MIRA
INFORM REPORT
|
Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FAJAR SURYA WISESA
TBK |
|
|
|
|
Formerly Known As : |
P.T. FAJAR SURYA WISESA |
|
|
|
|
Registered Office : |
Jalan Abul Muis No. 30, Jakarta Pusat, 10160 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
13.06.1987 |
|
|
|
|
Com. Reg. No.: |
No. AHU-43900.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
a. Industrial Paper Making b. Investment Holding |
|
|
|
|
No. of Employees : |
2,571 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 |
BASIC SEARCH
Name of Company :
P.T. FAJAR SURYA WISESA TBK
Address :
Head Office
Jalan Abul Muis No. 30
Jakarta Pusat, 10160
Indonesia
Phones -
(62-21) 3441316 (Hunting)
Fax - (62-21) 3457643
E-mail - contact@fajarpaper.com
Website - http://www.fajarpaper.com
Building Area - 4 storey
Office Space - 1,522 sq.
meters
Region - Commercial
Status - Rent
Factory
Kampung Gardu Sawah RT. 001/1-1
Kalijaya, Cibitung
Cikarang Barat, Bekasi 17520
West Java
Indonesia
Phones -
(62-21) 8900330, 8900331
Fax - (62-21) 8901126
Land Area - 48.5 hectares
Building Area - 25 hectares
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 13 June 1987 as P.T. FAJAR SURYA WISESA
b. 29 December 1994 as P.T. FAJAR SURYA WISESA Tbk
Legal Form :
P.T. Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. C2-1737.HT.01.01.TH.88
Dated 29 February 1988
- No.
AHU-43900.AH.01.02.TH.2008
Dated 23 July 2008
Company Status :
Private National and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.326.236.5-431.000
The Capital
Investment Coordinating Board
- No. 425/I/PMDN/1987
Dated 2 October 1987
- No. 12/III/PMDN/1988
Dated 8 January 1988
- No. 451/III/PMDN/1989
Dated 3 July 1989
- No. 40/II/PMDN/1992
Dated 31 March 1992
- No. 412/III/PMDN/1995
Dated 11 September 1995
The Department of
Industry
No. 231/T/Industri/1997
Dated 29 May 1997
The Capital Market
Supervisory Agency
- No. S-1927/PM/1994
Dated 29 November 1994
- No. Kep-06/PM/2000
Dated 13 March 2000
Related Companies :
a. A Member Company of the DIRGAHAYU Group (see attachment)
b. A Member Company of the GARAMA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
2,500,000,000,000.-
Issued Capital : Rp.
1,238,944,393,500.-
Paid up Capital : Rp.
1,238,944,393,500.-
Shareholders/Owners :
a. P.T. INTERCIPTA SEMPANA - Rp. 646,401,250,000.-
b. P.T. INTRATATA USAHA MANDIRI -
Rp. 219,848,750,000.-
c. P.T. GARAMA DHANANJAYA -
Rp. 72,156,250,000.-
d. Publics -
Rp. 300,538,143,500.-
BUSINESS ACTIVITIES
Lines of Business :
a. Industrial Paper Making
b. Investment Holding
Production Capacity :
Industrial Papers -
1,200,000 tons p.a.
Total Investment :
a. Equity Capital - Rp. 1,239.0
billion
b. Loan Capital - None
c. Total Investment - Rp.
1,239.0 billion
Started Operation :
1989
Brand Name :
Fajarpaper
Technical Assistance :
None
Number of Employee :
2,571 persons
Marketing Area :
Local - 40%
Export - 60%
Main Customers :
a. P.T. ANEKA KANRTON ELOK
b. P.T. GURU INDONESIA
c. P.T. MEKABOX
d. P.T. SINAR RAPI ASRI
e. P.T. WIRA MUSTIKA AGUNG
(Distributor)
f. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDAH KIAT PULP
& PAPER Tbk
b. P.T. PABRIK KERTAS INDONESIA
c P.T.
PELITA CENGKARENG PAPER
d. P.T.
PURINUSA EKA PERSADA
e. P.T.
SUPARMA Tbk
f. P.T.
