|
Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KRAKATAU STEEL (PERSERO)TBK |
|
|
|
|
Registered Office : |
Gedung Teknologi
Jalan Produksi No. 1 Cilegon 42435, Banten |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1962 as the
Government Steel Industry Project |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-36972 |
|
|
|
|
Legal Form : |
Public Listed
Company |
|
|
|
|
Line of Business : |
a. Integrated Steel Milling Industry b. Investment Holding |
|
|
|
|
No. of Employees |
7,490 persons (as
of December 31, 2013) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
Name of Company :
P.T. KRAKATAU STEEL
(PERSERO)TBK
Registration Address :
Head Office & Factory
Gedung Teknologi
Jalan Produksi No.
1
Cilegon 42435,
Banten
Phones -
(61-254) 371134, 372517, 372050, 371113
Fax -
(61-254) 382411, 380550, 398816, 392163
E-mail - info@krakatausteel.com
Website - www.krakatausteel.com
Region -
Industrial Zone
Status -
Owned
Jakarta Branch
Gedung Krakatau Steel
Jalan Gatot Subroto Kav. 54
Jakarta 12950
Indonesia
Phones -
(61-21) 522 1255 (hunting)
Fax. -
(61-21) 520 0876, 520 0793
Date of Establishment :
a. 1962 as the Government
Steel Industry Project
b. 1971 as P.T.
c. 2010 as P.T.
KRAKATAU STEEL (Persero) Tbk. or P.T.
Legal Form :
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Registration :
The Ministry of Justice and Human Rights
a. No. C-03934.HT.01.04.TH.2003
Dated 25 February
2003
b. No.
AHU-43147.AH.01.02.Tahun 2010
Dated 01 September
2010
c. No. AHU-AH.01.10-30495
Dated 14 August
2012
d. No. AHU-AH.01.10-36972
Dated 05 September
2013
Status :
State Owned and
Domestic Investment (PMDN) Company
Permits by the Government Departments :
a. The
Capital Investment Coordinating Board
- No. 47/I/PMDN/1980
Dated 15 April 1980
- No. 26/II/PMDN/1981
Dated 13 May 1981
- No. 287/II/PMDN/1995
Dated 20 November
1995
b. The
Department of Industry
- No. 237/T/INDUSTRI/1989
Dated 24 November
1989
c. The
Capital Market Supervisory Agency
- No. S-9769/BL/2010
Dated 29 October
2010
Affiliated/Associated Companies :
The KRAKATAU STEEL
Group
Capital Structure :
a. Authorized
Capital -
Rp 20,000,000,000,000.- (US$ 2,170,442,442.-)
b. Issued
Capital - Rp
7,887,500,000,000.- (US$
855,968,238.-)
c. Paid up
Capital -
Rp 7,887,500,000,000.- (US$ 855,968,238.-)
Shareholder/Owner :
a. The Government
of the
b. Public and
Employees (each below 5%) -
US$ 171,068,820.- (19.99%)
c. The Company’s
Management -
US$ 124,827.- (00.01%)
Lines of Business :
a. Integrated Steel Milling Industry
b. Investment Holding
Production Capacity :
a. Sponge Irons - 2,350,000
tons p.a.
b. Slab Steel Plant - 3,400,000 tons
p.a.
c. Billet Steel Plant - 675,000 tons p.a.
d. Hot Strip Mills - 3,500,000 tons
p.a.
e. Cold Rolling Mills -
650,000 tons p.a.
f. Wire Rod Mills - 450,000 tons p.a.
Total Investment :
a. Equity Capital - US$. 1,052.0 million
b. Loan Capital -
US$. 800.5 million
c. Total
Investment - US$. 1,852.5 million
Started Operation :
1971
Trade/Brand Name :
Number of Employee :
7,490 persons (as
of December 31, 2013)
Marketing Area :
Domestic -
85%
Export -
15%
Main Customers :
Wholesalers and
steel Product Making Industries
a. P.T. Adimas
Sakti
b. P.T. Cakung
Prima Stel
c. P.T. Papajaya
Agung
d. P.T. Hamasa
Steel Centre
e. P.T. Alim Surya
Steel
f. P.T. Alim Ampuhjaya Steel
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Bukit
Bajabuana
b. P.T. Bisman Narendra
c. P.T. Gunawan Dianjaya Steel
d. P.T. Arkon Prima Indonesia
e. P.T. Jaya Pari Steel
f. P.T. Cakratunggal Prima Steel
Business Trend :
Fluctuating
Bankers :
a. P.T.
