|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDAH KIAT
PULP & PAPER TBK |
|
|
|
|
Registered Office : |
Plaza BII Menara II, 7th Floor, Jalan M.H.Thamrin No. 51, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
30.06.1998 |
|
|
|
|
Legal Form : |
Public Listed
Company |
|
|
|
|
Line of Business : |
·
Integrated Paper Making and Pulp Processing ·
Investment Holding |
|
|
|
|
No. of Employees : |
16,248 |
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 : |
Some Times Delay |
|
Litigation : |
Exist |
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) |
|
Indonesia |
B1 |
A2 |
|
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,
has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices.
|
Source
: CIA |
P.T. INDAH KIAT PULP & PAPER TBK
Head Office
Plaza BII Menara II, 7th Floor
Jalan M.H.Thamrin No. 51
Jakarta Pusat, 10350
Indonesia
Phone -
(62-21) 3929001-3 (Hunting)
Fax - (62-21) 3928875, 3926179
E-mail - info@asiapulppaper.com
Website - http://www.asiapuppaper.com
Building Area - 28 storey
Office Space - 2,600 sq.
meters
Region - Commercial
Building
Status -
Owned
Factory Unit Serang
Jalan Raya Serang Km 76
Desa Kragilan, Serang 42186
Banten Province
Indonesia
Phone -
(62-254) 280088, 281988
Fax - (62-254) 401490-91
Building Area - 62,000 sq.
meters
Office Space - 50,600 sq.
meters
Region - Industrial Zone
Status - Owned
Factory Unit
Perawang, Riau
Jalan Raya Minas Km. 26
Perawang, Desa Pinang Sebatang
Siak, Riau Province
Indonesia
Phone -
(62-761) 91039, 91088
Fax - (62-761) 91373, 91376
Land Area - 210,600 sq.
meters
Building Space - 82,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory Unit
Serpong
Jalan Raya Serpong Km. 8
Tangerang
Banten Provinve
Indonesia
Phone -
(62-21) 53120222
Fax - (62-21) 53120220
Land Area - 120,800 sq.
meters
Building Space - 50,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation:
07 December 1976 as P.T. INDAH KIAT PULP and
PAPER CORPORATION, changed its name to P.T. INDAH KIAT PULP & PAPER Tbk, on
June 30, 1998.
Legal Form:
P.T. Tbk (Perseroan Terbatas Terbuka) or
Public Listed Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
Y.A.5/50/2
Dated
9 February 1978
- No.
AHU-72836.AH.01.02.TH.2008
Dated
13 October 2008
- No.
AHU-AH.01.10-12100
Dated 03 August 2009
- No.
AHU-AH.01.10-31757
Dated 30 July 2013
Company Status:
Foreign Investment (PMA) Company
Permits by the Government Department :
a. The
Department of Finance
NPWP No. 01.000.566.8-092.000
b. The
President of the Republic of Indonesia
No.
B-364/Pres/9/1976
Dated
23 September 1976
c. The
Capital Investment Coordinating Board
-
No. 115/III/PMA/1987
Dated 15 May 1987
-
No. 04/II/PMA/1988
Dated 26 January 1988
-
No. 28/II/PMA/1994
Dated 21 February 1994
-
No. 80/II/PMA/1994
Dated 10 May 1994
- No. 73/III/PMA/1995
Dated
22 February 1995
- No. 64/II/PMA/1997
Dated
22 April 1997
- No. 111/III/PMA/1999
Dated
22 June 1999
- No. 154/II/PMA/1999
Dated
5 August 1999
- No. 110/II/PMA/2000
Dated
19 May 2000
- No. 176/II/PMA/2001
Dated
27 June 2001
- No. 884/III/PMA/2002
Dated
19 August 2002
- No. 75/II/PMA/2005
Dated
29 March 2005
- No. 560/III/PMA/2006
Dated
4 May 2006
- No. 58/II/PMA/2007
Dated
26 February 2007
- No. 59/II/PMA/2007
Dated
26 February 2007
- No. 438/III/PMA/2007
Dated
2 April 2007
The Department of Industry
- No.
75/II/PMA/21005
Dated
29 March 2005
- No.
560/III/2006
Dated
4 May 2006
- No.
