|
Report Date : |
29.05.2013 |
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 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 – 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
B
a n k e r s :
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
Credit
Risk :
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate
amount
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)
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.55.74 |
|
|
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.02 |
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.