SURYA KERTAS
Business Trend :
Fluctuating
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. JP MORGAN CHASE Bank Jakarta Branch
Jalan Medan Merdeka Barat No. 6
Jakarta
Pusat
Indonesia
b. P.T. Bank RABO BANK INTERNATIONAL
Jalan
Abdul Muis
Jakarta
Pusat
Indonesia
c. P.T. Bank MANDIRI Tbk
Jalan P. Suroso No. 2-4
Jakarta
Pusat
Indonesia
Auditor :
Osman Bing Satrio & Rekan (Delotte Touche Tohmatsu)
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2010 – Rp. 3,386.0 billion
2011 – Rp. 4,123.7 billion
2012 – Rp. 3,987.8 billion
2013 – Rp. 2,403.4 billion (as per 30 June)
Net Profit :
2010 – Rp. 283.0 billion
2011 – Rp. 132.3 billion
2012 – Rp. 5.3 billion
2013 – Rp. 128.4 billion (as per 30 June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Winarko Sulistyo
AKA Tio Tjen Hwa
Directors - a. Mr. Roy Teguh
b. Mr. Hadi Rebowo Ongkowidjojo
c. Mr. Yustinus Yusuf Kusumah
d. Mr. Christopher Thomas Pedder
Board of Commissioners :
President Commissioner - Mr. Ir. Airlangga Hartarto, MMT, MBA
Commissioners - a. Mrs. Lila Notopradono
b. Mr. Tony Tjandra
Signatories :
President Director (Mr. Winarko
Sulistyo) or one of the Directors (Mr. Roy Teguh, Mr. Hadi Rebowo Ongkowidjojo,
Mr. Yustinus Yusuf Kusumah or Mr. Christopher Thomas Pedder) which must be
approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
OVERALL PERFORMANCE
Originally named P.T. FAJAR SURYA WISESA established in June 1987 in
Jakarta with an authorized capital of Rp. 2,500,000,000 issued capital of Rp.
1,000,000,000 was fully paid up. The founders and shareholders of the company
are Mr. Winarko Sulistyo AKA Tio Tjhen Hwa and Mrs. Ratna Notopradono, both are
Indonesian business persons of Chinese origin. The company notarial deed was
converted for several times. Its authorized capital was raised to Rp.
40,000,000,000 and the issued capital to Rp. 25,000,000,000 the wholly paid up.
In the meantime Mrs. Ratna Notopradono pulled out and replaced by Mr. Ir.
Airlangga, an indigenous businessman and a son of the late Mr. Dr. Hartarto,
the former Coordinating Minister for Industry, Trade and Distribution. In
December 1994, P.T. FAJAR SURYA WISESA went public by floating its 21.17%
shares to the public through Indonesia Stock Exchange (IEJ) and its authorized
capital had concurrently increased to Rp. 500,000,000,000 issued capital to Rp.
222,000,000,000 entirely paid-up and behind the company name, Tbk was added,
became P.T. FAJAR SURYA WISESA Tbk. (P.T. FSWT). In December 1995 the issued
capital was increased to Rp. 225,262,617,000 entirely paid up. In June 2000 the
authorized capital was raised to Rp. 2,500,000,000,000 issued and paid up
capital to Rp. 1,238,944,393,500. The deed of amendment was made by Mr.
Masjuki, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-43900.AH.01.02.TH.2008, dated July 23, 2008.
The company’s latest shareholders are P.T. INTERCIPTA SEMPANA (52.17%),
P.T. INTRATATA USAHA MANDIRI (17.75%), P.T. GARAMA DHANANJAYA (5.82%) and
Publics (24.26%).
We observe the majority shareholders namely P.T. INTERCIPTA SEMPANA,
P.T. TATACITA SWADAYA ABADI and P.T. INTRATATA USAHA MANDIRI are the private
national company members of the DIRGAHAYU Group, a quite big company group
which based in East Java region. The
group has presently expanded its business to Jakarta, West Java and other
regions in Indonesia. Meanwhile P.T. GARAMA DHANANJAYA, a private national
company dealing with investment holding and majority shareholder is held by Mr.
Ir. Airlangga Hartarto, MMT, MBA. He also founder and majority business stakes
owners of the GARAMA Group, a medium size business group in the country.