Bank MANDIRI Tbk
Mandiri Plaza
Jl. Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
b. P.T. Bank NEGARA
Plaza 46
Jl. Jend. Sudirman
Kav. 1
c. P.T. Bank RAKYAT
Jl. Jend. Sudirman
Kav. 44-46
Jakarta Selatan
d. P.T. Bank CIMB NIAGA Tbk
Jl. Jend. Sudirman
Kav. 58
Auditor :
Purwantono,
Suherman & Surya (Ernst & Young)
Litigation Checks :
No Litigation
record in our database and the local courts
Total Sales/Revenues :
2010 –
2011 –
2012 –
2013 –
Net Profit (Loss):
2010 –
2011 –
2012 – (US$. 19.6 million)
2013 – (US$. 13.6 million)
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
Board of
Managements :
President Director -
Mr. Irvan Kamal Hakim
Production Director -
Mr. Hilman Hasyim
Logistic Director - Mr. Imam Purwanto
Financial Director -
Mr. Sukandar
HRD and General
Director - Mr. Dadang Danusiri
Marketing Director -
Mr. Yerry
Technology &
Development Director - Mr. Widodo
Setiadharmaji
Board of
Commissioners :
President
Commissioner - Mr.
Zacky Anwar
Commissioners - a. Mr. Binsar H.
Simanjuntak
b. Mr. Tubagus Farich
Nahri
c. Mr. Mohamad
Imron Zubaidy
d. Mr. Achmad
Sofyan Ruky
Signatories :
President Director
(Mr. Irvan Kamal Hakim) or one of directors (Mr. Hilman Hasyim, Mr. Imam
Purwanto, Mr. Sukandar, Mr. Dadang Danusiri, Mr. Yerry and Mr. Widodo
Setiadharmaji) which must be approved by President Commissioner (Mr. Zacky
Anwar) or one of commissioners (Mr. Binsar H. Simanjuntak, Mr. Tubagus Farich
Nahri, Mr. Mohamad Imron Zubaidy and Mr. Achmad Sofyan Ruky)
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
Credit
Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical review
The company
originally had the form of a steel industry project which the government
started to build in 1962. The project
as the PROYEK BAJA
TRIKORA (Trikora steel
project) was a
joint venture between
the Indonesian government and the USSR (Soviet Union) government. Following a changed in the political
situation with the Soviet Union, the project got stalled and was taken over
entirely by Indonesian government. Then,
in 1971 a company was set up named P.T. KRAKATAU STEEL (Persero). In 1991 the
authorized capital was raised to Rp 8,000,000,000,000.- issued and paid up
capital to Rp 2,000,000,000,000.-. Whole shares of P.T. KRAKATAU STEEL are
controlled by the Government of the Republic of Indonesia. The
Deed of establishment was approved by the Minister of Justice of the Republic
of Indonesia through its Decree No. J.A. 5/224/4 dated December 31, 1971.
The articles of
association of the company have frequently been changed. In August 2010, the company sold 20% of its shares to the public
through Indonesian Stock Exchange (BEI) and it was approved by the Capital
Market Supervisory Agency (Bapepam-LK) by virtue of Decision Letter No.
S-9769/BL/2010 dated October 29, 2010. At the same time the authorized capital
was raised to Rp. 20,000,000,000,000 (US$ 2,170,442,442) of which Rp.