92/T/INDUSTRI/2007
Dated
26 February 2007
Related Company:
A member of the SINAR MAS Group
Capital Structure:
Authorized Capital - Rp. 20,000,000,000,000.-
Issued Capital -
Rp. 5,470,982,941,000.-
Paid up Capital - Rp.
5,470,982,941,000.-
Shareholders/Owners :
a. P.T. PURINUSA EKAPERSADA of
Indonesia - Rp.
2,884,470,498,000.- (52.72%)
b. Asia Pulp & Paper Company
of Singapore - Rp. 230,000,000,000.- (
4.20%)
c. Mayfield Investment of
Tortola, BVI -
Rp. 122,509,198,000.- (
2.24%)
d. Public - Rp. 2,234,003,245,000.- (40.84%)
Lines of Business :
a. Integrated Paper Making and Pulp Processing
b. Investment Holding
Production Capacity :
A.Initial Plant
a. Cultural Papers -
49,500 tons p.a.
b. Pulps - 100,000 tons p.a.
c. Wood Chips - 200,000 tons p.a.
d. Soda Ashes - 10,000 tons p.a.
e. Chlorines - 8,800 tons p.a.
f.
Oxygen - 1,814,400 tons p.a.
B.Expansion Plant
Expansion Units
Serang and Units Serpong
a. Test Liner/ Fluiting
Medium/ Corrugated/Medium
Core
Paper/ Wrapping Kraft
Paper/ Uncoated Duplex/
White Lined Kraft/ White
Lined Chipboards - 380,000 tons p.a.
b. Duplex/ Manila/ Ivory
Art
Board/ Solid
Bleached Boards -
420,000 tons p.a.
c. CPT Computer Paper/HVS
Writing Paper/ PPC Copy
Paper/ Web Off Set Pig-
mentized/ LWC Wood
Containing Papers - 253,000 tons p.a.
d. Chipboard/ Carton/
White Lined Chipboard/
White
Lined Test-Liners - 84,000 tons p.a.
e. Printed Packaging
Products - 125,000 tons p.a.
f.
Flexible Packaging
Products - 50,000 tons p.a.
g. Display Packaging
Products - 50,000 toms p.a.
h. Cups From T.D. Pulp
Boards - 25,000 tons p.a.
i. HVS
Paper/Woodfree - 40,000 tons p.a.
Expansion Unit
Bengkalis, Siak, Riau
a. Woodfree Paper, Photocopy
Paper, Computer Print Out
Continous Business Form,
HVS,
HPS & Film Coated
Offset Pigmentireds - 2,560,000 tons p.a.
b. Chipboard/Carton,
Wrapping Paper and
Core
Paperboards - 380,000 tons p.a.
c. Component and Equipment of
Pulp
and Paper Machines - 6,000 units p.a.
d. Pulps -
1,400,000 tons p.a.
e. Caustic Soda - 109,000 tons p.a.
f.
Caustic Soda Flakes - 36,000 tons p.a.
g. Chlorines - 95,000 tons p.a.
h. Polyaluminium
Chlorides - 351,000 tons p.a.
i. Acid Chlorides - 188,000 tons p.a.
j. Sulfur Dioxides - 7,000 tons p.a.
k. Oxygen - 43,000 tons p.a.
l. Nitrogen - 64,000 tons p.a.
m.
Argons - 650 tons p.a.
n. Sulfuric Acid - 59,000 tons p.a.
o.
Calcium Carbonates -
280,000 tons p.a.
p. Hydrogen Peroxides - 43,000 tons p.a.
q. Chlorine Dioxides - 40,000 tons p.a.
r. Ozones - 7,000 tons p.a.
s. Chloroparaffins - 14,000 tons p.a.
t. Sodium Chlorates - 73,000 tons p.a.
u. Methanols - 7,500 tons p.a.
v. Sodium Sulfates - 22,000 tons p.a.
w. High Strength Hypochlorides/
Bleacing Powders - 36,000 tons p.a.
x. Crate - 400,000 pcs p.a.
y. Testliner/Corrugated Medium - 700,000 tons p.a.