P.T. FSWT is dealing with industrial paper making by managing a plant
located in Cibitung region, Bekasi, West Java. P.T. FSWT is a leading packaging
paper manufacturer in Indonesia with an installed capacity of 1,000,000 metric
tons per year and a range of products which includes linerboard and corrugated
medium paper to create carton box packaging, and coated duplex board for
display packaging. The Company started commercial operations in 1989 and is
presently producing industrial paper, such as sack kraft, containerboard (liner
and corrugating medium) and boxboard, for use in the packaging of consumer and
industrial goods. The Company has a production capacity of 1.000,000 tons per
year. Some 40% of P.T. FSWT's products is still marketed locally through
distributor P.T. WIRA MUSTIKA AGUNG and also supplied to various carton box
manufacturing plants among others are P.T. ANEKA KARTON ELOK, P.T. SINAR RAPI
ASRI, P.T. GURU INDONESIA, P.T. MEKABOX, etc., and the rest is exported to
Malaysia, the People’s Republic of China, Australia, Hong Kong, the UK,
Thailand, etc., and the rest is for domestic consumption. The company operation
is fully backed by P.T. SURABAYA AGUNG INDUSTRI KERTAS (P.T. SURYA KERTAS), a
paper manufacturer processing extensive local and overseas marketing network.
Besides, some of the products supplied to P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T.
DANONE INDONESIA and P.T. NESTLE INDONESIA.
The Company’s products are sold to domestic customers and exported to
other Asian countries, Europe and the Middle East. The percentages of domestic
and export sales to net sales in 2010 were 89% and 11%, respectively.
P.T. FSWT Products are:
Coated Duplex Board 
Coated duplex board is a paper with a white, glossy-coated, top layer finish
and a grey bottom layer. Coated duplex board is ideal for light-weight
packaging materials that require high quality printing, particularly effective
for pharmaceutical products, shoes, household goods, processed foods and
consumer electronics
Container Boards 
High quality brown packaging paper used for the outer layers of
corrugated sheets. It provides effective protection for contents and a smooth
surface that facilitates high quality printing.
High performance fluting paper used in the construction of carton boxes.
It is made from 100% recycled paper. It superb characteristics provide good
protection during transportation and for use in display stacks. The combination
of Fajar Liner and Fajar Medium ensures excellent runn ability on corrugator
machines.
P.T. FSWT or Fajar Paper is a leading packaging paper manufacturer in
Indonesia with an installed capacity of 1,000,000 metric tons per year and a
range of products which include linerboard and corrugated medium paper for
carton box packaging and coated duplex board for display packaging. Running
with current 5 paper machines, Fajar Paper produces around 1 million tons of
packaging papers per year ranging from Coated Duplex Board, Kraft Liner Board
and Corrugated Medium Paper.
|
Paper Machine |
year build |
Capacity (ton/year) |
Products |
|
PM1 |
1990 |
150.000 |
|
|
PM2 |
1989 |
150.000 |
|
|
PM3 |
1995 |
200.000 |
|
|
PM7 |
2006 |
200.000 |
|
|
|
|||
|
PM5 |
2010 |
300.000 |
|
|
Total |
|
1.000.000 |
|
|
PM7 modification |
2011 |
130.000* |
|
|
|
|||
|
PM2 modification |
2012 |
120.000* |
|
|
Total |
|
1.250.000 |
|
*Expected additional capacity
In investment holding P.T. FSWT controls 100% shares of FSW
INTERNATIONAL FINANCE COMPANY BV, dealing with financing service located at the
Netherlands. But since 01 May 2002, FSW INTERNATIONAL FINANCE COMPANY B.V., had
been liquidated as provided in commercial registration Chamber of Commerce and
Industry in Roterdam, the Netherlands.
P.T. FSWT is classified as a medium sized company of which the operation
had been growing stable up to 1996. P.T. FSWT obtained ISO 9002 certificate
from SISIR Singapore for the acknowledgement of quality and management. We
observe P.T. FSWT is classified as a large sized company in the country dealing
with industrial paper making of which the operation had been running smoothly
in the last five years.
The national pulp and paper production realization has kept on increased
in the last five years. The increase in pulp and paper production was triggered
by high economic growth enabling manufacturing industry sector to grasping
rapid progress. But, the pulp and paper prices tended to decline on the
international market within the last four years until the end of 2006. The
plunge down of pulp and paper prices on the international market was
attributable to over supply of such commodity. But, we observed that Indonesian
pulp and paper export has kept on rising until the end of 2010. The competition
is very tight on account many similar companies operating in the country.