7,887,500,000,000 (US$ 855,968,238) was issued and fully paid up. On the same occasion the company renamed to
P.T. KRAKATAU STEEL (Persero) Tbk or P.T. KRATAKATU STEEL Tbk. (P.T. KS) and
the shareholders are The Government of the Republic of Indonesia (80%), Public
– each below 5% (19.99%) and Company’s management (0.01%)%). This
amendment to Deed was approved by the Minister of Law and Human Rights of the
Republic of Indonesia by virtue of Decision Letter No. AHU-43147.AH.01.02.Year
2010 dated September 1, 2010 and No. AHU-AH.01.10-30495 dated August 14, 2012.
Latest on May 23, 2013, the composition of the board of directors and commissioner was changed
again. But, no changes have been effected in term of its shareholding
composition and capital structures to date.
The amendment to Deed was
approved by the Minister of Law and Human Rights of the Republic of Indonesia
by virtue of Decision Letter No. AHU-AH.01.10-36972 dated September 05,
2013.
P.T. KS is a state
owned company dealing with integrated steel milling industry. The company and
its production facilities are located in Cilegon, Banten. P.T. KS started its commercial operations in
1971. Currently, the Company’s
production facilities have a production capacity of 2.45 million metric tons
(un-audited) of crude steel per year and 2.45 million metric tons (un-audited)
of finished steel products per year. The
production capacity of finished steel products increased to 2.85 million metric
tons (un-audited) per year upon completion of hot strip mill revitalization in
2011.
The plant is
equipped with infrastructure facilities including the central of Steamed
Powered Electricity Plant of 400 MW, central of water purification, seaport,
and telecommunication system. P.T. KS
has six production plants making the company as the only integrated steel plant
in the country. These plants produce many kinds of downstream products from
upstream raw materials. Production processes of steel products in Krakatau
Steel starts from Direct Reduction Plant.
This plant processes iron ore pellets into irons using natural gas and
water.
a. Direct Reduction Plant
This gas based
direct reduction plant applies a Mexican origin HYL Technology. Today their
direct reduction plant enjoys a support of two plant units, namely HYL I
which started operation in 1979 and HYL III which began operation in 1994. HYL
I operates with 4-module batch process, each having 2 reactors with a
production capacity of 1,000,000 tons of sponge iron per year. HYL III
operates using continuous process with 2 shaft reactors with a capacity
of 1,350,000 tons of sponge iron per year.
HYL III has undergone an internal modification and is now capable of
operating exceeding its original design, using the partial combustion.
b. Slab Steel Plant
The slab steel
plant is equipped with 2 plants, namely SSP I (started operating in 1983) using
German MAN GHH technology and boasts a production capacity of 1,000,000 tons
per year and SSP II (started operating in 1993) using Austrian Voest
Alpine technology with a production capacity of 2,400,000 tons per year.
The two plants have 6 electric furnaces (EAF) and 3 CCMs, along with a laddle
furnace and RH Vacuum degassing.
c. Billet Steel Plant
Started operating
in 1979, the billet steel plant adopted German MAN GHH technology. The plant
has a capacity of 675,000 tons per year. That plant is backed up by
4 electric furnaces (EAF) and two four-strand CCMs, with Laddle
Turret and Laddle Furnace.
d. Hot Strip Mill
Our hot strip mill
began operating in 1983 using German SMS technology. Currently the mill has a
capacity of 2,000,000 tons per year to be elevated to 3,500,000 tons per year.
The mill's production facility configuration is as follows:
- Two units of
Reheating Furnace
- One unit of
Roughing Stand
- Six units of
Finishing Stand
- Two units
of Down Coiler
- Sizing Press.
e. Cold rolling Mill
This cold rolling
mill became one of PT Krakatau Steel's production units in 1991. This mill is
equipped with French CLECIM technology with current production capacity of
650,000 tons per year. The cold rolling mill is equipped with the following
production lines :
- One CPL unit
- One CTCM unit
- One ECL unit
- One CAL unit
- One BAF unit
- One TPM unit
- One PRP unit
- One REC unit
- One SHR unit
f. Wire Rod Mill
The wire rod mill
started operating in 1979 with a production capacity of 200,000 tons per year.
