue:	780.6
Net Income:	10.3
Assets:	673.5
Long Term Debt:	88.4
Total Liabilities:	381.8
Working Capital:	0.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

26.5%

-60.1%

19.1%

Market Data

Quote Symbol:	INDR
Exchange:	Indonesia Stock Exchange
Currency:	IDR
Stock Price:	1,350.0
Stock Price Date:	01-31-2013
52 Week Price Change %:	-34.9
Market Value (mil):	883,374,784.0
SEDOL:	6454322
ISIN:	ID1000086101
Equity and Dept Distribution:
IPO: 8/3/1990. FY 07 & 08 Qs are reclassified. 09/07 Revision as of 24 Mar'09: no changes in financials.

Subsidiaries

Company	Percentage Owned	Country
Indorama Industri, PT	100%	INDONESIA
Indorama International Ltd	100%	INDONESIA
Isin International Pte Ltd	100%	SINGAPORE
JV Indorama Kokand Textile LLC (IKT), PT	76%	INDONESIA

Shareholders

Major Shareholders

PT Irama Investama (49%)

Key Corporate Relationships

Auditor:	Osman Bing Satrio & Rekan
Bank:	HSBC, Deutsche Bank
Auditor:	Osman Bing Satrio & Rekan, Osman Bing Satrio & Rekan

Corporate Structure News

PT Indo-Rama Synthetics Tbk
Total Corporate Family Members: 9

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
PT Indo-Rama Synthetics Tbk	Parent	Jakarta	Indonesia	Textiles - Non Apparel	780.6	6,496
Indo Poly (Thailand) ltd.	Subsidiary	Bangkok	Thailand	Crops		100
Isin International Pte Ltd	Subsidiary	Singapore	Singapore	Personal and Household Products	123.4	8
Indorama Iplik San Ve Tic A.S.	Subsidiary	Istanbul	Turkey	Crops		6
Medisafe Technologies	Subsidiary	Medan	Indonesia	Medical Equipment and Supplies
Indorama Iplik Sanayi Ve Ticaret A.S.	Subsidiary	Corlu, Tekirday	Turkey	Textiles - Non Apparel
Indorama Synthetics P.T. - Bandung Plant	Facility	Bandung, Jawa Barat	Indonesia	Chemicals - Plastics and Rubber
Indorama Synthetics P.T. - Purwakarta Plant	Facility	Purwakarta, Jatiluhur	Indonesia	Textiles - Non Apparel
ISIN Lanka Pvt Ltd.	Subsidiary	Colombo	Sri Lanka	Apparel and Accessories

Executives Report

Board of Directors

Name	Title	Function
Kosong Ada	Deputy President Director	Chairman
Sri Prakash Lohia	President Commissioner	Chairman
Biography: Mr. Sri Prakash Lohia has been the President Commissioner of PT Indo Rama Synthetics Tbk since August 2009. He was Company's Director until 1990, Vice President Director from 1990 to 2004 and President Director from 2004 to August 2009. He holds a Bachelor of Commerce from University of Delhi in 1971. He has 40 years of experience in the industry and is a member of several organizations, including the Association of Synthetic Fibre Industries in Indonesia (APSYFI) and Economic Association of Indonesia and India (ECAII). Age: 60 Education: University of Delhi, B
Humphrey R. Djemat	Vice President Commissioner, Independent Commissioner	Vice-Chairman
Biography: Mr. Humphrey R. Djemat has been Vice President Commissioner and Independent Commissioner of PT Indo Rama Synthetics Tbk since 2001. He graduated from the Faculty of Law of University of Indonesia and obtained Master's degree in Law from Dallas, USA. He joined Gani Djemat & Partners law firm in 1983 and served as its Chairman in 2001. He is the Chairman of Company's Audit Committee. Education: University of Indonesia
Seema Lohia	Vice President Commissioner	Vice-Chairman
Biography: Ms. Seema Lohia has been the Vice President Commissioner of PT Indo Rama Synthetics Tbk since 1994. She was Company's Commissioner from 1990 to 1994. She holds a Bachelor of Arts degree from University of Calcutta in 1972. Age: 59 Education: University of Calcutta, BA
Aloke Lohia	CEO	Director/Board Member
Aarti Lohia	Commissioner	Director/Board Member
Biography: Mrs. Aarti Lohia has been a Commissioner of PT Indo Rama Synthetics Tbk since 2001. She obtained a Bachelor of Arts in Graphic Design from LaSalle School of Design. Age: 34
Iman Sucipto Umar	Independent Commissioner	Director/Board Member
Biography: Mr. Iman Sucipto Umar has been an Independent Commissioner of PT Indo Rama Synthetics Tbk since 2004. He holds a Master's degree in Chemical Engineering from Bandung Institute of Technology. He is a Fellow of the Economic Development Institute of the World Bank. He has served for 40 years in the Department of Industry and as Secretary General of Indonesian Chamber of Commerce and Industry. He currently serves as Chairman of Kadin Indonesia Foundation and Senior Advisor of PT. Chandra Asri Petrochemical Tbk. Age: 72 Education: Bandung Institute of Technology, M (Chemical Engineering)