Beside that the domestic price of pulp has also been dwindling due to the
relatively large amount of pulp supplies for domestic demand. Economic crisis
that occurred either nationally or globally can influence the Company’s demand
and product prices which then affects the Company’s performance. The business
position of P.T. FSWT is a sufficiently good for controlling marketing network
in within and outside the country.
Projected
Condition of National Paper Industries 2009 – 2012
(In thousand tons)
|
Description |
2009 |
2010 |
2011 |
2012 |
|
Paper Capacity |
10,957 |
10,957 |
10,957 |
10,957 |
|
Paper Production |
8,940 |
8,975 |
9,299 |
9,578 |
|
Imports |
208 |
245 |
255 |
260 |
|
Export |
2,700 |
2,900 |
2,987 |
3,077 |
|
Domestic Consumption |
6,449 |
6,320 |
6,757 |
7,027 |
Sources:
Department of Industry
According to financial report audited by a public accountant the total
sales turnover of P.T. FSWT in 2010 amounted to Rp. 3,386.0 billion with a profit
of Rp. 283.0 billion increased to Rp. 4,123.7 billion with a net profit of Rp.
132.3 billion in 2012 dropt to Rp. 3,987.8 billion with a net profit dropt
drastically of Rp. 5.3 billion 2012. As per 30 June 2013 the sales turnover was
amounted at Rp. 2,403.4 billion with a net profit of Rp. 128.4 billion. It is
projected the sales turnover will be higher by at leas 6% in 2014. The sales
turnover will be increasing because the company’s production capacity has been
increased of 20% in 2013. Besides, some of the machinery printing machine and
paper machine 7 (PM7) has been modification. It is projected that total sales
turnover of the company will be higher by at least 5% in 2012. So far, we did
not heard that the company having been black listed by the Central Bank (Bank
Indonesia). Financial statements as of 31 December 2010, 2011, 2012 and 30 June
2013 are attached.
The management of P.T. FSWT is led by Mr. Winarko Sulistyo AKA Tio Tjen
Hwa (68) a businessman and professional manager with experience in paper making
industry and distribution. Winarko Sulistyo has been the President Director of
Fajar Paper since 1987. His extensive experience in the paper industry spans
over 33 years. Daily operation he is assisted by Mr. Roy Teguh (62), Mr. Hadi
Rebowo Ongkowidjojo (46), Mr. Yustinus Yusuf Kusumah (45) and Mr. Christopher
Thomas Pedder (50) as a directors. The management is backed-up by a team of
professional, skillful and well experienced managers. They have wide relation
with private businessmen at home and abroad as well as with government sectors.
So far, we did not hear that the management of the company being filed to the
district court for detrimental cases or involved in any business malpractices.
The company’s litigation record is clean and it has not registered with the
black list of Bank of Indonesia. P.T. FAJAR SURYA WISESA Tbk is sufficiently
fairly good for business transaction.