The mill is supported by the following facilities:
- One Reheating
Furnace unit
- One Roughing Mill
unit
- One Intermediate
Stand unit
-
One Finishing Strand unit
Today, P.T. KS is
the largest integrated steel producer in Southeast Asia. The company is also a
producer of sheet steel hot (HRC) and cold steel sheet (CRC), the largest in
Indonesia, each with a domestic market share of 47% and 33%, and manufacturer
of steel wire rods, the second largest in Indonesia, with 32% domestic market
share. In terms of product specifications, P.T. KS controlled about 85% of the
total product absorbed by the domestic market.
The company has a combined maximum steel capacity of 2.45 million tons
per year. Importing raw materials including iron ore from countries in South
America and the Middle East. P.T. KS sells most of its products in Indonesia
especially in Jakarta and Surabaya.
Above 85% products of the company are sold to local and rest 15% export
markets of various countries such as Middle East, England, Italy, the
Philippine, Hong Kong, Canada, Taiwan, Japan, Singapore, China, Malaysia,
Thailand, Korea, and Vietnam. Details on
the company’s production volume are as follows:
PT. KS’s Production Volume (in tons, unless
otherwise stated)
|
Description |
Unit |
2010 |
2011 |
2012 |
2013 |
|
Steel – Finished Product |
|
|
|
|
|
|
- Hot Rolled Coil |
Ton |
1,503,898 |
1,760,851 |
1,835,968 |
1,821,025 |
|
- Cold Rolled
Coil |
Ton |
415,096 |
414,157 |
535,742 |
567,629 |
|
- Wire Rod |
Ton |
201,337 |
238,443 |
231,385 |
220,269 |
|
- Steel Bar |
Ton |
113,913 |
120,690 |
142,791 |
156,974 |
|
- Steel Section |
Ton |
75,634 |
81,447 |
91,110 |
67,178 |
|
- Steel Pipe |
Ton |
56,165 |
75,325 |
67,404 |
84,107 |
|
Steel-Semi Finished Product |
|
|
|
|
|
|
- Steel Slab |
Ton |
1,084,406 |
1,014,165 |
699,510 |
719,921 |
|
- Steel Billet |
Ton |
289,019 |
389,451 |
265,142 |
225,080 |
|
Sub Total |
Ton |
1,373,425 |
1,403,616 |
964,652 |
945,001 |
|
Sponge Iron |
Ton |
1,273,906 |
1,228,312 |
522,135 |
756,739 |
|
Non Steel |
|
|
|
|
|
|
- Electricity |
MWH |
794,124 |
704,057 |
775,957 |
600,920 |
|
- Water |
000.M3 |
35,088 |
34,811 |
32,416 |
35,817 |
Source: PT.
Krakatau Steel Tbk.
P.T. KS has
ownership interest of more than 50% in the following subsidiaries which are
engaged in real estate, property, hotel, and information technology
business. The table of P.T. KS’s
subsidiary companies shall be as follows:
(As of December 31,
2013)
|
Subsidiary & Domicile |
Lines of Business |
Commercial Operation |
Percentage of Ownership |
Total Assets (US$’000) |
|
PT. KRAKATAU WAJATAMA, Cilegon |
Reinforcing Steel Production |
1992 |
100.00 |
122,060 |
|
PT. KRAKATAU DAYA LISTRIK, Cilegon |
Generation and
Distribution of Electricity |
1996 |
100.00 |
154,892 |
|
PT. KHI PIPE
INDUSTRIES, Cilegon |
Steel Pipe
Production |
1973 |
98.48 |
149,239 |
|
PT. KRAKATAU
INDUSTRIAL ESTATE, Cilegon |
Real Estate
Industry |
1982 |
100.00 |
98,713 |
|
PT. KRAKATAU
ENGINEERING, Cilegon |
Construction and
Engineering |
1988 |
100.00 |
156,574 |
|
PT. KRAKATAU BANDAR SAMUDERA, Cilegon |
Port Service
Provider |
1996 |
100.00 |
83,819 |
|
PT. KRAKATAU TIRTA INDUSTRI, Cilegon |
Water Treatment
and Distribution |
1996 |
100.00 |
33,416 |
|
PT. KRAKATAU
MEDIKA, Cilegon |
Medical Service Provider |
1996 |
97.55 |
12,475 |
|
PT. KRAKATAU
INFORMATION TECHNOLOGY, Cilegon |
Computer
technology Provider |
1993 |
100.00 |
5,082 |
|
PT. MERATUS JAYA
IRON & STEEL, Jakarta |
Iron and Steel Production |
2012 |
66.00 |
142,323 |
|
PT. KRAKATAU NATIONAL RESOURCES, Jakarta |
Coal and Mining Industry |
2013 |
100.00 |
4,190 |
Source: PT.
