|
Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PABRIK
KERTAS TJIWI KIMIA TBK |
|
|
|
|
Formerly Known As : |
P.T. PABRIK KERTAS TJIWI KIMIA |
|
|
|
|
Registered Office : |
Plaza BII, Tower II, 7th & 9th
Floor Jalan M.H. Thamrin No. 51
Gondangdia, Menteng Jakarta Pusat 10350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.10.1972 |
|
|
|
|
Com. Reg. No.: |
No. AHU-42925.AH.01.02.Tahun 2009 (latest permit) |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Cultural and Industrial Paper Manufacturing |
|
|
|
|
No. of Employees : |
12,482 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 (31.03.2011) |
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
P.T. Pabrik Kertas TJIWI KIMIA Tbk
Head Office &
Factory
Plaza BII, Tower II, 7th
& 9th Floor
Jalan
M.H. Thamrin No. 51
Gondangdia,
Menteng
Jakarta
Pusat 10350
Phones - (021) 392966-69
Fax -
(021)
3927685
E-mail -
app_investors@app.co.id
Website - http://www.tjiwi.co.id
Factory/Mills
Jl. Raya Surabaya-Mojokerto Km. 44
Desa Kramat Temanggung
Kecamatan Tarik,
Sidoarjo, East Java
Indonesia
Phones -
(0321) 361552, 361574-77
Fax -
(0321) 361615
Telex -
31094 TJIWI MR
P.O. Box - 115 MOJOKERTO
Land Area - 36.0 hectares
Building Space - 4.5 hectares
Region - Industrial
Zone
Status - Owned
Branches
a.
Singapore Office
Room
1609, 16th Floor, SHENTON HOUSE
3
Shenton Way
Singapore
Phones - (65)
2209166-69
b.
Surabaya Office
Jalan
Rajawali No. 31-33
Surabaya
East
Java
Phones -
(031) 3530520, 33524130, 3524133
Fax -
(031) 3525409
Date of
Incorporation :
a. 02 October 1972 as P.T. Pabrik Kertas
TJIWI KIMIA
b. 08 July 1996 as P.T. Pabrik Kertas TJIWI
KIMIA Tbk
Legal Form :
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
Y.A. 5/439/25 (initial permit)
Dated 22 December 1975
b. No.
AHU-42925.AH.01.02.Tahun 2009 (latest permit)
Dated 01 September 2009
Company Status :
Domestic Investment (PMDN) Company
Permit by the Government Department :
A. The
Department of Industry
No. 2040/St-J/XII/1974
Dated
14 December 1974
B. The
Capital Investment Coordinating Board
-
No. 564/III/PMDN/1987
Dated 11 November 1987
-
No. 212/III/PMDN/1996
Dated 31 May 1996
Related Companies :
A Member of the SINAR MAS Group
Capital Structure :
Authorized Capital - Rp. 5,000,000,000,000 (US$.2,010,813,237)
Issued Capital - Rp. 1,335,702,240,000 (US$. 537,169,549)
Paid up Capital - Rp. 1,335,702,240,000 (US$. 537,169,549)
Shareholders/Owners :
a. P.T. PURINUSA EKAPERSADA - Rp 796,178,235,000 (60%)
b. The Public -
Rp 539,524,005,000 (40%)
Lines of Business
:
a. Cultural
and Industrial Paper Manufacturing
b. Caustic
Soda Manufacturing
c. Investment
Holding
Production
Capacity :
a. Industrial and Cultural Papers - 194,000 tons p.a.
b. Corrugated
Paper Boxes - 98,300 tons p.a.
c. Kraft Papers -
186,000 tons p.a.
d. Caustic
Soda - 14,900
tons p.a.
e. Computer
and Telex Papers - 10,800 tons p.a.
f. NRC, Coated and Cultural Papers -
130,800 tons p.a.
g. Fine
Papers for Laminating - 7,200 tons p.a.
h. Lining Papers - 7,200 tons p.a.