Executives

Name	Title	Function
Aloke Lohia	CEO	Chief Executive Officer
Amit Lohia	President Director	President
Biography: Mr. Amit Lohia has been the President Director of PT Indo Rama Synthetics Tbk since August 2009. He was Company's Director from 1996 to 2004 and Vice President Director from 2004 to August 2009. He obtained a Bachelor of Economics from Wharton School of Business at the University of Pennsylvania in 1995. He is a member of the Association of Synthetic Fibre Industries in Indonesia (APSYFI), Indonesian Textile Association (API) and Economic Association of Indonesia and India (ECAII). Age: 38 Education: Wharton School of Business at the University of Pennsylvania, B
Sanjay Jaggia	General Manager & Manager-Exports	Division Head Executive
Vishnu Swaroop Baldwa	Chief Financial Officer, Director	Finance Executive
Biography: Mr. Vishnu Swaroop Baldwa has been Chief Financial Officer and Director of PT Indo Rama Synthetics Tbk since 2008. He was Company's Corporate Secretary from 1996 to 2008. He is an honorary graduate in Commerce and is a qualified Chartered Accountant and Company Secretary. He has more than 28 years of experience in corporate finance, legal and commercial functions in various companies in Malaysia, India and Indonesia. Age: 53
Arun Taneja	Director	Other
Biography: Mr. Arun Taneja has been a Director of PT Indo Rama Synthetics Tbk since March 6, 2008. He was Company's Director from 1990 to 1999. He has more than 40 years of experience in management, joint venture, and mergers and acquisitions, in India, Indonesia and Nigeria. Age: 64