Krakatau Steel Tbk.
Besides, P.T. KS is
also controlling 30% shares of P.T. KRAKATAU POSCO, 20.10% shares of P.T PELAT
TIMAH NUSANTARA (LATINUSA), 29.31% shares P.T. KERISMA WITIKCO MAKMUR, 25%
shares of P.T. KRAKATAU PRIMA DHARMA SENTANA, 20% shares of P.T. KRAKATAU POSCO
CHEMTECH CALCINATION and others. The
table of P.T. KS’s associates companies as of June 30, 2013 and December 31, 2012
are as follows:
(As of December 31,
2013)
|
Name of Associated Company |
Domicile |
Line of Business |
Percentage of Ownership |
|
|
2013 |
2012 |
|||
|
PT. Krakatau
Posco |
Cilegon |
Iron and Steel
Production |
30.00 |
30.00 |
|
PT. Pelat Timah
Nusantara (Latinusa) |
Cilegon |
Tin Plate Steel
Production |
20.10 |
20.10 |
|
PT. Kerismas
Witikco Makmur |
Jakarta |
Zinc Production |
29.31 |
29.31 |
|
PT. Krakatau
Prima Dharma Sentana |
Cilegon |
Auminium
Production |
25.00 |
25.00 |
|
PT. Krakatau
Posco Chemtech Calcination |
Cilegon |
Lime Calcining
Production |
20.00 |
20.00 |
|
PT. Indo Japan
Steel Center |
Cilegon |
Plate and Rolled
Steel Production |
20.00 |
20.00 |
|
PT. Krakatau
Osaka Steel |
Cilegon |
Section and
Reinforcing Bars Production |
49.00 |
49.00 |
|
PT. Krakatau Nippon Steel Sumikin |
Cilegon |
Galvanized and
Annealed Steel Production |
49.00 |
49.00 |
|
PT. Krakatau
Pos-Chem Dong-suh Chemical |
Cilegon |
Distilled Coal
Tar Production |
30.00 |
-- |
|
PT. Krakatau
Samator |
Ciegon |
Industry, Trade,
Development and Services |
24.00 |
-- |
|
PT. Krakatau
Semen Indonesia |
Cilegon |
Slag Powder
Production |
50.00 |
-- |
|
PT. Krakatau Agro
Logistic |
Cilegon |
Transportation |
48.00 |
-- |
|
PT. Krakatau
Daedong machinery |
Cilegon |
Machine Repairing |
30.00 |
-- |
|
PT. Krakatau Blue
Water |
Cilegon |
Water Treatment |
10.00 |
-- |
Source: PT.
Krakatau Steel Tbk
According to
financial statement audited by Purwantono, Suherman & Surya (a member of
Ernst & Young) a noted public accountant in the country, the total
sales/turnover of P.T. KS in 2010 amounted to US$ 1,641.3 million with a net
profit of US$ 140.4 million, increased to US$ 2,032.9 million with a net profit
of US$ 151.3 million in 2011 to US$ 2,287.4 million with a net loss of US$ 19.6
million in 2012 and declined to US$ 2,084.4 million with a net loss of US$ 13.6
million in 2013. Total assets of the
Company in 2010 amounted to US$ 1,935.0 million increased to US$ 2,398.1
million in 2011 to US$ 2,561.9 million in 2012 and declined to US$ 2,379.5
million in 2013. The Consolidated Statement of Financial as of December 31,
2010, 2011, 2012 and 2013 are attached.