i. Tissue
Papers -
3,600 tons p.a.
j. Duplex
Coated Papers - 51,600 tons
p.a.
k. Cardboards - 14,600 tons p.a.
l. Pulps
and Baggases - 117,600 tons p.a.
m. Writing
Books - 30 million pcs.p.a.
n. HVS
and Writing Papers -
210,000 tons p.a.
o. Silicon
Papers -
20,000 tons p.a.
p. Cast
Coating Papers - 10,000 tons p.a.
q. High
Quality Exercise Book, Note
Book,
Computer Continuous Form
Box Stationery -
300,000 tons p.a
r. Calcium
Hypochloride - 7,200
tons p.a.
s. Liquid
Calcium Hypochloride -
64,000 tons p.a.
t. Calcium
Oxide - 36,000
tons p.a.
Total Investment :
a.
Equity Capital -
Rp. 1,335.3 billion
b.
Loan Capital -
Rp. 15,295.0 billion
c.
Total Investment -
Rp. 16,630.3 billion
Started Operation :
1 9 7 7
Brand Name :
Bola Dunia, Anchor
Brand, Betet, Clean Coated Board, Evergreen, Globe Brand, Golden Art, etc
Technical Assistance :
None
Number of Employee :
12,482 persons
Marketing Area :
Domestic - 35%
Export -
65%
Main Customers :
a. P.T. SURYA JAYA
PLACE (Distributor)
b. P.T. PERMATA BIRU INDAH (Distributor)
c. P.T. SUTIO JAYATAMA (Distributor)
d. P.T. MARGONO (Distributor)
e. Buyers in Asia, Middle East, Africa, Europe, USA and Australia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SURABAYA
AGUNG KERTAS
b. P.T. RIAU ANDALAN KERTAS
c. P.T. KERTAS LECES
d. P.T. SUPARMA Tbk
e. Etc.
Business Trend :
Fluctuating
B a n k e r s :
a. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Plaza
BII, Menara II, 7th Floor
Jalan
M.H. Thamrin No. 51
Jakarta 10350
b. The Bank of AMERICA N.T. & S.A.
Gedung
Bursa Efek Jakarta, Menara I
Jalan Jend.
Sudirman Kav. 52-53
Jakarta Selatan
c. The
LONG-TERM CREDIT Bank of Japan Ltd.
Singapore
d.
DEUTSCHE
Bank, AG
Jalan
Imam Bonjol No. 80
Jakarta
Pusat
e. P.T. INDOSUEZ INDONESIA Bank
Jakarta
Branch
SUMMITMAS
TOWER II, 19th Floor
Jalan
Jend. Sudirman Kav. 61-62
Jakarta
Selatan
f.
P.T.
INTERNATIONAL NEDERLANDEN
INDONESIA,
Bank
SUMMITMAS
TOWER II, 14th Floor
Jalan
Jend. Sudirman Kav. 61-62
Jakarta
Selatan
Auditor :
Tjiendradjaja & Handoko Tomo
Litigation :
No litigation record in our database
Annual Sales :
2008 – US$.
1,358.8 million
2009 – US$.
1,174.1 million
2010 – US$. 1,338.8
million
2011 – US$.
1,378.7 million
2012 – US$. 336.5 million (as of 31 March 2012)
Net Profit (Loss)
:
2008 – US$. 51.7 million
2009 – US$. 31.6 million
2010 – US$. 46.6 million
2011 – US$. 70.4 million
2012 – US$. 16.2 million (as of 30 March 2012)
Payment Manner :
Sometime delay
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Yudi Setiawan Lin
Directors - a.
Mrs. Linda Suryasari Wijaya Limantara
b. Mrs. Indah Suryasari Wijaya Limantara
b. Mr. Hendra Jaya Kosasih
c. Mr. Anton Mailoa
d. Mr. Suresh Kilam
e. Mr. Agustian Rachmansjah Partawidjaja
e. Mr. Suhendra Wiriadinata
f. Mr.