Attachment 1:
PT. FAJAR SURYA WISESA Tbk
And It’s Subsidiaries
FINANCIAL
STATEMENTS
Per 31 December 2010, 2011, 2012 and 30 June 2013
(In Million Rupiah)
|
DESCRIPTION |
30 June |
31 December |
||
|
2013 |
2012 |
2011 |
2010 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
130361 |
72.871 |
42.218 |
169.877 |
|
- Trade Receivable |
|
|
|
|
|
* Related Parties
|
- |
- |
81.490 |
105.187 |
|
* Third Parties |
845.851 |
878.622 |
255.114 |
422.407 |
|
- Other Receivable |
1.994 |
2.144 |
1.639 |
679 |
|
- Inventories |
890.560 |
636.373 |
668.283 |
502.124 |
|
- Advance Payment |
10.940 |
7.965 |
19.260 |
7.081 |
|
- Prepaid taxes |
25.759 |
76.802 |
66.224 |
- |
|
- Prepaid Expenses |
3.185 |
6.175 |
3.633 |
3.372 |
|
- Derivative
Instruments |
7.248 |
- |
- |
- |
|
Total Current
Assets |
1.915.900 |
1.680.952 |
1.137.863 |
1.210.727 |
|
b. Non Current Assets |
|
|
|
|
|
- Restricted time Deposits |
9.805 |
9.465 |
- |
- |
|
- Fixed Assets |
3.815.850 |
3.860.973 |
3.734.449 |
3.077.945 |
|
- Intangible Assets
- Net |
21.330 |
22.865 |
- |
- |
|
- Advance Payment
for fixed Assets |
9.352 |
60 |
59.955 |
191.408 |
|
- Deferred
Transaction cost |
- |
- |
- |
11.113 |
|
- Guarantee
Deposits |
4.018 |
4.018 |
3.826 |
3.829 |
|
Total Non Current
Assets |
3.861.958 |
3.897.382 |
3.798.231 |
3.284.295 |
|
TOTAL ASSETS = LIABILITIES STOCKHOLDERS’
EQUITY |
5.777.857 |
5.578.334 |
4.936.094 |
4.495.022 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current
Liabilities |
|
|
|
|
|
- Bank Loan |
331.836 |
301.673 |
107.698 |
207.525 |
|
- Trade Accounts
payable to third parties |
932.450 |
639.631 |
324.129 |
141.053 |
|
- Other Accounts
payable |
37.516 |
45.047 |
60.383 |
65.162 |
|
- Taxes Payable |
10.379 |
20.393 |
1.797 |
23.932 |
|
- Accrued Expenses |
70.655 |
64.609 |
71.249 |
52.202 |
|
- Derivative Financial
Instrument |
1.243 |
3.033 |
- |
1.440 |
|
- Current maturities
of long term liabilities |
|
|
|
|
|
* Bank |
520.075 |
1.795.726 |
280.982 |
61.133 |
|
- Obligation under finance lease |
6.554 |
9.207 |
14.960 |
1.108 |
|
- Bonds payable net |
- |
- |
- |
887.404 |
|
Total Current
Liabilities |
1.910.758 |
2.879.319 |
861.199 |
1.440.959 |
|
b. Non Current
Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities |
409.215 |
378.346 |
372.609 |
350.497 |
|
- Long Term Loans |
- |
- |
- |
- |
|
- Derivative Financial
Instrument |
5.951 |
8.199 |
12.797 |
5.680 |
|
- Banks |
1.433.456 |
426.891 |
1.810.796 |
828.603 |
|
- Obligation under
finance lease |
636 |
3.445 |
11.020 |
2.148 |
|
- Post-Employee
Benefits obligation |
82.484 |
75.143 |
65.975 |
56.536 |
|
Total Non Current
Liabilities |
1.931.742 |
892.025 |
2.273.197 |
1.243.465 |
|
Total Liabilities |
3.842.500 |
3.771.344 |
3.134.396 |
2.684.424 |
|
c. Stockholders
Equity |
|
|
|
|
|
- Share Capital |
1.238.944 |
1.238.944 |
1.238.944 |
1.238.944 |
|
- Additional Paid up
Capital |
3.561 |
3.561 |
3.561 |
3.561 |
|
- Retained
Earnings |
692.851 |
564.485 |
559.192 |
568.093 |
|
Total Stockholders’
Equity |
1.935.356 |
1.806.990 |
1.801.697 |
1.810.598 |
|
DECCRIPTION |
|
|
|
|
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – Net |
2.403.453 |
3.987.783 |
4.123.728 |
3.385.973 |
|
b. Cost of Goods Sold |
(1.992.363) |
(3.506.341) |
(3.511.918) |
(2.739.478) |
|
c. Gross Profit |
411.089 |
481.442 |
611.810 |
646.496 |
|
d. Operating Expenses |
(236.963) |
(301.571) |
(180.211) |
(134.656) |
|
e. Operating Profit |
174.126 |
11.029 |
182.076 |
511.840 |
|
f. Other Income (Expenses) |
13.186 |
1.903 |
6.544 |
151 |
|
g. Profit before Income
Tax |
174.126 |
11.029 |
182.076 |
380.980 |
|
h. Tax Expenses |
(45.759) |
(5.737) |
(49.737) |
(97.979) |
|
i.
