|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KIMIA FARMA TBK |
|
|
|
|
Formerly Known As : |
P.T.
KIMIA FARMA |
|
|
|
|
Registered Office : |
Jalan Veteran No. 9 Gambir Jakarta Pusat, 10110 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Year of Incorporation : |
1817 |
|
|
|
|
Com. Reg. No.: |
No. AHU-47137.AH.01.02.Tahun 2008 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Pharmaceutical and Cosmetic Manufacturing, Distribution, Wholesaler and Retailer |
|
|
|
|
No. of Employees : |
5,479 persons (including its two subsidiary companies) |
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.
KIMIA FARMA Tbk
Head
Office
Jalan
Veteran No. 9
Gambir
Jakarta
Pusat, 10110
Indonesia
Phone -
(62-21) 384 7709 (Hunting)
Fax - (62-21) 345 4338
E-mail - ipo@kimiafarma.co.id
Website - http://www.kimiafarma.co.id
Building Area - 2 storey
Office Space - 1,600 sq. meters
Region - Commercial
Building
Status - Owned
Factories
a. Jalan Rawa Gelam V
Kawasan
Industri Pulogadung
Jakarta Timur, 13930
Indonesia
Phone - (62-21) 460 9354 (Hunting)
Fax -
(62-21) 460 3143
Building Area - 9,600 sq. meters
Building Space - 7,500 sq. meters
Region - Industrial Estate
Status - Owned
b.
Jalan Cicendo No. 43
Bandung 40171
West Java
Indonesia
Phone - (62-22) 420 4044 (Hunting)
Fax -
(62-22) 420 4662
Building Area - 7,600 sq. meters
Building Space - 5,500 sq. meters
Region -
Industrial Zone
Status - Owned
c. Jalan Medan Tanjung Morawa Km. 9
Medan, North Sumatera
Indonesia
Phone - (62-61) 765 744, 767022
Fax -
(62-61) 765 744
Building Area - 8,600 sq. meters
Building Space - 6,500 sq. meters
Region - Industrial Estate
Status - Owned
d.
Jalan Watudakon
Mokokerto 61301
East Java
Indonesia
Phone - (62-31) 397 300-2
Fax -
(62-31) 397 303
Building Area - 7,600 sq. meters
Building Space - 5,700 sq. meters
Region - Industrial Zone
Status - Owned
e.
Jalan Pajajaran No. 29-31
Bandung 40171
Indonesia
Phone - (62-22) 420 4043 (Hunting)
Fax -
(62-22) 437 7070
Building Area - 8,700 sq. meters
Building Space - 7,000 sq. meters
Region - Industrial Zone
Status - Owned
f.
Jalan Simongan
Semarang 50148
Central Java
Indonesia
Phone - (62-24) 604 060, 605 273
Fax -
(62-24) 605 265
Building Area - 7,500 sq. meters
Building Space - 6,000 sq. meters
Region - Industrial Zone
Status - Owned
Date
of Incorporation :
a. 1817 as N.V. CHEMICALIEN HANDELRATHKAMP & CO.
b. 1865 as N.V. PHARMACEUTISCHE HANDEL VERENEGING
J.VAN GORKOM & CO.
c. 1960 as P.N. FARMASI DAN ALAT-ALAT KESEHATAN
BHINEKA KIMIA FARMA
d. 16 August 1971 as P.T.
KIMIA FARMA
e. 27 April 2001 as P.T.
KIMIA FARMA Tbk
Legal
Form :
P.T. (Perseroan Terbatas Terbuka) or Public Listed
Company
Company
Reg. No. :
The Ministry
of Law and Human Rights
- No.
J.A.5/184/21
Dated 14
October 1971
- No.
AHU-47137.AH.01.02.Tahun 2008
Dated 04
August 2008
Company
Status :
State Owned Enterprise
Permit
by the Government Department :
The
Department of Finance
NPWP No. 1.001.627.7-051.000
The
Department of Industry and Trade
TDP No. 09.05.1.51.36864
The Capital
Investment Coordinating Board
No. 74/II/PMDN/1985
Dated 14 October 1985
The
Department of Health
No. 13/Ph/54/b
Dated 21 January 1954
The Capital
Market Supervisory Agency
No. S-1415/PM/2001
Dated 14 June 2001
Subsidiary
Companies :
a. P.T. KIMIA FARMA APOTEK (Retail Pharmaceutical,
Health Clinic)
b. P.T. KIMIA FARMA DIAGNOSTIKA (Health Care
Guarantee Services)
c. P.T. KIMIA FARMA TRADING & DISTRIBUTION
(Trade and Distribution)
d. P.T. SINKONA INDONESIA
LESTARI (Kina Processing)
Capital
Structure :
Authorized Capital :
Rp. 2,000,000,000,000.-
Issued Capital :
Rp. 555,400,000,000.-
Paid up Capital :
Rp. 555,400,000,000.-
Shareholders/Owners
:
a. The Government of the Republic of
Indonesia - Rp. 500,000,000,000.-
b. Employees and Management of PT. Kimia Farma - Rp. 1,514,300,000.-
c. Publics -
Rp. 53,885,700,000.-
Lines
of Business :
a. Pharmaceutical and Cosmetic Manufacturing,
Distribution, Wholesaler and Retailer
b. Sole Agent and Distribution of Pharmaceutical
c. Investment Holding
Production
Capacity :
a. Liquids -
48,000 liters p.a.