Significant Developments

PT Indorama Synthetics Tbk Announces FY 2011 Final Dividend

Jul 04, 2012

PT Indorama Synthetics Tbk announced its final cash dividend of IDR 33.00 per share for fiscal year 2011. The dividend will be paid on August 14, 2012, to shareholders of record date on August 1, 2012.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Revenue	785.5	618.8	492.4	558.6	507.5
Sales Returns and Allowances	-5.0	-1.8	-2.4	-4.7	-1.8
Revenue	780.6	616.9	489.9	553.8	505.7
Total Revenue	780.6	616.9	489.9	553.8	505.7
Cost of Revenue	738.9	553.9	458.7	509.7	459.7
Cost of Revenue, Total	738.9	553.9	458.7	509.7	459.7
Gross Profit	41.6	63.1	31.2	44.1	46.0
Selling/General/Administrative Expense	34.6	36.1	27.1	36.0	35.2
Total Selling/General/Administrative Expenses	34.6	36.1	27.1	36.0	35.2
Impairment-Assets Held for Use	-	-	0.0	2.6	-
Unusual Expense (Income)	-	-	0.0	2.6	-
Total Operating Expense	773.5	590.0	485.8	548.2	494.9
Operating Income	7.1	27.0	4.1	5.6	10.8
Interest Expense - Non-Operating	-2.1	-2.0	-6.4	-9.2	-13.3
Interest Expense, Net Non-Operating	-2.1	-2.0	-6.4	-9.2	-13.3
Interest Income - Non-Operating	1.0	0.5	1.5	2.7	4.9
Investment Income - Non-Operating	4.1	4.3	1.8	0.3	0.6
Interest/Investment Income - Non-Operating	5.1	4.8	3.3	3.1	5.5
Interest Income (Expense) - Net Non-Operating Total	3.0	2.8	-3.1	-6.2	-7.9
Other Non-Operating Income (Expense)	1.8	1.2	0.9	0.6	0.5
Other, Net	1.8	1.2	0.9	0.6	0.5
Income Before Tax	11.9	31.0	1.9	0.1	3.4
Total Income Tax	2.5	5.1	-9.4	-7.3	1.1
Income After Tax	9.4	25.9	11.4	7.4	2.3
Minority Interest	0.9	0.0	-	-	-
Net Income Before Extraord Items	10.3	25.9	11.4	7.4	2.3
Net Income	10.3	25.9	11.4	7.4	2.3
Income Available to Common Excl Extraord Items	10.3	25.9	11.4	7.4	2.3
Income Available to Common Incl Extraord Items	10.3	25.9	11.4	7.4	2.3
Basic/Primary Weighted Average Shares	654.4	654.4	654.4	654.4	654.4
Basic EPS Excl Extraord Items	0.02	0.04	0.02	0.01	0.00
Basic/Primary EPS Incl Extraord Items	0.02	0.04	0.02	0.01	0.00
Diluted Net Income	10.3	25.9	11.4	7.4	2.3
Diluted Weighted Average Shares	654.4	654.4	654.4	654.4	654.4
Diluted EPS Excl Extraord Items	0.02	0.04	0.02	0.01	0.00
Diluted EPS Incl Extraord Items	0.02	0.04	0.02	0.01	0.00
Dividends per Share - Common Stock Primary Issue	0.01	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	6.5	0.0	0.0	1.2	1.0
Interest Expense, Supplemental	3.8	4.1	9.8	12.9	19.4
Depreciation, Supplemental	31.0	30.6	31.1	29.5	27.7
Total Special Items	-	-	0.0	2.6	-
Normalized Income Before Tax	11.9	31.0	1.9	2.6	3.4
Effect of Special Items on Income Taxes	-	-	0.0	0.9	-
Inc Tax Ex Impact of Sp Items	2.5	5.1	-9.4	-6.4	1.1
Normalized Income After Tax	9.4	25.9	11.4	9.1	2.3
Normalized Inc. Avail to Com.	10.3	25.9	11.4	9.1	2.3
Basic Normalized EPS	0.02	0.04	0.02	0.01	0.00
Diluted Normalized EPS	0.02	0.04	0.02	0.01	0.00
Normalized EBIT	7.1	27.0	4.1	8.2	10.8
Normalized EBITDA	38.1	57.5	35.2	37.7	38.5
Current Tax - Total	2.1	5.8	0.0	0.6	0.4
Current Tax - Total	2.1	5.8	0.0	0.6	0.4
Deferred Tax - Total	0.4	-0.7	-0.5	0.0	0.7
Deferred Tax - Total	0.4	-0.7	-0.5	0.0	0.7
Other Tax	-	0.0	-8.9	-7.9	-
Income Tax - Total	2.5	5.1	-9.4	-7.3	1.1
Service Cost - Domestic	0.3	0.2	0.2	0.2	0.2
Domestic Pension Plan Expense	0.3	0.2	0.2	0.2	0.2
Total Pension Expense	0.3	0.2	0.2	0.2	0.2
Discount Rate - Domestic	6.25%	8.00%	10.00%	10.00%	-
Compensation Rate - Domestic	7.00%	8.00%	8.00%	10.00%	10.00%
Total Plan Service Cost	0.3	0.2	0.2	0.2	0.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	6.3	10.9	7.0	12.5	3.4