Arman Sutedja
Corporate Secretary - Mr. Agustian
Rachmansjah Partawidjaja
Board of Commissioners :
President
Commissioner - Mr. Teguh
Ganda Widjaja AKA Oei Tie Goan
Vice
Pres. Commissioner - Mr.
Ir. Gandi Sulistiyanto Soeherman
Commissioners - a. Drs. John
Ferdinand Pandelaki
b. Mr. Arthur Tahja
c. Drs. Pande Putu Raka, MA
d. Letjen TNI (ret) Soetedjo
e. DR. Ramelan, SH., M.H.
Signatories :
President Director
(Mr. Yudi Setiawan Lin) or one of the Directors (Mrs. Linda Suryasari Wijaya Limantara, Mrs. Indah Suryasari Wijaya Limantara,
Mr. Hendra Jaya Kosasih, Mr. Anton Mailoa, Mr. Suresh Kilam, Mr. Agustian
Rachmansjah Partawidjaja, Mr. Suhendra Wiriadinata and Mr. Arman Sutedja) which must be approved by
Presodent Commissioner (Mr. Teguh Ganda Widjaja AKA
Oei Tie Goan)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Originally named
P.T. Pabrik Kertas TJIWI KIMIA, it was established in October 1972 with an
authorized capital of Rp. 200,000,000.- issued capital of Rp. 50,000,000.- wholly paid-up. Founders and
original shareholders are Dr. Eka Tjipta Widjaja AKA Oei Ek Tjhong and the late
his son-in-law Mr. Rudy Maeloa AKA Loa Bon Peang (died on 5 April 1988) Chinese
origin Indonesian business family. The Articles of Association was made by Mr.
Ridwan Suselo, SH., a public notary in Jakarta and it was approved by the
Ministry of Justice Republic Indonesia under its Decision Letter No. Y.A.
5/439/25 dated 22 December 1975.
Its articles of
association have subsequently been changed for a couple of times. In April
1990, the company went public by releasing its 6.74% shares to the public
through Jakarta Stock Exchange (BEJ) and Surabaya Stock Exchange (BES). In July
1996, the company renamed to P.T. Pabrik Kertas TJIWI KIMIA Tbk. (P.T. PKTKT).
Later in June 1997, the authorized capital was increased again to Rp.
5,000,000,000,000.- In July 1997, P.T. PKTKT undertook right issue I and the
issued capital has from that time on increased to Rp. 1,321,526,432,000.- Later of July 2008, P.T. PKTKT issued the
bonus shares and concurrently the issued and paid-up capital rose again to Rp.
1,335,702,240,000. As of 31 December
2011, the majority business stakes of the company is controlled by P.T.
PURINUSA EKAPERSADA (60%) and the rest is owned by Publics (40%).
The amendment Articles
of Association was made by Mrs. Linda Herawati, SH., a public notary in Jakarta
and it was approved by the Ministry of Law and Human Right in its Decision
Letter No. AHU-42925.AH.01.02.TH.2009, dated 01 September 2009. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. PURINUSA
EKAPERSADA (63.4%), a private company whose majority business stakes is
controlled by the Eka Tjipta Widjaja family.
Mr. Eka Tjipta Widjaja AKA Oei Ek Tjhong is the founder of the SINAR MAS
Group is a very large-size private business group in the country.
P.T. PKTK is the largest
paper making plant in Indonesia whose plant is located in Desa Kramat
Temanggung, Kecamatan Tarik, Sidoarjo, East Java operating as from 1977. Its
major production is industrial and cultural papers, corrugated papers, kraft
papers, computer and telex papers, NRC, Coated and Fine Papers, Lining and
Tissue Papers, Duplex Coated Papers, HVS and Writing papers, Cast Coating
papers and others such as stationery and packaging.
Besides that, it
also produces paper chemicals including caustic soda, calcium hypocloride,
liquid calcium hypochloride and calcium oxide.