Based on the Extraordinary General Meeting of Shareholders on June 14,
2012, it appointed Mr. Irvan Kamal Hakim (50) as President Director of the
Company, replacing Mr. Fazwar Bujang (67).
Prior to the
appointment, Irwan Kamal Hakim’s previous position was marketing director of
the Company since November 2007. He
jointed the Company since obtaining his Metallurgical Engineering Bachelor
degree from the University of Indonesia and an MBA degree from Maastricht
School of Management, Holland. In his daily
activites, he is supported by six directors namely Mr. Hilman Hasyim (57) as
Production Director, Mr. Imam Purwanto (52) as Logistic Director, Mr. Sukandar (55) as Financial Director, Mr.
Dadang Danusiri (52) as HRD and General Director, Mr. Yerry (56) as Marketing
Director and Mr. Widodo Setiadharmaji (45) as Technology & Development
Director. They have close relations with many high-ranking government officials as
well as with private businessmen within and outside the country. 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.
Considering the
operation of P.T KRAKATAU STEEL (Persero) Tbk., suffered from loss in 2012 to
2013, also economic condition in the country is still unstable, we recommend to
treat prudently in extending any new loan to the company.
Attachment:
P.T. KRAKATU STEEL (Persero) Tbk and
Subsidiaries
CONSOLIDATED STATEMENT OF FINANCIAL
Per 31 December 2010, 2011, 2012 and 2013
(in thousand of US Dollar)
|
D e s c r i p t i o n |
31 December |
|||
|
2013 |
2012 |
2011 |
2010 |
|
|
ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and cash
equivalent |
190,232 |
270,267 |
396,285 |
466,422 |
|
- Short-term
investments |
7,810 |
7,842 |
17,853 |
-- |
|
- Restricted time
deposits |
26 |
4,136 |
-- |
3,003 |
|
- Trade
Receivable |
|
|
|
|
|
* Third parties |
159,101 |
158,260 |
180,607 |
109,852 |
|
* Related parties |
117,068 |
233,331 |
65,725 |
21,873 |
|
- Other
Receivable |
|
|
|
|
|
* Third parties |
18,158 |
16,976 |
4,514 |
8,165 |
|
* Related parties |
38,832 |
3,928 |
11,244 |
944 |
|
- Inventories -
net |
519,086 |
652,368 |
779,099 |
724,239 |
|
- Advances and
prepaid expenses |
35,515 |
40,932 |
30,790 |
12,799 |
|
- Prepaid taxes |
9,391 |
11,614 |
-- |
12,799 |
|
Total Current Assets |
1,095,219 |
1,399,654 |
1,486,117 |
1,362,412 |
|
|
|
|
|
|
|
b. Non Current Assets |
|
|
|
|
|
- Estimated
claims for tax refund |
54,448 |
76,957 |
55,797 |
33,697 |
|
- Investment in
shares of stock, net |
255,417 |
244,399 |
183,076 |
34,276 |
|
- Deferred tax
assets, net |
38,012 |
20,087 |
3,139 |
3,119 |
|
- Fixed assets
(of accumulated depreciation) |
857,738 |
748,936 |
615,754 |
472,197 |
|
- Long-term
receivables, net |
-- |
81 |
142 |
386 |
|
- Real estate
assets |
13,987 |
12,749 |
9,199 |
8,279 |
|
- Assets not used
in operations |
3,659 |
3,465 |
3,463 |
3,260 |
|
- Restricted time
deposits |
19,798 |
18,459 |
8,718 |
10,556 |
|
- Deferred
charges of site preparation work |
-- |
-- |
23,052 |
-- |
|
- Other assets |
41,226 |
37,160 |
9,622 |
6,822 |
|
Total Non Current Assets |
1,284,285 |
1,162,293 |
911,962 |
572,592 |