Short Term Investments	60.0	69.8	70.3	69.5	70.8
Cash and Short Term Investments	66.3	80.7	77.2	82.0	74.1
Trade Accounts Receivable - Net	83.7	72.8	44.1	39.9	59.6
Other Receivables	5.2	0.2	13.4	13.4	15.7
Total Receivables, Net	88.9	72.9	57.4	53.3	75.3
Inventories - Finished Goods	40.1	32.2	25.4	29.1	33.7
Inventories - Work In Progress	13.2	12.2	11.4	10.6	11.6
Inventories - Raw Materials	51.4	40.9	35.4	35.9	38.6
Total Inventory	104.6	85.3	72.2	75.5	84.0
Prepaid Expenses	10.1	2.4	4.1	3.7	5.8
Other Current Assets	9.0	5.0	4.9	3.0	4.3
Other Current Assets, Total	9.0	5.0	4.9	3.0	4.3
Total Current Assets	279.0	246.3	215.9	217.6	243.5
Buildings	114.3	95.3	89.0	87.9	82.9
Land/Improvements	12.1	12.0	10.9	10.9	10.3
Machinery/Equipment	695.8	648.6	650.9	658.0	610.8
Construction in Progress	2.9	12.6	2.8	1.7	21.1
Property/Plant/Equipment - Gross	825.1	768.6	753.6	758.6	725.1
Accumulated Depreciation	-481.0	-453.0	-427.2	-406.8	-383.1
Property/Plant/Equipment - Net	344.1	315.6	326.4	351.8	342.0
LT Investment - Affiliate Companies	46.3	0.5	-	-	-
LT Investments - Other	0.2	0.2	0.7	0.7	0.7
Long Term Investments	46.5	0.7	0.7	0.7	0.7
Other Long Term Assets	3.9	3.1	2.0	39.6	37.5
Other Long Term Assets, Total	3.9	3.1	2.0	39.6	37.5
Total Assets	673.5	565.7	545.0	609.7	623.7
Accounts Payable	236.8	183.1	156.3	137.2	155.3
Accrued Expenses	6.7	4.4	4.4	5.2	7.1
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	3.0	31.6	30.9	58.3	41.8
Income Taxes Payable	0.4	3.4	0.2	0.1	0.3
Other Payables	5.7	3.8	1.3	1.8	2.6
Other Current Liabilities	0.1	-	-	4.1	-
Other Current liabilities, Total	6.1	7.2	1.5	5.9	3.0
Total Current Liabilities	252.5	226.3	193.1	206.6	207.1
Long Term Debt	84.4	14.3	51.5	88.8	120.1
Capital Lease Obligations	4.1	0.4	4.5	18.9	6.2
Total Long Term Debt	88.4	14.7	56.0	107.7	126.3
Total Debt	91.4	46.4	86.8	166.0	168.0
Deferred Income Tax - LT Liability	33.1	32.7	33.4	42.2	50.2
Deferred Income Tax	33.1	32.7	33.4	42.2	50.2
Minority Interest	4.0	3.2	0.0	-	-
Pension Benefits - Underfunded	3.8	3.3	2.9	2.3	2.5
Other Long Term Liabilities	-	-	4.5	7.0	-
Other Liabilities, Total	3.8	3.3	7.4	9.3	2.5
Total Liabilities	381.8	280.3	289.8	365.8	386.0
Common Stock	160.2	160.2	160.2	160.2	160.2
Common Stock	160.2	160.2	160.2	160.2	160.2
Additional Paid-In Capital	0.9	0.9	0.9	0.9	0.9
Retained Earnings (Accumulated Deficit)	124.0	120.0	94.1	82.7	76.5
Translation Adjustment	-	-	0.0	0.0	0.0
Other Equity	6.5	4.2	-	-	-
Other Equity, Total	6.5	4.2	0.0	0.0	0.0
Total Equity	291.7	285.3	255.2	243.9	237.7
Total Liabilities & Shareholders’ Equity	673.5	565.7	545.0	609.7	623.7
Shares Outstanding - Common Stock Primary Issue	654.4	654.4	654.4	654.4	654.4
Total Common Shares Outstanding	654.4	654.4	654.4	654.4	654.4
Employees	6,384	6,479	6,742	6,882	7,151
Interest Costs	-0.2	-0.1	-0.2	-1.2	-1.2
Total Capital Leases, Supplemental	6.8	4.5	13.1	21.6	9.9
Capital Lease Payments Due in Year 1	2.8	4.2	8.7	3.5	4.4
Capital Lease Payments Due in Year 2	2.4	0.4	4.2	14.0	2.2
Capital Lease Payments Due in Year 3	1.8	-	0.4	5.0	4.6
Capital Lease Payments Due in Year 4	-	-	-	0.4	-
Capital Lease Payments Due in 2-3 Years	4.2	0.4	4.6	19.0	6.7
Capital Lease Payments Due in 4-5 Years	-	-	-	0.4	-
Pension Obligation - Domestic	14.6	12.4	10.2	8.7	7.4
Plan Assets - Domestic	14.3	13.5	11.6	8.4	9.5
Funded Status - Domestic	-0.2	1.1	1.4	-0.2	2.2
Total Funded Status	-0.2	1.1	1.4	-0.2	2.2
Total Plan Obligations	14.6	12.4	10.2	8.7	7.4
Total Plan Assets	14.3	13.5	11.6	8.4	9.5