b. Suspensions -
48,000 liters p.a.
c. Tablets - 240 million pieces p.a.
d. Capsules -
240 million pieces p.a.
e. Syrups - 120,000 liters p.a.
f. Injections -
30 million vials p.a.
g. Powders -
120,000 Kgs. p.a.
h. Drops - 12,000 liters p.a.
i. Ointments -
12,000 Kgs. p.a.
j. Creams - 12,000 Kgs. p.a.
k. Crystals - 24,000 Kgs. p.a.
l. Granulars -
12,000 Kgs. p.a.
m. Condoms -
300,000 pieces p.a.
o. Infusions - 300,000 liters p.a.
p. Injection for Family Planning - 300,000 liters p.a.
q. Iodines - 100,000 Kgs. p.a.
As
Agent for :
- AIRSHIELDS Suction Units, Respirator &
Ventilator Equipment of the USA
- ALASWERK WETHEIM Glasswares and other Laboratory
Apparatus of Germany
- ANSELL Gloves, Face Mask & Surgical Drops of
Australia
- AQUA LOGISTIC Oxygen Therapy Equipment of the USA
- BECTON DICKSON Histopathology Equipment of the USA
- CORNING General Chemicals, Reagent, Radio
Chemicals, Glassware and Laboratory Apparatus
- KARL HECHT Culture Media of Germany
- NUCLETRON Radiotherapy Equipment of the USA
- OLYMPUS Microscope & Photomicrographic
Equipment of the USA
- RUD RUSTER Sphygmomanometers and Stethoscopes of
Germany
- SHIMADZU Radiodiagnostic & Radiotheraphy
Equipment of Japan
- STOPLER General Medical Equipment of the Netherlands
- STORZ Endoscope & Fibre Optic Equipment of
Germany
- TECNICON Hematology Equipment and Encephalograph
of Germany
- NIHON KOHDEN Cardiology Equipment of Japan
- ROBERT MATHYS Orthopedic Implants & Related
Instruments of Switzerland
- Others
Total
Investment :
a. Equity Capital -
Rp. 300.0 billion
b. Loan Capital -
Rp. 160.0 billion
c. Total Investment
- Rp. 460.0
billion
Started
Operation :
1960
Brand
Name :
KIMIA FARMA
Technical
Assistance :
None
Number
of Employee :
5,479 persons (including its two subsidiary
companies)
Marketing
Area :
Local - 85%
Export - 15%
Main
Customer :
Hospital, Medical Check Up, Drug Store,
Dispensaries, etc
Market
Situation :
Very Competitive
Main
Competitors :
a.
P.T. DEXA MEDICA
b.
P.T. INDOFARMA Tbk
c.
P.T. KALBE FARMA Tbk
d.
P.T. SANBE FARMA
e.
Etc.
Business
Trend :
Growing
B
a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jalan
Ir. H. Juanda No. 25
Jakarta
Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma
46-Kota BNI
Jalan
Jend. Sudirman Kav. 1
Jakarta
Pusat
Indonesia
Auditor :
Hendrawinata, Eddy &
Siddharta (Kreston International)
Litigation
:
The Subject was
involved dispute with SOLVAY PHARMACEUTICAL B.V., Netherlands regarding Sercol
brand. According verdict of Supreme Court that Subject did not allow to
produces and distributed drugs used Sercol.
Annual
Sales :
2009 – Rp. 2,854.1 billion
2010 – Rp. 3,183.8 billion
2011 – Rp. 3,481.2 billion
2012 – Rp. 1,583.5 billion (as per 30 June)
Net
Profit :
2009 – Rp.
62.5 billion
2010 – Rp. 138.7 billion
2011 – Rp. 171.8 billion
2012 – Rp.
84.1 billion (as per 30 June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr. Drs. Rusdi Rosman, MBA
Directors - a.