|
TOTAL ASSETS = TOTAL LIABILITY &
STOCKHOLDER’S EQUITY |
2,379,504 |
2,561,947 |
2,398,079 |
1,935,004 |
|
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short-term bank
loans |
800,476 |
807,434 |
640,925 |
571,308 |
|
- Trade Payable |
|
|
|
|
|
* Third parties |
152,220 |
241,339 |
189,753 |
79,868 |
|
* Related parties |
27,679 |
23,126 |
31,821 |
20,441 |
|
- Other Payable |
|
|
|
|
|
* Third parties |
17,060 |
14,597 |
37,963 |
9,094 |
|
* Related parties |
2,721 |
99 |
3 |
203 |
|
- Taxes payables |
12,886 |
29,493 |
13,925 |
8,131 |
|
- Accrued
expenses |
24,200 |
24,642 |
17,449 |
12,320 |
|
- Short-term
employee benefits liabilities |
9,157 |
10,951 |
10,675 |
18,712 |
|
- Sales and other
advances |
31,175 |
71,222 |
51,471 |
24,233 |
|
- Current
maturities of long-term loans |
59,826 |
21,099 |
20,576 |
25,976 |
|
- Current
maturities of long-term liabilities |
747 |
433 |
488 |
462 |
|
Total Current Liabilities |
1,138,147 |
1,244,435 |
1,015,049 |
770,748 |
|
|
|
|
|
|
|
b. Non Current Liabilities |
|
|
|
|
|
- Deferred tax
liabilities, net |
4,345 |
2,139 |
2,826 |
5,285 |
|
- Advance for
construction, long-term portion |
-- |
-- |
25,037 |
-- |
|
- Long-term
loans, net of current maturities |
146,026 |
154,794 |
144,391 |
95,881 |
|
- Long-term
liabilities, net of current maturities |
7,692 |
6,885 |
6,007 |
5,038 |
|
- Long-term
employee benefits liabilities |
31,241 |
37,708 |
34,173 |
28,277 |
|
Total Non Current Liabilities |
189,304 |
201,526 |
212,434 |
134,481 |
|
c. Equity |
|
|
|
|
|
- Issued and Paid
up Capital |
855,968 |
855,968 |
855,968 |
855,968 |
|
- Additional Paid
in Capital, net |
117,217 |
116,956 |
116,016 |
116,016 |
|
- Other paid in
capital |
(55,344) |
(5,334) |
4,871 |
6,614 |
|
- Retained
Earnings (accumulated losses) |
|
|
|
|
|
* Appropriated |
146,834 |
146,834 |
141,553 |
141,433 |
|
* Un-appropriated |
(32,344) |
(18,358) |
33,128 |
(104,049) |
|
- Non-controlling
interests |
19,973 |
19,920 |
19,060 |
13,793 |
|
Total
Equity |
1,052,053 |
1,115,986 |
1,170,596 |
1,029,775 |
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales / Revenues |
2,084,448 |
2,287,445 |
2,032,852 |
1,641,337 |
|
b. Cost of Goods
Sold |
(1,988,828) |
(2,165,025) |
(1,874,728) |
(1,359,900) |
|
c. Gross Profit |
95,620 |
122,420 |
158,124 |
281,437 |
|
d. Operational
Expenses |
(97,687) |
(106,490) |
(43,892) |
(134,305) |
|
e. Operational
Profit |
(1,067) |
15,930 |
114,232 |
147,132 |
|
f. Other Income (Expenses) |
(13,680) |
(31,401) |
47,776 |
(25,694) |
|
g. Profit Before
Tax Expense (benefit) |
(14,747) |
(15,471) |
162,008 |
172,826 |
|
i. Tax Expense (benefit), net |
1,147 |
(4,089) |
(10,671) |
32,473 |
|
j. Net Income before Minority Interest |
(13,600) |
(19,560) |
151,337 |
140,353 |
|
k. Minority
Interest |
-- |
-- |
-- |
-- |
|
l. Net Profit |
(13,600) |
(19,560) |
151,337 |
140,353 |
Remarks: 31 December 2010, 2011, 2012 & 2013
audited by Purwantono, Suherman & Surya (Ernst & Young)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
UK Pound |
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.