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	769.6	588.2	485.8	573.5	491.6
Cash Payments	-723.5	-536.3	-436.6	-517.1	-485.4
Cash Taxes Paid	-4.2	-2.5	-	-	-1.9
Other Operating Cash Flow	7.1	7.7	36.3	3.0	-2.9
Changes in Working Capital	7.1	7.7	36.3	3.0	-2.9
Cash from Operating Activities	49.0	57.1	85.6	59.4	1.3
Purchase of Fixed Assets	-65.9	-18.4	-6.9	-50.7	-39.6
Capital Expenditures	-65.9	-18.4	-6.9	-50.7	-39.6
Sale of Fixed Assets	7.8	0.8	1.6	8.1	0.6
Sale/Maturity of Investment	13.2	6.5	0.0	1.3	20.0
Purchase of Investments	-46.6	0.0	-0.8	-	-
Other Investing Cash Flow	0.9	0.5	1.7	2.9	4.9
Other Investing Cash Flow Items, Total	-24.6	7.8	2.5	12.2	25.5
Cash from Investing Activities	-90.6	-10.6	-4.4	-38.5	-14.1
Other Financing Cash Flow	14.3	-2.1	-6.8	15.1	1.5
Financing Cash Flow Items	14.3	-2.1	-6.8	15.1	1.5
Cash Dividends Paid - Common	-6.5	-	-	-1.2	-1.0
Total Cash Dividends Paid	-6.5	-	-	-1.2	-1.0
Long Term Debt Issued	80.0	4.8	16.8	-	27.7
Long Term Debt Reduction	-50.9	-45.3	-96.7	-25.7	-14.9
Long Term Debt, Net	29.1	-40.5	-80.0	-25.7	12.8
Issuance (Retirement) of Debt, Net	29.1	-40.5	-80.0	-25.7	12.8
Cash from Financing Activities	37.0	-42.6	-86.8	-11.8	13.3
Net Change in Cash	-4.6	3.9	-5.5	9.1	0.6
Net Cash - Beginning Balance	10.9	7.0	12.5	3.4	2.8
Net Cash - Ending Balance	6.3	10.9	7.0	12.5	3.4