Mr. Arief Budiman
b. Mr. M. Wahyu Syafari
c. Mr. Drs. Jisman Siagian
d. Mr. Pujianto
Board of Commissioners :
President
Commissioner - Mrs. dr.
Ratna Rosita, MPHM
Commissioners -
a. Prof. Dr. Wahono Sumaryono
b. Mr. Dr. Ir. Upik Rosalina Wasrin, DEA
c. Mr. Mayjend. (Retired) Effendi Rangkuti,
SH
d. Mr. Rear Admiral (Retired) dr. Darmansyah
Signatories :
President
Director (Mr. Drs. Rusdi Rosman, MBA) or one of the Directors (Mr. Arief
Budiman, Mr. M. Wahyu Syafari, Mr. Drs. Jisman Siagian or Mr. Pujianto) which
must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be
proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
Initially
named N.V. CHEMICALIEN HANDEL RATHKAMP & CO., established in 1817. The
previous founding shareholders are a number of Dutchmen. In 1865 it was renamed
N.V. PHARMACEUTISCHE HANDEL VERENEGING J. VAN GORKOM & CO. In 1954 after
the independence of the Republic of Indonesia, it had been taken over by the
state and in 1960 the name was changed to P.N. Alat-Alat Kesehatan BHINEKA
KIMIA FARMA. In 1971 the name was changed again to P.T. KIMIA FARMA (P.T. KF)
with a legal status of P.T. (Perseroan Terbatas) or Limited Liability Company. According
to the latest notarial act in April 2001 the authorized capital was raised to
Rp. 2,000,000,000,000 issued and paid up capital to Rp. 555,400,000,000. The
whole share of P.T. KF is controlled by the government. To comply with the new
law on public listed company, behind PT KIMIA FARMA, a new word Tbk., (Terbuka)
was added.
In
July 2001, the company became a public listed company by selling 9% its shares
to the public through Jakarta Stock Exchange (BEJ). P.T. KFT is a state-owned
enterprise (BUMN) under the Department of Health. The deed of amendment was
made by Mrs. Imas Fatimah, SH., a public notary in Jakarta under Company
Registration Number C-00458 HT.01.04.TH.2001, dated May 1, 2001. Then in based
on notary deed of Mrs. Imas Fatimah, SH., No. 79 dated 20 June 2008 the board
of directors and the board of commissioner has been changed to lead and runs of
the company’s operation. The deed of amendments was approved by the Ministry of
Law and Human Rights of Republic in its Decisions Letter No. AH-47137.AH.01-02
dated August 4, 2008.
P.T.
KF continues the operation of a company founded in the Dutch colonial era
dealing with pharmaceutical industry (ethical and OTC). In the
restructurization and development P.T. KF has acquired a Domestic Capital
Investment (PMDN) facility. The company manages 6 plants consisting of 3
formulating plants and 3 manufacturing plants. The formulating plants are each
located at Kawasan Industri Pulogadung, East Jakarta, 1 unit; Cicendo, Bandung,
West Java, 1 unit and in Medan, North Sumatra, 1 unit.
The
manufacturing plants are each located at Watudakon, Mojokerto, East Java, 1
unit for iodine processing; in Bandung, West Java, 1 unit, and in Semarang,
Central Java, 1 unit. The drugs produced by the company are including seven
OTC, Six ethical and 14 generics. Besides that, P.T. KF is the only company in
producing iodine and iodized oil in soft capsule as well as scientific
Indonesian traditional drugs. Besides,P.T. KF is also an agent for health,
laboratory and hospital equipment.
To
support the activities P.T. KF has managed 180 dispensaries spread over major
cities in the country, 7 units of distribution and marketing offices each
located at Jakarta, Medan, North Sumatra, Palembang, South Sumatra, Bandung,
West Java, Semarang, Central Java, Surabaya, East Java and Ujung Pandang, South
Sulawesi, for Indonesian Eastern part marketing area. Some 15% of the products
of P.T. KFT are exported to Asian countries, Australia, New Zealand, Africa and
Europe. Some 85% is marketed to government sectors and the rest is distributed
to dispensaries and drug stores throughout the country. P.T. KF and other
state-owned company P.T. INDOFARMA are appointed by the government to produce generic
medicines and the basic material mostly imported is subsidized by the
government. P.T. KF distributors are P.T. MERAPI UTAMA PHARMA, P.T. KIMIA FARMA
TRADING & DISTRIBUTION, P.T. TITRASANTANA INDAHPRATAMA, P.T. USANA UTAMA
and others.