Net Profit |
128.367 |
5.292 |
132.339 |
283.002 |
Notes: 31 December
2010, 2011, 2012 audited by Osman Bing Satrio & Rekan (Delooitte)
30 June 2013 un audited
Attachment 2:
List of the
DIRGAHAYU Group Members
BAHANA BUANABOX, P.T. (Corrugated Carton Box
Manufacturing)
DIRGAHAYU MANUFACTURING CO., C.V. (Stationery
Manufacturing)
GENERAL MAGNETIC INDONESIA, P.T. (Trading)
INTAN TEGUH SEJATI, P.T. (Investment Holding)
INTAN USTRIX, P.T. (Corrugated Carton Box
Manufacturing)
INTIRAPI POLANUSA, P.T. (Investment Holding)
FAJAR SURYA WISESA, P.T. (Industrial Paper Making and
Investment Holding)
PARDIKA ANARAWATA, P.T. (Investment Holding)
POLARONA PACIFIC, P.T. (Investment Holding)
RAPIPACK ASRITAMA, P.T. (Corrugated Carton Box
Manufacturing)
SURYA KERTAS Tbk, P.T. (Paper Board Packaging
Industry)
SURYA MANDIRI BUANA, P.T. (Trading and Distribution
of Paper, Pulp, Board and Stationery Products)
TIRTA BAYU SANGKA, P.T. (Investment Holding)
WAHANA MUSTIKA AGUNG, P.T. (Trading and Distributor
of Industrial Paper)
Etc.
Attachment 3:
List of the GARAMA Group Members
AYUTHAYA WISESA, P.T. (Development and Management of Hotel and
recreational Centre)
BASUNANDA NUSANTARA, P.T. (Steel Plate Machining)
BISMA NARENDRA, P.T. (Manufacturing of Zinc Coated Steel Sheets, Printed
coated Steel Sheet, Galvanils and Galvan)
BUKAKA KUJANG PRIMA, P.T. (Steel Fabricating and Construction)
BUMI MITRA PRATAMA, P.T. (Development and Management of Office building,
Luxury Apartment and Shop-houses)
ESSAR DHANANJAYA, P.T. (Cold Rolled Steel Coils and Sheet Manufacturing)
FAJAR SURYA WISESA, P.T. (Paper Industry)
GARAMA ADIPRATAMA, P.T. (Investment Holding)
GARAMA DHANANJAYA, P.T. (General Trading and Supplier and Investment
Holding)
GARAMA DHANANJAYA PRIMA, P.T. (Investment Holding)
GARAMA INTERTRADE - Singapore (General Trading)
GARAMA PANCAMURNI, P.T. (Investment Holding)
GARAMA PERDANA, P.T. (Trading)
GARAMA PROPERTY, P.T. (Modern Office Building Development and
management)
GRAHA CURAH NIAGA, P.T. (General Trading, Export and Import Services of
urea Fertilizers, Cements, Coals, Molasses, etc.)
GRESIK GASES INDONESIA, P.T. (Industrial Gases Manufacturing)
GRESIK POWER INDONESIA, P.T. (Electric Power Development and management)
GESLO LIMITED, P.T. (General Trading and Distribution of Shipping
equipment, Heavy Machinery and Logistics)
INDO BAGNA PRIMA, P.T. (Electrical Equipment
Industry)
INDOSPEC ASIA PETROLEUM BANGADUA, P.T. (Oil
& Natural Gas Exploration)
INSANI BINAPERKASA, P.T. (Coal Mining)
JAKARTA PRIMA CRANES, P.T. (Trading and Distribution of Crane)
LEAR CORPORATION INDONESIA, P.T. (Automotive Accessories Manufacturing)
LEAR SEATING INDONESIA, P.T. (Automotive Seating Manufacturing)
NONGSIN SEKAR, P.T. (Instant Noodle Processing)
PAN GARAMA PRIMA, P.T. (Garment Manufacturing)
PRIMA ETHYCOLINDO, P.T. (Ethylene Glycol Industry)
SRIJAYA PLASINDO, P.T. (Multivarious Plastic Weaving)
SURYA NARENDRA, P.T. (Investment Holding)
TATUNG BUDI INDONESIA, P.T. (Electrical Equipment Manufacturing)
TATSUMI GRAHA STAR LINE, P.T. (Tanker Services)
TELEN ECO COAL, P.T. (Coal Mining (Planned) )
WUJUD NAWANGWULAN, P.T. (Garment Manufacturing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.02 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.