A.Initial Plant
a. Equity Capital - US$ 29.0 million
b. Loan Capital - US$ 70.0 million
c. Total Investment - US$ 99.0 million
B.Expansion Plant
a. Equity Capital - Rp. 2,214.5
billion
b. Reinvested Profit - Rp. 816.0
billion
c. Loan Capital - Rp. 7,780.5 billion
d. Total Investment - Rp. 10,810.8 billion
Expansion Plant
a. Equity Capital - None
b. Reinvested Profit - Rp. 1,841.5 billion
c. Loan Capital - Rp. 8,997.5 billion
d. Total Investment - Rp. 10,839.0 billion
Started Operation :
1978
Brand Name :
Bola Dunia, Anchor Brand, Betet, Clean Coated
Board, Evergreen, Globe Brand, Golden Art,
Golden Coin, Golden Star,
King Kong, Logo, Lumba-Lumba, Linex, Pigeon, Etc
Technical Assistance :
None
Number of Employee :
16,248 persons (as of September 30, 2013)
Marketing Area :
Domestic
- 51%
Export
- 49%
Main Customer :
P.T. SINAR DUNIA MAKMUR (Distributor)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KERTAS NUSANTARA
b. P.T. RIAU ANDALAN
KERTAS
c. P.T. TANJUNG ENIM LESTARI PULP AND PAPER
d. P.T. TOBA PULP LESTARI Tbk, Etc
Business Trend :
Fluctuating
Bankers :
a. P.T.
Bank INTERNATIONAL INDONESIA Tbk
Wisma BII
Jalan
M.H. Thamrin 50
Jakarta
Pusat, Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Graha
Niaga
Jalan
Jend. Sudirman Kav. 58
Jakarta
Selatan, Indonesia
c. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
d. P.T. Bank PERMATA Tbk
Plaza
Bank Permata
Jalan
Jend. Sudirman Kav. 27
Jakarta Pusat
Indonesia
e. P.T. Bank SINARMAS Tbk
Wisma Bank Sinarmas, 1st
& 2nd Floor
Jalan M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
Tjiendradjaja & Handoko Tomo (Mazars)
Litigation:
The Subject was involved in litigation and
claims (see litigation and claims)
Annual Sales :
2008 – US$ 2,277.0 million
2009 – US$ 1,773.4 million
2010 – US$ 2,509.6 million
2011 – US$ 2,559.9 million
2012 – US$ 2,518.1 million
2013 – US$ 1,995.8 million (as of 30 September
2013)
Net Profit (Loss) :
2008 – US$
202.4 million
2009 – (US$ 158.5 million)
2010 – US$
13.0 million
2011 – US$
16.0 million
2012 – US$
49.7 million
2013 – US$
144.9 million (as of 30 September 2013)
Payment Manner :
Sometimes delay
Financial Comments :
Satisfactory
Board of Management :
President
Director - Mr. Lan Cheng Ting
Vice
President Director - a. Mrs. Linda
Suryasari Wijaya Limantara
b. Mr. Hendra Jaya Kosasih
c. Mr. Suresh Kilam
Directors - a. Mr. Didi Harsa
b. Mr. Kurniawan Yuwono
c. Mr. Suhendra Wiriadinata
d. Mr. Lieo Djohan AKA Djohan Gunawan
Director
& Corporate Secretary - Mr.
Agustian Rachmansjah Partawidjaja
Board of Commissioners :
President
Commissioner - Mr. Teguh Ganda Wijaya
Vice Pres.
Commissioner - Mr. Ir. Gandi
Sulistyanto Suherman
Commissioners - a. Mrs. Indah
Suryasari Wijaya Limantara
b. Mr. Arthur Tahya
c.
Mr. Frenky Loa
Independent
Commissioners - a. DR. Ramelan, SH,
MH
b.
DR. Ir. Deddy Saleh
c.
Mr. Drs. Pande Putu Raka, MA.
d.
Mr. Letjend. TNI (Retired) Soetedjo
Signatories :
President
Director (Mr. Lan Cheng Ting) or one of Vice President Directors (Mrs. Linda
Suryasari Wijaya Limatara, Mr. Hendra Jaya Kosasih or Mr. Suresh Kilam) or one
of the Directors (Mr. Didi Harsa, Mr. Kurniawan Yuwono, Mr. Suhendra
Wiriadinata, Mr. Lioe Djohan AKA Djohan Gunawan or Mr. Agustian R.
Partawidjaja) which must be approved by the Board of Commissioners.