Beside
the above activities, P.T. KF has also engaged in the investment holding, it
controls 99.99% shares of P.T. KIMIA FARMA APOTEK (Retail Pharmaceutical and
Health Clinic) and 99.99% shares of P.T. KIMIA FARMA TRADING & DISTRIBUTION
(Trade and Distribution), 99% shares of P.T. KIMIA FARMA DAGNOSTIKA
(Laboratories and clinic services), 19% shares of P.T. KIMIA FARMA DIAGNOSTIK
in health care guarantee services and 15% shares of P.T. SINKONA INDONESIA
LESTARI in kina processing industry. In 2009, the company has also recorded
export sale with quite good growth, namely Rp. 57.067 billion rising by 52.26%
from the year 2008 at Rp 37.48 billion. This increase of export sales was due
to among other thins more intensive handling and addition of export destination
countries.
According
to data from Intercontinental medical Services (IMS), it is predicted that the
growth of the national pharmaceutical market up to the end of 2009 reached
13.31% hence indicating a decrease compared to 2008 which grew by 16.59%. In 2009, two important events took place in
this county, namely Legislative Election and Presidential Election. Business
players had been waiting for the outcomes and these democratic outcomes serve
as foundation to the company to grow in the future.
Generally,
demand for laboratory and medical equipment and various pharmaceutical products
had been growing in the last five years up to the end 2012 as pictured in sales
value of national pharmaceutical products, import value and export value issued
by the Food and Drug Controlling Board (BPOM). The national pharmaceutical
sales, export and import value of products are estimated to be rising by 6% to
8% in the next year. The competition is very tight on account many similar
companies operating in the country. The business position of P.T. KF is a
sufficiently fairly good because the company has captive market namely the
state-owned hospital and private hospital in the country. According the BPOM
that national pharmaceutical sales as shown are as the following table.
National Market Trend of Drugs, 2001-2012* (Billion
Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 |
7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 |
Source: Food and Drug Controlling
Board (BPOM) *) Estimated
The
total sales turnover of P.T. KF in 2009 amounted to Rp. 2,854.0 billion with a
net profit of Rp. 62.5 billion increased to Rp. 3,183.8 billion with a net
profit of Rp. 138.7 billion in 2010 increased again to Rp. 3,481.4 billion with
a net profit of Rp. 171.8 billion in 2011. As per 30 June 2012 the sales
turnover amounted to Rp. 1,583.5 billion with a net profit of Rp. 84.1 billion.
It is projected that total sales turnover of the company will increase at least
6% in 2013. We observe that P.T. KF is supported by financially fairly strong
behind it. So far, we did not hear that the company having been black listed by
the Central Bank (Bank Indonesia). The financial statement of P.T. KF as per 31
December 2009, 2010, 2011 and as per 30 June 2012 is attached.
Litigation Matter
On January 26, 2009 the Central
Jakarta Commercial Court decided the Company should abandon Sercol brands that
have been used for one of the drug product. Thus, the court has granted a Dutch
pharmaceutical company lawsuit Solvay Pharmaceuticals BV for using the brand.
In its legal considerations, the judges stated, between the brand Sercol and
Serc have proven the existence of elements similarities, after the above
decision, the Company will continue its legal action. That decision had no
impact on year 2009 financial statements.
The
management of P.T. KF is led by Mr. Drs. Rusdi Rosman, MBA (59) as President
Director and has been experienced in pharmaceutical manufacturing. Mr. Rusdi
Rosman has been Finance Director of PT Kimia Farma (Persero) Tbk December 5,
2007. He has served as Human Resource Director of PT Biofarma (Persero) and
Corporate Secretary of the Company. He graduated from Universitas Padjajaran in
1989, holds a Master of Business Administration in Operation Management from
California State University in 1999 and a degree in Global Business Management
from University of California. The management of the company is handled by
professional managers having wide relation with private businessmen within and
outside the country and with the government sectors as well. We observed that
management’s reputation in said business is fairly good. So far, we did not
hear that the company’s management involved in a dirty business practice 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.
PT. KIMIA FARMA Tbk is fairly good for business transaction.