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Sales	785.5	618.8	492.4	558.6	507.5
Sales Returns and Discounts	-5.0	-1.8	-2.4	-4.7	-1.8
Total Revenue	780.6	616.9	489.9	553.8	505.7
Cost of Goods Sold	738.9	553.9	458.7	509.7	459.7
Selling	23.0	27.2	20.5	28.8	26.9
General and Administrative	11.6	8.9	6.6	7.2	8.2
Loss on Decline in Value of PPE	-	-	0.0	2.6	-
Total Operating Expense	773.5	590.0	485.8	548.2	494.9
Interest and Investment Income, Net	1.0	0.5	1.5	2.7	4.9
Interest Expense	-2.1	-2.0	-6.4	-9.2	-13.3
Gain/(Loss) on Foreign Exchange	4.1	4.3	1.8	0.3	0.6
Other Income, Net	1.8	1.2	0.9	0.6	0.5
Net Income Before Taxes	11.9	31.0	1.9	0.1	3.4
Provision for Income Taxes	2.5	5.1	-9.4	-7.3	1.1
Net Income After Taxes	9.4	25.9	11.4	7.4	2.3
Minority Interest	0.9	0.0	-	-	-
Net Income Before Extra. Items	10.3	25.9	11.4	7.4	2.3
Net Income	10.3	25.9	11.4	7.4	2.3
Income Available to Com Excl ExtraOrd	10.3	25.9	11.4	7.4	2.3
Income Available to Com Incl ExtraOrd	10.3	25.9	11.4	7.4	2.3
Basic Weighted Average Shares	654.4	654.4	654.4	654.4	654.4
Basic EPS Excluding ExtraOrdinary Items	0.02	0.04	0.02	0.01	0.00
Basic EPS Including ExtraOrdinary Items	0.02	0.04	0.02	0.01	0.00
Diluted Net Income	10.3	25.9	11.4	7.4	2.3
Diluted Weighted Average Shares	654.4	654.4	654.4	654.4	654.4
Diluted EPS Excluding ExtraOrd Items	0.02	0.04	0.02	0.01	0.00
Diluted EPS Including ExtraOrd Items	0.02	0.04	0.02	0.01	0.00
DPS-Common Stock	0.01	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	6.5	0.0	0.0	1.2	1.0
Normalized Income Before Taxes	11.9	31.0	1.9	2.6	3.4
Inc Tax Ex Impact of Sp Items	2.5	5.1	-9.4	-6.4	1.1
Normalized Income After Taxes	9.4	25.9	11.4	9.1	2.3
Normalized Inc. Avail to Com.	10.3	25.9	11.4	9.1	2.3
Basic Normalized EPS	0.02	0.04	0.02	0.01	0.00
Diluted Normalized EPS	0.02	0.04	0.02	0.01	0.00
Interest Expense	2.1	2.0	6.4	9.2	13.3
Bank Administration Charges	1.7	2.1	3.4	3.6	6.1
Depreciation	31.0	30.6	31.1	29.5	27.7
Current Tax	2.1	5.8	0.0	0.6	0.4
Current Tax - Total	2.1	5.8	0.0	0.6	0.4
Deferred Tax	0.4	-0.7	-0.5	0.0	0.7
Deferred Tax - Total	0.4	-0.7	-0.5	0.0	0.7
Changes in Interest Rate	-	0.0	-8.3	-7.9	-
Tax Facilities	-	0.0	-0.6	0.0	-
Income Tax - Total	2.5	5.1	-9.4	-7.3	1.1
Service Cost	0.3	0.2	0.2	0.2	0.2
Domestic Pension Plan Expense	0.3	0.2	0.2	0.2	0.2
Total Pension Expense	0.3	0.2	0.2	0.2	0.2
Compensation Rate - Pension	7.00%	8.00%	8.00%	10.00%	10.00%
Discount Rate	6.25%	8.00%	10.00%	10.00%	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalents	6.3	10.9	7.0	12.5	3.4
Other Financial Assets	60.0	69.8	-	-	-
Temporary Investments	-	-	70.3	69.5	70.8
Trade Accounts Receivable, Related	0.9	-	-	-	0.0
Trade Accounts Receivable, Third Parties	82.8	72.8	44.1	39.9	59.6
Other Accounts Receivable	5.2	0.2	13.4	13.4	15.7
Finished Goods	-	-	-	29.1	33.7
Goods in Process	-	-	-	10.6	11.6
Raw Material	-	-	-	25.2	28.9
Spareparts and Factory Equipment	-	-	-	10.1	9.5
Finished Goods, Yarns	10.2	6.4	3.5	-	-
Goods in Process, Yarns	2.3	1.7	3.6	-	-
Raw Material, Yarns	20.6	14.1	14.5	-	-
Raw Materials in Transit, Yarns	6.1	3.0	-	-	-
Spareparts and Factory Equipment, Yarn	1.6	0.9	1.2	-	-
Finished Goods, Polyester	26.3	23.3	19.3	-	-
Goods in Process, Polyester	9.2	9.3	7.2	-	-
Raw Material, Polyester	4.3	5.3	5.5	-	-
Raw Material in Transit	1.8	6.1	2.9	0.6	0.2
Spareparts and Factory Equipment, Polyes	11.3	9.2	7.5	-	-
Finished Goods, Fabric	3.5	2.5	2.7	-	-
Goods in Process, Fabric	1.7	1.2	0.7	-	-
Raw Material, Fabric	4.7	1.6	3.0	-	-
Spareparts and Factory Equipment, Fabric	0.9	0.8	0.8	-	-
Purchase Advances	9.0	5.0	3.9	3.0	4.3
Prepaid Taxes	8.9	1.8	3.4	2.6	4.7
Prepaid Expenses	1.2	0.6	0.7	1.1	1.1
Derivative Assets	-	-	1.0	0.0	-
Total Current Assets	279.0	246.3	215.9	217.6	243.5
Investment in Associates	46.3	0.5	-	-	-
Other Financial Assets	0.2	0.2	-	-	-
Investments in Shares of Stock	-	-	0.7	0.7	0.7
Advances for Purchase of PPE	1.8	0.9	0.4	0.4	0.7
Derivatives Assets	-	-	-	37.7	35.4
Guarantee Deposits	2.1	2.3	1.6	1.6	1.4
Land	9.0	9.0	8.0	8.0	7.7
Roads	3.1	3.1	3.0	3.0	2.5
Buildings	114.3	95.3	89.0	87.9	82.9
Machinery	648.6	600.9	589.2	575.9	553.7
Furniture, Fixtures and Equipment	18.5	17.2	16.9	16.7	16.2
Vehicles	5.1	5.5	4.9	5.6	6.1
Construction in Progress	2.6	12.6	2.8	1.7	21.1
Leased Assets, Machinery	23.6	25.0	39.8	59.8	34.8
Leased - Construction in Progress	0.3	-	-	-	-
Depreciation	-480.4	-452.4	-426.5	-404.2	-383.1
Decline in Value	-0.6	-0.6	-0.7	-2.6	-
Total Assets	673.5	565.7	545.0	609.7	623.7
Accounts Payable, Related Party	2.1	-	-	-	-
Accounts Payable, Third Parties	234.7	183.1	156.3	137.2	155.3
Other Accounts Payable, Related	0.0	-	-	-	-
Other Accounts Payable	5.6	3.8	1.3	1.8	2.6
Taxes Payable	0.4	3.4	0.2	0.1	0.3
Accrued Expenses	6.7	4.4	4.4	5.2	7.1
Current Portion of Long Term Loans	0.2	27.5	22.3	55.6	38.0
Current Portion of Lease Liabilities	2.7	4.1	8.6	2.7	3.7
Derivative Liability	0.1	-	-	4.1	-
Total Current Liabilities	252.5	226.3	193.1	206.6	207.1
Long Term Loans	84.4	14.3	51.5	88.8	120.1
Lease Liabilities	4.1	0.4	4.5	18.9	6.2
Total Long Term Debt	88.4	14.7	56.0	107.7	126.3
Deferred Tax Liabilities	33.1	32.7	33.4	42.2	50.2
Pension Benefits	3.8	3.3	2.9	2.3	2.5
Other Payable	-	-	4.5	7.0	-
Minority Interest	4.0	3.2	0.0	-	-
Total Liabilities	381.8	280.3	289.8	365.8	386.0
Capital Stock	160.2	160.2	160.2	160.2	160.2
Additional Paid In Capital	0.9	0.9	0.9	0.9	0.9
Equity Adjustment from Translation	-	-	0.0	0.0	0.0
Appropriated Retained Earnings	0.0	0.0	0.0	0.0	0.0
Unappropriated Retained Earnings	124.0	120.0	94.1	82.7	76.5
Other Components of Equity	6.5	4.2	-	-	-
Total Equity	291.7	285.3	255.2	243.9	237.7
Total Liabilities & Shareholders' Equity	673.5	565.7	545.0	609.7	623.7
S/O-Common Stock	654.4	654.4	654.4	654.4	654.4
Total Common Shares Outstanding	654.4	654.4	654.4	654.4	654.4
Full-Time Employees	6,384	6,479	6,742	6,882	7,151
Due in 1 Year	2.8	4.2	8.7	3.5	4.4
Due in 2 Years	2.4	0.4	4.2	14.0	2.2
Due in 3 Years	1.8	-	0.4	5.0	4.6
Due in 4 Years	-	-	-	0.4	-
Interest Cost	-0.2	-0.1	-0.2	-1.2	-1.2
Total Capital Leases	6.8	4.5	13.1	21.6	9.9
Pension Obligations	14.6	12.4	10.2	8.7	7.4
Plan Assets - Pension	14.3	13.5	11.6	8.4	9.5
Funded Status - Pension	-0.2	1.1	1.4	-0.2	2.2
Total Funded Status	-0.2	1.1	1.4	-0.2	2.2