Management Capability:
Good
Business Morality:
Good
Credit Risk:
Average
Credit Recommendation :
Credit should
be proceeded with monitor
Initially named P.T. INDAH KIAT PULP & PAPER CORPORATION was established
in December 1976 with an authorized capital of US$ 17,000,000 entirely was
issued and paid up. The original founding shareholders were P.T. BERKAT INDAH
AGUNG, a national private company, CHUNG
HWA PULP CORPORATION LTD and YUEN FONG YU PAPER MANUFACTURING CO. LTD., both of
Taiwan. The company notary deed had been changed a couple of times. In 1990 the
authorized capital was converted to Rupiah and raised to Rp. 800,000,000,000
issued and paid up capital to Rp. 458,282,168,000 and the above shareholders
have quitted and they were replaced by P.T. PURINUSA EKAPERSADA, a national
private company, CHP International BVI Corp., YFY Global Investment BVI Corp.,
of British Virgin Island. In June 1990 it became a publicly listed company ('go
public') in the Jakarta Stock Exchange selling 13.09% shares to public. In June
1998 the company was renamed P.T. INDAH KIAT PULP & PAPER Tbk (P.T. IKPP).
In 2003 the authorized capital was converted to AS dollar again namely
US$ 2,189,015,592 entirely issued and fully paid up. By the same time the
shareholders had changed and the latest shareholders of company ware P.T.
PURINUSA EKAPERSADA of Indonesia (52,72%), CHP INTERNATIONAL BVI Corp., of
British Virgin Island (1.94%), YFP GLOBAL INVESTMENT BVI of British Virgin
Island (0.74%), YFP H.K. COMPANY Ltd., of Hong Kong (0.05%) and the Publics
(44,55%). Lastly, in July 2008 the
authorized capital was raised and converted to Rupiah again namely Rp.
20,000,000,000,000.- of which Rp. 5,470,982,941,000.- was issued and fully paid
up. Since that time, shareholders of the company are P.T. PURINUSA EKAPERSADA
of Indonesia (52.72%) and the public (47.28%).
The Deed of amendment was made by Mrs. Linda Herawati, SH, a public
notary in Jakarta under Company Registration Number AHU-AH.01.10-12100, dated
August 03, 2009.
During 1996 and 1997, the Company offered several rights issue whereby
the shares were also listed on the same stock exchanges. As of September 30, 2013, there are
5,470,982,941 of the Company’s shares listed on the Indonesian Stock
Exchange. Most recently by notarial Deed
No. 90 dated June 20, 2013 was made by notary Linda Herawati, SH., the
composition shareholders of the company are P.T. PURINUSA EKAPERSADA (52.72%),
ASIA PULP & PAPER COMPANY of Singapore (4.20%), MAYFIELD INVESTMENT of
British Virgin Islands (2.24%) and Public (40.84%). Concurrently, the
composition board of director was changed. The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-31757
dated July 30, 2013.
P.T. PURINUSA EKAPERSADA, a private company whose majority business
stakes is controlled by the Eka Tjipta Widjaja family. Mr. Eka Tjipta Widjaja
AKA Oei Ek Tjhong is the founder of the SINAR MAS Group is the largest private
business group in the country.
P.T. IKPP has obtained a Foreign Investment (PMA) facility in integrated
paper making and pulp processing and the Company commenced its commercial
operations in 1978. At present the company is managing three factories, each of
which is located at Jalan Raya Serpong Km.8, Tangerang, and Jalan Raya Serang
Km. 76, Desa Kragilan, Serang, both in West Java, and Jalan Raya Minas Km. 26,
Perawang, Desa Pinang Sebatang, Siak, Bengkalis, Riau Province. The Company’s business activity begins from
wood processing to pulp and paper as well as processing of waster paper to
industry paper (packaging). The pulp is
used as raw material for paper and as indirect raw material for industry paper.
The Company has production facilities in Perawang, Riau Province, Serang
and Tangerang, Banten Province and the total annual production capacity in 2012
was 2.4 million tons of pulp, 1.1 million tons of paper and 1.6 million tons of
packaging. Some 51% of the products are
marketed locally and the rest of some 49% is exported to Asia countries, USA,
Middle East, Africa, Europe and Australia.
Below is the Company’s volume production and sales during the years 2008
to 2012.