Its production is marketed by the SINAR MAS Group member who has
controlled an extensive marketing network in many countries. Some 35% of the
products are marketed locally and the rest of some 65% is exported to Asia
countries (54%), Central East and Africa (24%), America (10%), Europe (9%) and
Australia (3%).
Consolidated
Operational Summary
|
Production Volume (In Thousands of Ton) |
2007 |
2008 |
2009 |
2010 |
2011 |
|
Paper |
1,040 |
1,048 |
1,001 |
1,003 |
961 |
|
Stationery |
217 |
215 |
214 |
212 |
205 |
|
Packaging |
78 |
67 |
58 |
56 |
71 |
|
Sales Volume (In Thousands of Ton) |
2007 |
2008 |
2009 |
2010 |
2011 |
|
Paper |
970 |
1,007 |
996 |
986 |
933 |
|
Stationery |
185 |
198 |
172 |
190 |
183 |
|
Packaging |
75 |
60 |
64 |
66 |
66 |
Source: PT. Tjiwi Kimia Tbk
Pursuant to the Company, for the fifth time,
in 2012, PT Pabrik Kertas Tjiwi Kimia received the Primaniyarta Award, an award
for the best Indonesian exporters. The manufacturer received the award for
the Global Brand Development Category. Previously, PT Tjiwi Kimia received
several other Primaniyarta awards in 2006, 2007, 2010, 2011 and 2012.
Beside that P.T.
PKTK has ownership interest of more than 50% in the following subsidiaries which
are engaged in real estate, property, hotel, and information technology
business. The table of P.T. PKTK’s
subsidiary companies shall be as follows:
(In US$)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
% of Ownership |
Total Assets (31 Dec. 2011) |
|
PT. Mega Kertas Pratama |
Distributor |
1996 |
99.20 |
9 |
|
Tjiwi Kimia Trading III (BVI) |
Distributor |
1996 |
100.00 |
72,040 |
|
Tjiwi Kimia Finance (Mauritius) Ltd. |
Financing Company |
1997 |
100.00 |
68,700 |
|
TK Trading Limited (Cayman Islands) |
Distributor |
1997 |
100.00 |
29,032 |
|
Tjiwi Kimia trading II Limited, Cayman Island |
Distributor |
1998 |
100.00 |
53,897 |
|
TK Import & Export Ltd., BVI |
Distributor |
2001 |
100.00 |
7,336 |
|
|
|
|
|
|
|
Tjiwi Kimia Finance B.V., the Netherlands |
Financing Company |
2004 |
100.00 |
793,582 |
|
Marshall Enterprise Ltd., Malaysia |
Investment |
2004 |
100.00 |
74,469 |
|
PT. Sumalindo Hutani Jaya |
Forestry |
1992 |
99.99 |
21,288 |
Source: PT. Tjiwi Kimia Tbk
According to
financial statement the total sales turnover of P.T. PKTK in 2007 amounted to
US$ 1,154.9 million with a net profit of US$ 10.1 million increased to US$
1,358.8 million with a net profit of US$ 51.7 million in 2008 declined to US$
1,174.1 million with a net profit of US$ 31.7 million in 2009 rose again to US$
1,338.8 million with a net profit of US$ 46.6 million in 2010 and to US$
1,378.7 million with a net profit of US$ 70.4 million in 2011. Up to present, we have yet to gain the
statement of income of P.T. PKTK in fiscal 2012. However, Pursuant to the Indonesia Stock
Exchange (ISX), as of 30 March 2012 its sales turnover amounted to US$ 336.5
million with a net profit of US$ 16.2 million.
Financial Statement as of 31 December 2008, 2009, 2010 and 2011 are
attached.
The management
is headed by Mr. Yudi Setiawan Lin AKA Lim Yun Shiang (65) an experienced
professional manager in pulp & paper industry and marketing. He graduated
from China Culture Academy, Taiwan, ROC, in Pulp & Paper Technology. He
started his career in TA HUNG PAPER MILL (Taiwan). He joined the company since
1978 and posted as director since 1991 and as president director since
1994. In daily activities, he is
assisted by eight directors namely Mrs. Linda Suryasari Wijaya Limantara, Mrs.
