|
Report Date : |
07.06.2013 |
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 : |
14.01.1978 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-03706 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Viscose Fibre, Sulphuric Acid, Carbon Bisulphide, and Sodium Sulphate Manufacturing |
|
|
|
|
No. of Employees : |
1,694 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6% annually in 2010-12. 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 fiscal deficit below 3%, 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 2013 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 high oil prices.
Source
: CIA
P.T. SOUTH
PACIFIC VISCOSE
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) 8229752, 200636-7, 201414
Fax. - (0264) 202563, 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
e. No. AHU-AH.01.10-03706
Dated 08 February 2013
Company Status
:
Foreign
Investment Company (PMA)
Permit by the
Government Department :
a. The Department of Finance
NPWP No.
01.000.573.4-052.000
b. The President of the Republic of Indonesia
No.
B-40/Pres/11/1977
Dated 28
November 1977
c. 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
d. The Department of Industry
No.
267/DJAI/IUT/III/PMA/VII/88
Dated 12
July 1988
Related/Affiliated
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)
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. Mr. Bakti Santoso 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 :
1,694 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
Bankers :
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)
2012 – Rp. 5,490.0 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)
2012 – Rp. 765.0 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
e. Mr. Venkatachalam Sundararajan
Board of
Commissioner :
President Commissioner -
Mr. Peter Untersperger
Commissioners -
a. Mr. Kunrat Hadi Tanubrata
c. Mr. Friedrich Weninger
d. Mr. Wolfgang Plasser
e. Mr. Thomas Georg 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, Mr. Darmawan Alim or Mr. Venkatachalam Sundararajan) which
must be approved by Board of Commissioners.
Management
Capability :
Good
Business Morality
:
Good
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%).
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 president director. Latest, on December 2012, Mrs. Saparsih Noor
Luddin pulled out and the whole shares are sold to Mr. Bakti Santoso
Luddin. Concurently, Mr. Venkatachalam
Sundarajan 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.01.10-03706, dated February 8, 2013. 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 $250 million. Chairman of Lenzing Management Board Peter
Untersperger said that his firm continued its investment in Indonesia because
it wanted to tap into the country’s huge and fast-growing market. “Indonesia’s
market is so dynamic. It will keep on growing and bring us more customers,” he
said.
Untersperger expected to increase its market share in Indonesia up to 20
percent from 17.9 percent in upcoming years, in line with the estimated growth
of per capita consumption of viscose fibers from six kilograms (kg) to 14 kg by
2020. Currently, Indonesia is its second largest market after China which
controls 22.1 percent of the market share.
Lenzing group is the world’s largest viscose fiber producer in the world, with
a total annual output of 700,000 tons. In Asia, it runs plants in Indonesia and
China. (lnd).
Source: http://www.thejakartapost.com/news/2011/01/14/spv-builds-fifth-factory-boost-production.html
Generally, demand
for textile and textile products including polyester textured yarn, finished
fabrics, garment, textile chemicals and raw materials has been fluctuating in
the last five years. According to the
Central Bureau of Statistics (BPS) the Indonesian garments export in 2002
amounted to 333,100 tons (US$ 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 and to 450,900 tons
(US$ 7,801.5 million) in 2011.
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 to 1,525,900 tons (US$ 4,721.8 million) in 2010
and declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011. The export volume and value of the national
TPT products in 2002 to 31 March 2012 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 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
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 7,801.5 1,873.3 |
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 1,493.3
375.7 |
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 5,563.3 1,318.1 |
Source: Central Bureau of Statistic *) January to March 2012
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. The company’s balance sheets and statement of income in fiscal 2007, 2008, 2009 and 2010 are attached. 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 to Rp. 5,110.0 billion with a net profit of Rp. 712.0 billion and rose again to Rp. 5,490.0 billion with a net profit of Rp. 765.0 billion in 2012. 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 (51) replacing Mr. Guenther Krohn (55) as the president director. Mr. Kalt is a professional manager from Austria, with more than 21 years experience in LENZING Group with various positions. In his daily activities, he is assisted by five directors namely Mr. Ian Arthur Colley (50), Mr. Gerhard Danninger (56), Mr. Sutarto Budi (67), Mr. Darmawan Alim (59) and Mr. Venkatachalam Sundararajan (54) of India. 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.
Attachment:
PT. SOUTH PACIFIC
VISCOSE
FINANCIAL
STATEMENTS
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.56.87 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.