Consolidated
Operational Summary
|
Production
Volume (In Thousands of
Ton) |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Pulp |
2,100 |
1,984 |
2,260 |
2,206 |
2,412 |
|
Paper |
683 |
696 |
781 |
844 |
933 |
|
Packaging |
1,365 |
1,393 |
1,561 |
1,468 |
1,529 |
|
Sales Volume (In Thousands of
Ton) |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Pulp |
1,509 |
1,367 |
1,532 |
1,494 |
1,538 |
|
Paper |
670 |
693 |
759 |
823 |
926 |
|
Packaging |
1.147 |
1,243 |
1,373 |
1,253 |
1,321 |
Beside that P.T. IKPP 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. IKPP’s subsidiary companies shall be as follows:
(In thousand US$)
|
Name of
Subsidiary |
Lines of
Business |
Start of
Operations |
% of Ownership |
Total Assets (30 Sept. 2013) |
|
- Indah KiatInternational Finance Company BV |
Financing company |
1994 |
100 |
916,781 |
|
- Indah Kiat Finance Mauritius Limited |
Financing company |
1997 |
100 |
66,929 |
|
- IK Trading Limited |
Distributor |
1997 |
100 |
0.002 |
|
- Indah Kiat Finance (IV) Ltd. |
Financing company |
1998 |
100 |
110,000 |
|
- Indah Kiat Finance (III) Ltd. |
Financing company |
1998 |
100 |
1 |
|
- IK Import & Export Limited |
Distributor |
2000 |
100 |
7,169 |
|
- Indah Kiat Finance (VIII) Ltd. |
Financing company |
2000 |
100 |
1 |
|
- Global Fibre Limited |
Investment |
2004 |
100 |
27,001 |
|
- Imperial Investment Limited |
Investment |
2004 |
100 |
144,337 |
|
- Indah Kiat Finance BV |
Financing company |
2004 |
100 |
1,522,947 |
|
- PT. Graha Kemasindo Indah |
Trading |
1995 |
99.50 |
1,402 |
|
- PT. Paramitra Abadimas Cemerlang |
Trading |
1988 |
95.16 |
22,534 |
|
- PT. Paramitra Gunakarya Cemerlang |
Manufacturing |
1996 |
99.94 |
22,482 |
According to financial report audited by Tjiendradjaja & Handoko
Tomo, a Registered Public Accountant, the total sales turnover of P.T. IKPPT in
2007 amounted to US$ 1,879.4 million with a net profit of US$ 91.8 million
increased to US$ 2,277.0 million with a net profit of US$ 202.4 million in 2008
and declined to US$ 1,773.4 million with a net loss of US$ 158.5 million in
2009 rose to US$ 2,509.6 million with a net profit of US$ 13.0 million in
2010. In 2011, the company’s sales
turnover amounted to US$ 2,559.9 million with a net profit of US$ 16.0 million
and declined to Rp 2,518.1 million with a net profit of US$ 49.7 million in
2012. As per 30 September 2013, its
sales turnover was US$. 1,995.8 million with a net profit of US$ 144.9
million. Financial statement as f 31
December 2010, 2011, 2012 and as of 30 September 2013 are attached.
Since June 2013, the company's
management is led by Mr. Lan Cheng Ting (59) of
Taiwan as the President Director. In
his daily activities, he is assisted by three Vice President Directors namely
Mrs. Linda Suryasari Wijaya Limantara (33), Mr. Hendra Jaya Kosasih (54) and
Mr. Suresh Kilam (63), and also five directors namely Mr. didi Harsa (66), Mr.
Kurniawan Yuwono (45), Mr. Suhendra Wiriadinata (46), Mr. Lioe Djohan Gunawan
(46) and Mr. Agustian Rachmansjah Partawidjaja (62).
But we are sure that prime-mover of the company is Mr. Teguh Ganda Widjaja AKA
Oei Tjie Goan (67), the eldest son of Dr. Eka Tjipta Widjaja (the head of the
SINAR MAS Group). He has held various positions within the Sinar Mas group of
companies including President Director of the Company (1985-2007), Vice
President Director of PT. SMART Tbk (1992- 2002), Vice President Commissioner
of PT. Duta Pertiwi Tbk (1994-2001), President Commissioner of PT. Duta Pertiwi
Tbk (2001-2004), Commissioner of PT. Sinar Mas Multiartha Tbk (1996-1997),
President Director of PT. Pindo Deli Pulp And Paper Mills (1996-2006) and PT.