Attachment:
P.T. KIMIA FARMA Tbk
FINANCIAL STATEMENT
Per
31 December 2009, 2010, 2011 and 30 June 2012
A. BALANCE SHEETS
STATEMENT
(In Rp million)
|
D e s c r i p t i
o n |
30 June 2012 |
31 December |
||
|
2011 |
2010 |
2009 |
||
|
A. Current
Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
104,730 |
199,386 |
265,445 |
163,821 |
|
- Trade Receivable |
469,765 |
384,036 |
357,712 |
304,591 |
|
- Other Receivables |
9,415 |
8,193 |
10,908 |
7,262 |
|
- Inventories |
623,756 |
456,069 |
386,654 |
437,406 |
|
- Prepaid Taxes |
126,039 |
175,861 |
103,229 |
91,514 |
|
- Advance |
4,708 |
19,948 |
1,161 |
1,285 |
|
- Prepaid Expenses |
23,270 |
19,536 |
14,439 |
15,005 |
|
Total Current Assets |
1,361,685 |
1,263,030 |
1,139,549 |
1,020,884 |
|
B. Non Current
Assets |
|
|
|
|
|
- Due to related Parties |
1,165 |
1,198 |
1,360 |
3,803 |
|
- Deferred Tax Assets |
37,623 |
35,360 |
31,764 |
27,935 |
|
- Long Term Investment |
- |
262 |
262 |
737 |
|
- Fixed Assets |
444,242 |
426,720 |
413,197 |
402,062 |
|
- Non Used Assets |
9,302 |
9,302 |
9,302 |
9,122 |
|
- Deferred Expenses - Land |
3,780 |
4,171 |
5,166 |
6,171 |
|
- Other Non Current Assets |
58,710 |
54,201 |
56,693 |
91,910 |
|
Total Non Current Assets |
554,823 |
531,213 |
517,743 |
541,740 |
|
TOTAL ASSETS |
1,916,508 |
1,794,242 |
1,657,292 |
1,562,625 |
|
C. Current
Liabilities |
|
|
|
|
|
- Bank Loan |
38,986 |
14,389 |
39,312 |
59,775 |
|
- Trade Payable |
303,830 |
284,234 |
300,987 |
357,285 |
|
- Tax Liabilities |
33,175 |
44,306 |
26,723 |
26,581 |
|
- Advance Selling |
442 |
1,003 |
378 |
96 |
|
- Deferred Payables |
56,958 |
78,050 |
63,299 |
56,877 |
|
- Leasing loan - Short term |
5,704 |
5,004 |
4,062 |
2,985 |
|
- Other Current Liabilities |
67,865 |
32,708 |
35,060 |
7,254 |
|
Total Current Liabilities |
506,960 |
459,694 |
469,823 |
510,854 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Leasing loan - Long term |
6,780 |
5,383 |
4,658 |
5,452 |
|
- Allowance for Employees
Services |
82,851 |
76,659 |
68,777 |
51,003 |
|
- Loans from Government |
- |
- |
- |
- |
|
- Other Non Current
Liabilities |
- |
- |
- |
- |
|
Total Non Current Liabilities |
89,631 |
82,042 |
73,435 |
56,455 |
|
E. Equity |
|
|
|
|
|
- Issued and Paid up
Capital |
555,400 |
555,400 |
555,400 |
555,400 |
|
- Additional Paid up
Capital |
43,580 |
43,580 |
43,580 |
43,580 |
|
- Other option Capital |
- |
- |
- |
-- |
|
- Revaluated of Fixed Assets |
- |
- |
- |
-- |
|
- Retained Earnings |
696,129 |
653,522 |
515,049 |
396,336 |
|
Total Equity |
1,319,917 |
1,252,506 |
1,114,029 |
995,315 |
|
TOTAL LIABILITIES & EQUITY |
1,916,508 |
1,794,242 |
1,657,292 |
1,562,625 |
B. PROFIT &
LOSS STATEMENT
(in
Rp million)
|
D e s c r I p t I
o n |
30 June 2012 |
31 December |
||
|
2011 |
2010 |
2009 |
||
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
1,583,473 |
3,481,166 |
3,183,829 |
2,854,058 |
|
b. Cost of Goods Sold |
(1,075,763) |
(2,443,150) |
(2,279,310) |
(2,065,808) |
|
c. Gross Profit |
507,710 |
1,038,016 |
904,519 |
788,250 |
|
d. Operational Expenses |
(385,973) |
(816,012) |
(758,321) |
(676,317) |
|
e. Operational Profit |
121,736 |
222,004 |
146,198 |
111,933 |
|
f. Other Income (Expenses) |
7,859 |
10,003 |
32,413 |
(12,204) |
|
g. Profit Before Income Tax |
119,504 |
232,007 |
178,611 |
99,730 |
|
h. Income Tax |
(35,357) |
(60,244) |
(39,895) |
(37,223) |
|
i. Net Profit |
84,147 |
171,763 |
138,716 |
62,507 |
Remarks: a. 31
December 2009, 2010, 2010 & 2011 audited by Hendrawinata, Eddy &
Siddharta public accountant
* as per 30 June
2012 audited by Iskariman Supardjo, (Kreston-Indonesia)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
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.