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Osman Bing Satrio & Rekan	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Received from Customers	769.6	588.2	485.8	573.5	491.6
Cash Paid for Materials & Services	-723.5	-536.3	-436.6	-517.1	-485.4
Income Tax Paid	-4.2	-2.5	-	-	-1.9
Reserve	-	-	0.0	-	-
Taxes Return	0.0	2.2	0.2	1.0	-
Others, Net	7.1	5.5	36.1	2.0	-2.9
Cash from Operating Activities	49.0	57.1	85.6	59.4	1.3
Investment in Subsidiary	3.7	5.7	0.0	-	-
Interest Received	0.9	0.5	1.7	2.9	4.9
Temporary Investments	-	-	-0.8	-	-
Proceed from Temporary Investments	9.5	0.8	-	1.3	20.0
Investment in Associates	-46.6	0.0	-	-	-
Sale of PPE	7.8	0.8	1.6	8.1	0.6
Capital Expenditures	-65.9	-18.4	-6.9	-50.7	-39.6
Cash from Investing Activities	-90.6	-10.6	-4.4	-38.5	-14.1
Payment of Long Term Loans	-37.2	-36.7	-88.2	-12.4	-
Proceed from Long Term Loans	80.0	4.8	16.8	-	27.7
Proceed Sale & Leaseback of Fixed Asset	15.9	0.0	-	25.0	14.8
Payment of Lease Liabilities	-13.7	-8.6	-8.6	-13.3	-14.9
Dividend Paid	-6.5	-	-	-1.2	-1.0
Interest Paid	-1.6	-2.1	-6.8	-9.9	-13.3
Cash from Financing Activities	37.0	-42.6	-86.8	-11.8	13.3
Net Change in Cash	-4.6	3.9	-5.5	9.1	0.6
Net Cash-Beginning Balance	10.9	7.0	12.5	3.4	2.8
Net Cash-Ending Balance	6.3	10.9	7.0	12.5	3.4