Lontar Papyrus Pulp & Paper Industry (2001-2006), President Commissioner of
PT. Pabrik Kertas Tjiwi Kimia Tbk since 2002, President Commissioner of PT.
Pindo Deli Pulp And Paper Mills and PT. Lontar Papyrus Pulp & Paper Industry
since January 2006. He has been President Commissioner of the Company since
June 2007.
The management of the company is very experienced in the paper and pulp
industry. They have very wide relations with local and overseas business groups.
They also have cultivated close relations with many high-ranking officials of
government institutions in Jakarta, West Java, Riau and other provinces of
Indonesia. In 2007 to 2010 the Company
was involved in litigation and claims (see attachment-2). But after that, 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. We observed that management’s
reputation in said business is fairly good.
P.T. INDAH KIAT PULP AND PAPER Tbk is sufficiently fairly good for
business transaction. However, in view of the unstable economic condition in
the country we recommend to treat prudently in extending a loan to the company.
ATTACHMENT 1
PT. INDAH KIAT PULP & PAPER TBK
AND SUBSIDIARIES
Per 31 December 2010, 2011, 2012 and as of 30 September 2013
(In Thousand US Dollar)
|
DESCRIPTION |
30 Sept. |
31 December |
||
|
2013 |
2012 |
2011 |
2010 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
66,017 |
141,194 |
58,898 |
61,615 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
150,396 |
190,617 |
166,795 |
184,848 |
|
* Related
Parties |
42,699 |
119,426 |
176,642 |
145,682 |
|
- Other Receivable |
5,182 |
8,489 |
7,224 |
12,149 |
|
- Inventories |
946,911 |
885,118 |
687,023 |
568,668 |
|
- Advance Purchases |
155,499 |
112,230 |
136,227 |
93,018 |
|
- Prepaid Taxes and Expenses |
47,745 |
32,285 |
18,330 |
6,840 |
|
- Other Current Assets |
337,193 |
187,619 |
216,628 |
18,808 |
|
Total Current
Assets |
1,751,642 |
1,676,978 |
1,467,767 |
1,091,628 |
|
b. Non Current Assets |
|
|
|
|
|
- Deferred Tax Assets - net |
255 |
255 |
236 |
155 |
|
- Due from related parties – net of
accumulated depreciation |
19,636 |
42,225 |
50,341 |
60,944 |
|
- Due to related Parties |
172,676 |
173,299 |
174,537 |
175,661 |
|
- Advance to related parties |
300,639 |
300,639 |
300,639 |
300,639 |
|
- Investment in shares of stock |
3,606 |
3,757 |
3,836 |
3,751 |
|
- Fixed Assets – net of accumulated
depreciation |
4,334,281 |
4,285,392 |
4,208,002 |
4,157,964 |
|
- Advance for Purchases Fixed Assets |
|
|
|
|
|
* Third Parties |
165,712 |
158,671 |
106,975 |
90,463 |
|
* Related
Parties |
-- |
-- |
- |
- |
|
- Other Non-current Assets |
5,583 |
6,284 |
6,502 |
6,670 |
|
Total Non Current
Assets |
5,002,388 |
4,970,522 |
4,851,068 |
4,833,484 |
|
TOTAL LIABILITIES TOTAL ASSETS = &
STOCKHOLDERS’
EQUITY |
6,754,030 |
6,647,500 |
6,318,835 |
5,925,112 |
|
B. LIABILITIES & STOCKHOLDERS’
EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short-Term Loan |
546,233 |
354,464 |
327,646 |
171,430 |
|
- Trade Liabilities |
|
|
|
|
|
* Third Parties |
140,148 |
133,495 |
108,915 |
132,990 |
|
* Related
Parties |
53,798 |
50,100 |
44,634 |
43,781 |
|
- Other Liabilities |
101,252 |
8,793 |
11,344 |
21,392 |
|
- Accrued Expenses |
52,194 |
260,116 |
228,586 |
193,032 |
|
- Tax Liabilities |
1,367 |
5,886 |
9,962 |
24,413 |
|