Indah Suryasari Widjaya Limantara, Mr. Hendra Jaya Kosasih, Mr. Anton Mailoa, Mr. Suresh Kilam, Mr. Agustian
Rachmansjah Partawidjaja, Mr. Suhendra Wiriadinata and Mr. Arman Sutedja. The management is supported by the WIDJAJA
Family, such as, Mr. Teguh Ganda Widjaja AKA Oei Tjie Goan (67), Mr. Muktar
Widjaja AKA Oei Siong Lian (58) and Mr. Franky Oesman Widjaja AKA Oei Jong Nuan
(54). The management has maintained a
wide business relation among private national and foreign businessmen as well
as among government agencies. So far, we
did not hear that the company’s management involved in the business
malpractices or detrimental cases that settled in the country. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia.
P.T. Pabrik
Kertas TJIWI KIMIA Tbk., (P.T. PKTKT) is sufficiently fairly good for business
transaction.
Attachment:
P.T.
Pabrik Kertas TJIWI KIMIA Tbk
FINANCIAL STATEMENTS
Per 31 December 2008,
2009, 2010 and 2011
(in
thousand US dollar )
|
DESCRIPTION |
31
December |
|||
|
2011 |
2010 |
2009 |
2008 |
|
|
1. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
|
|
|
|
|
* Third Parties |
174,119 |
141,519 |
89,729 |
44,152 |
|
* Related Parties |
9,533 |
23,452 |
29,671 |
6,618 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
38,881 |
56,383 |
64,885 |
96,891 |
|
* Related Parties |
204,322 |
191,563 |
250,147 |
155,843 |
|
- Other Trade
Receivable – net |
488 |
506 |
160 |
21 |
|
- Inventories |
312,406 |
287,212 |
265,170 |
251,702 |
|
- Advances and prepaid
expenses |
188,221 |
110,054 |
110,671 |
149,965 |
|
- Prepaid Taxes |
13,732 |
17,382 |
22,781 |
22,656 |
|
- Other current assets |
|
|
|
|
|
* Third Parties |
152,612 |
25,374 |
42,778 |
47,290 |
|
* Related Parties |
56,675 |
64,254 |
44,809 |
305 |
|
Total Current Assets |
1,150,989 |
917,699 |
920,801 |
775,444 |
|
b. Non-current Assets |
|
|
|
|
|
- Trade receivables –
related parties |
60,603 |
66,2898 |
80,701 |
85,259 |
|
- Other receivables –
related parties |
152,811 |
148,610 |
159,363 |
160,370 |
|
- Deferred Tax Assets |
534 |
650 |
36 |
-- |
|
- Long-term Investment |
1,103 |
1,112 |
1,064 |
-- |
|
- Industrial Timber
Estate – net of accumulated
amortization |
167 |
2,002 |
2,234 |
-- |
|
- Industrial Timber
Estate – under development |
17,855 |
9,042 |
6,262 |
-- |
|
- Fixed assets – net of
acc. depreciation |
1,175,226 |
1,174,173 |
1,176,712 |
1,239,583 |
|
- Goodwill – net of acc.