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue (?)	176.3	-6.73%	780.6	26.52%	12.12%	10.60%
Operating Income (?)	3.9	-	7.1	-73.77%	8.08%	1.34%
Income Available to Common Excl Extraord Items (?)	0.8	-	10.3	-60.14%	11.73%	38.82%
Basic EPS Excl Extraord Items (?)	0.00	-	0.02	-60.10%	11.82%	38.50%
Capital Expenditures (?)	18.1	-69.06%	65.9	259.13%	9.18%	23.25%
Cash from Operating Activities (?)	25.1	-66.93%	49.0	-14.28%	-6.25%	-2.91%
Free Cash Flow (?)	7.1	-59.86%	-17.0	-	-	-
Total Assets (?)	646.1	-4.54%	673.5	19.06%	3.37%	2.57%
Total Liabilities (?)	354.1	-5.92%	381.8	36.21%	1.44%	1.35%
Total Long Term Debt (?)	87.1	120.66%	88.4	500.08%	-6.35%	-2.99%
Employees (?)	-	-	6384	-1.47%	-2.47%	-2.32%
Total Common Shares Outstanding (?)	654.4	0.00%	654.4	0.00%	0.00%	0.00%

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin (?)	5.33%	10.22%	6.38%	7.97%	9.09%
Operating Margin (?)	0.91%	4.37%	0.84%	1.01%	2.13%
Pretax Margin (?)	1.52%	5.02%	0.39%	0.01%	0.67%
Net Profit Margin (?)	1.32%	4.20%	2.32%	1.34%	0.46%
Financial Strength
Current Ratio (?)	1.10	1.09	1.12	1.05	1.18
Long Term Debt/Equity (?)	0.30	0.05	0.22	0.44	0.53
Total Debt/Equity (?)	0.31	0.16	0.34	0.68	0.71
Management Effectiveness
Return on Assets (?)	1.52%	4.66%	1.97%	1.20%	0.38%
Return on Equity (?)	3.58%	9.59%	4.55%	3.08%	0.98%
Efficiency
Receivables Turnover (?)	9.65	9.46	8.85	8.61	7.43
Inventory Turnover (?)	7.78	7.03	6.21	6.39	6.26
Asset Turnover (?)	1.26	1.11	0.85	0.90	0.83

Market Valuation USD (mil)
Enterprise Value (?)	1,123,179.0	.	Price/Sales (TTM) (?)	0.12
Enterprise Value/Revenue (TTM) (?)	0.15	.	Price/Book (MRQ) (?)	0.31
Enterprise Value/EBITDA (TTM) (?)	3.59	.	Market Cap (?)	91.2

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio (?)	1.10	1.09	1.12	1.05	1.18
Quick/Acid Test Ratio (?)	0.61	0.68	0.70	0.65	0.72
Working Capital (?)	26.4	19.9	22.8	10.9	36.3
Long Term Debt/Equity (?)	0.30	0.05	0.22	0.44	0.53
Total Debt/Equity (?)	0.31	0.16	0.34	0.68	0.71
Long Term Debt/Total Capital (?)	0.23	0.04	0.16	0.26	0.31
Total Debt/Total Capital (?)	0.24	0.14	0.25	0.40	0.41
Payout Ratio (?)	62.66%	0.00%	0.00%	15.93%	42.86%
Effective Tax Rate (?)	20.81%	16.46%	-491.41%	-11,476.56%	31.61%
Total Capital (?)	383.0	331.7	342.1	409.8	405.7
Efficiency
Asset Turnover (?)	1.26	1.11	0.85	0.90	0.83
Inventory Turnover (?)	7.78	7.03	6.21	6.39	6.26
Days In Inventory (?)	46.90	51.89	58.79	57.12	58.33
Receivables Turnover (?)	9.65	9.46	8.85	8.61	7.43
Days Receivables Outstanding (?)	37.84	38.56	41.25	42.37	49.14
Revenue/Employee (?)	122,267	95,221	72,671	80,473	70,714
Operating Income/Employee (?)	1,108	4,164	609	814	1,508
EBITDA/Employee (?)	5,969	8,881	5,221	5,101	5,388
Profitability
Gross Margin (?)	5.33%	10.22%	6.38%	7.97%	9.09%
Operating Margin (?)	0.91%	4.37%	0.84%	1.01%	2.13%
EBITDA Margin (?)	4.88%	9.33%	7.18%	6.34%	7.62%
EBIT Margin (?)	0.91%	4.37%	0.84%	1.01%	2.13%
Pretax Margin (?)	1.52%	5.02%	0.39%	0.01%	0.67%
Net Profit Margin (?)	1.32%	4.20%	2.32%	1.34%	0.46%
COGS/Revenue (?)	94.67%	89.78%	93.62%	92.03%	90.91%
SG&A Expense/Revenue (?)	4.43%	5.85%	5.54%	6.50%	6.95%
Management Effectiveness
Return on Assets (?)	1.52%	4.66%	1.97%	1.20%	0.38%
Return on Equity (?)	3.58%	9.59%	4.55%	3.08%	0.98%
Valuation
Free Cash Flow/Share (?)	-0.03	0.06	0.12	0.01	-0.06
Operating Cash Flow/Share  (?)	0.07	0.09	0.13	0.09	0.00

Current Market Multiples
Market Cap/Earnings (TTM) (?)	-14.82
Market Cap/Equity (MRQ) (?)	0.31
Market Cap/Revenue (TTM) (?)	0.12
Market Cap/EBIT (TTM) (?)	-37.19
Market Cap/EBITDA (TTM) (?)	2.83
Enterprise Value/Earnings (TTM) (?)	-18.84
Enterprise Value/Equity (MRQ) (?)	0.40
Enterprise Value/Revenue (TTM) (?)	0.15
Enterprise Value/EBIT (TTM) (?)	-47.29
Enterprise Value/EBITDA (TTM) (?)	3.59

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.87
UK Pound	1	Rs.83.59
Euro	1	Rs.72.37

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.