- Lease Liabilities |
476 |
-- |
358 |
592 |
|
- Long Term Bank Loans |
134,362 |
108,263 |
62,142 |
29,140 |
|
- Loans, notes and bonds payable |
121,356 |
78,191 |
594,469 |
465,127 |
|
Total Current
Liabilities |
1,151,186 |
999,308 |
1,388,056 |
1,081,897 |
|
b. Non Current Liabilities |
|
|
|
|
|
- Payable to Related Parties |
33,851 |
21,384 |
23,536 |
13,367 |
|
- Deferred Tax Liabilities |
142,014 |
140,186 |
157,731 |
150,766 |
|
- Post employment benefit obligation |
70,753 |
74,917 |
69,929 |
61,081 |
|
-
Current maturities of long term loan |
|
|
|
|
|
* Lease
liabilities |
2,012 |
-- |
358 |
1,001 |
|
* Bank loans |
559,305 |
559,619 |
279,801 |
78,971 |
|
* Bond payables
|
1,998,012 |
2,046,838 |
2,082,375 |
2,087,019 |
|
* Long term
loans |
835,347 |
918,906 |
950,916 |
936,822 |
|
- Long term liabilities – net of current
maturities |
|
|
|
|
|
* Lease
liabilities |
(476) |
-- |
(358) |
(592) |
|
* Bank loans |
(134,362) |
(108,263) |
(62,142) |
(29,140) |
|
* Bond payables
|
(121,356) |
(78,191) |
(594,469) |
(465,127) |
|
Total Non Current
Liabilities |
3,385,100 |
3,575,396 |
2,907,676 |
2,836,168 |
|
Total
Liabilities |
4,536,286 |
4,574,704 |
4,295,732 |
2,007,047 |
|
c. Minority Interest |
|
-- |
- |
- |
|
d. Stockholders’ Equity |
|
|
|
|
|
- Issued and Paid Up Capital |
2,189,016 |
2,189,016 |
2,189,016 |
2,189,016 |
|
- Additional Paid-up Capital |
5,808 |
5,808 |
5,808 |
5,808 |
|
- Retained Earnings (Accumulated Losses) |
22,554 |
(122,260) |
(171,868) |
(178,914) |
|
- Non-controlling interest |
366 |
232 |
147 |
137 |
|
Total Stockholders’
Equity |
2,217,744 |
2,072,796 |
2,023,103 |
2,007,047 |
|
C. INCOME STATEMENTS |
|
|
|
|
|
a.
Sales – Net |
1,995,787 |
2,518,091 |
2,559,942 |
2,509,631 |
|
b. Cost of Goods Sold |
(1,651,362) |
(2,190,321) |
(2,232,099) |
(2.070,391) |
|
c. Gross Profit |
344,425 |
327,770 |
327,843 |
439,240 |
|
d. Operating Expenses |
(212,072) |
(258,182) |
(249,386) |
(248,487) |
|
e. Operating Profit |
132,353 |
69,588 |
78,457 |
190,752 |
|
f. Other Income (Expenses) |
14,423 |
(37,459) |
(55,517) |
(117,372) |
|
g. Profit before Income Tax |
146,776 |
32,129 |
22,940 |
73,381 |
|
h. Income Tax |
(1,828) |
17,564 |
(6,884) |
(60,382) |
|
i. Profit Before Minority Interest |
144,948 |
49,693 |
16,046 |
12,999 |
|
j. Minority Interest |
-- |
-- |
10 |
(31) |
|
k.
Net Profit (Loss) |
144,948 |
49,693 |
16,056 |
13,030 |
Note: 31 December 2010, 2011 and 2012 audited by Tjiendradjaja & Handoko
Tomo (Member of Mazarsl)
30 September 2013 un audited
ATTACHMENT 2
Significant
Litigations and Claims:
The following were the significant litigation and claims directly and
indirectly involving the Company:
1. On February 15, 2007, the Company filed a Notice of Arbitration under
the Guarantee for enforcement of the Guarantee against Crown Andersen. On March
1, 2007, Crown Andersen served a response upon the notice which denying the
Company’s contentions and reserving their right to file their Statement of
Defence. On February 15, 2007, the Company filed a Notice of Arbitration under
the Guarantee for enforcement of the Guarantee against Crown Andersen. On March
1, 2007, Crown Andersen served a response upon the notice which denying the
Company’s contentions and reserving their right to file their Statement of
Defence.