amortization |
6,391 |
6,391 |
8,022 |
-- |
|
- Other non-current
assets |
3,218 |
3,787 |
2,583 |
2,713 |
|
Total Non-Current Assets |
1,417,908 |
1,412,055 |
1,436,976 |
1,487,924 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND EQUITY |
2,568,897 |
2,329,754 |
2,357,777 |
2,263,368 |
|
2. LIABILITIES
AND EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short term Liabilities |
227,950 |
105,997 |
89,167 |
96,198 |
|
- Trade Payable |
|
|
|
|
|
* Third Payables |
58,091 |
60,164 |
69,106 |
88,246 |
|
* Related Payable |
9,558 |
17,874 |
30,432 |
13,877 |
|
- Other Payables – third
parties |
9,491 |
11,545 |
14,710 |
8,616 |
|
- Advances from customers |
|
|
|
|
|
* Third parties |
20,907 |
8,795 |
5,557 |
7,358 |
|
* Related parties |
273 |
238 |
267 |
72 |
|
- Accrued Expanses |
61,489 |
47,026 |
76,908 |
46,976 |
|
- Taxes Payable |
3,411 |
12,224 |
19,283 |
4,815 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Lease liabilities |
23 |
138 |
198 |
152 |
|
* Bank loan |
12,988 |
8,137 |
7,783 |
6,681 |
|
* Loans, notes payable
and bonds |
194,109 |
146,259 |
75,600 |
27,000 |
|
Total Current Liabilities |
598,290 |
418,397 |
389,011 |
299,992 |
|
|
|
|
|
|
|
b. Non-Current Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities |
52,167 |
53,684 |
68,503 |
47,956 |
|
- Other Payables –
related parties |
16,805 |
8,853 |
991 |
7,318 |
|
- Employee Benefits
Obligation |
45,935 |
41,590 |
36,108 |
26,724 |
|
- Long term liabilities |
|
|
|
|
|
* Lease liabilities |
23 |
161 |
359 |
278 |
|
* Bank loan |
37,534 |
16,274 |
23,349 |
26,724 |
|
* Loans – net |
309,829 |
304,188 |
341,069 |
336,051 |
|
* Notes payable and
bonds |
973,307 |
965,764 |
932,176 |
931,754 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Lease liabilities |
(23) |
(138) |
(198) |
(152) |
|
* Bank loan |
(12,988) |
(8,137) |
(7,783) |
(6,681) |
|
* Loans, notes payable
and bonds |
(194,109) |
(146,259) |
(75,000) |
(27,000) |
|
Total Non-Current Liabilities |
1,228,480 |
1,235,980 |
1,318,974 |
1,343,035 |
|
3. TOTAL EQUITY |
|
|
|
|
|
- Issued and Paid up Capital |
537,170 |
537,170 |
537,170 |
537,170 |
|
- Additional paid in capital |
30,201 |
30,201 |
30,201 |
30,201 |
|
- Difference arising from
transaction |
(1,986) |
-- |
-- |
-- |
|
- Exchange differences due to
financial statements translation |
831 |
415 |
381 |
-- |
|
- Retained Earnings |
175,912 |
107,592 |
82,041 |
52,970 |
|
Total Equity |
742,127 |
675,377 |
649,793 |
620,341 |
|
|
|
|
|
|
|
3. INCOME
STATEMENT |
|
|
|
|
|
a. Total/Net Sales |
1,378,740 |
1,338,766 |
1,174,106 |
1,358,794 |
|
b. Cost of Goods Sold |
(1,145,880) |
(1,117,277) |
(946,075) |
(1,151,637) |
|
c. Gross Profit |
232,860 |
221,489 |
228,031 |
207,157 |
|
d. Operating Expenses |
(127,463) |
(142,467) |
(108,200) |
(121,228) |
|
e. Operating Profit (Loss) |
105,397 |
79,022 |
119,831 |
85,929 |
|
f. Other Income (Expenses) |
(14,906) |
(16,965) |
(47,423) |
(42,316) |
|
g. Profit (Loss) Before
Income Tax |
90,491 |
62,057 |
72,408 |
43,613 |
|
h. Tax Benefit (Expense) -
Net |
(20,079) |
(15,485) |
(40,911) |
(8,073) |
|
i. Income Before Pre-Acquisition Loss |
70,412 |
46,572 |
31,497 |
51,686 |
|
j. Pre-acquisition loss |
-- |
-- |
157 |
-- |
|
m. Net Profit (Loss) |
70,412 |
46,572 |
31,654 |
51,686 |
Note: Audited by Tjiendradjaja &
Handoko Tomo (a public accountant)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.