2. On October 24, 2007, the Plaintiffs obtained a Temporary Restraining
Order (TRO) from the New York courts restraining the Defendants from making any
further payments to the creditors under the MRA. As a result of the TRO, the
defendants suspended payments to its creditors under the MRA. The TRO was made
permanent by the New York Courts pursuant to an order of court dated May 16,
2008. Defendants have filed an appeal from this restraining order. On January
15, 2009, the Appellate Division affirmed the injunction which prohibits the
Defendants from making payments in accordance with the MRA. The Defendants have
30 days to file a motion for leave to appeal to the New York Court of Appeals
after the Plaintiffs serve the Notice of Entry of the Appellate Division’s
order upon the Defendants. Up to the date of this report, the Plaintiffs have
not served the Notice of Entry upon the Defendants. On April 8, 2009, certain
creditors under the MRA filed a motion for leave to appeal, but up to the date
of this report the court has not issued a decision on the motion.
3. On or about September 10, 2008, the Defendants, Oaktree and certain
of its affiliates reached an agreement for a full and final settlement of all
litigation and disputes outstanding between them, including in Indonesia, New
York, California and Singapore. Following the settlement above, on or about
April 2, 2009, Gramercy Advisors, LLC, Gramercy Emerging Markets Funds
(Gramercy Parties) and the Defendants agreed to a full and final global
resolution of all litigation and disputes outstanding, including in the
respective jurisdictions listed above. With respect to the proceedings in New
York and California, the original Plaintiffs have transferred their interests
in relation to such proceedings (to the extent they have such interests) to
other companies.
4. On December 22, 2008, Judge Kapnick has signed a turnover order in
connection with the second New York Judgment and the Defendants have 30 days to
file a Notice of Appeal after the Plaintiffs serve the Notice of Entry of the
turnover order upon the Defendants. Up to the date of this report, the
Plaintiffs have not served the Notice of Entry upon the Defendants.
5. Since early December 2008, EXIM, in its effort to enforce the summary
judgment, has obtained various writs from the court and has sent those writs
and/or subpoenas to various companies. Up to the date of this report, EXIM’s
effort to enforce the summary judgment through such writs and subpoenas is
still ongoing.
6. On December 22, 2008, JP Morgan filed a motion for summary judgment
against the Company and Tjiwi Kimia and also a separate motion against the
Company. Defense counsel filed responses to these motions on March 9, 2009, and
JP Morgan filed its reply on April 6, 2009. The Court ruled on JP Morgan’s
motions on October 14, 2009.
The Honorable James F. Holderman granted JP Morgan’s motion against the
Company and Tjiwi Kimia, but indicated that JP Morgan’s motion for summary
judgment against the Company remained under advisement and strongly encouraged
the parties to discuss settlement.
7. On April 21, 2010, The Honorable James F. Holderman has issued the
Memorandum Opinion and Order which granted the Summary Judgment in favor of JP
Morgan. In relation to the summary judgment, the Company, Tjiwi Kimia and APP
have filed a notice of appeal regarding The Honorable Holderman’s orders as to
JP Morgan’s motions for summary judgment.
Gryphon Domestic VI, LLC, OCM Opportunities Fund II, L.P., OCM
Opportunities Fund III, L.P., Columbia/ HCA Master Retirement Trust, Gramercy
Emerging Markets Fund and General Electric Capital Corporation (the Plaintiffs)
have commenced legal actions against the Company and certain related companies.
A brief description of these legal actions is set out below:
In the United States of America State Supreme Court against the Company,
Asia Pulp & Paper Company Ltd. (APP), PT Lontar Papyrus Pulp & Paper
Industry (Lontar), APP International Finance Company B.V. (APP Finance) and
Indah Kiat International Finance Company BV (Indah Kiat BV) (collectively the
Defendants) in respect of certain notes issued by APP Finance (the Lontar
Notes) and Indah Kiat BV (the Indah Kiat 02 and 06 Notes). The claims in
respect of the Indah Kiat 02 and 06 Notes amounted to USD78.8 million and
USD92.9 million, respectively. The claim in respect of the Lontar Notes
amounted to USD147 million.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.87 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.