|
Report Date : |
09.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PABRIK KERTAS TJIWI KIMIA TBK |
|
|
|
|
Formerly Known As : |
·
02 OCTOBER 1972 AS P.T. PABRIK KERTAS TJIWI KIMIA ·
08 JULY 1996 AS P.T. PABRIK KERTAS TJIWI KIMIA TBK |
|
|
|
|
Registered Office : |
Sinar Mas Gondangdia, Menteng Jakarta Pusat 10350 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
02.10.1972 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-26833 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
·
Cultural and Industrial Paper Manufacturing ·
Caustic Soda Manufacturing ·
Investment Holding |
|
|
|
|
No. of Employees |
12,482 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 : |
Slow but Correct |
|
|
|
|
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) |
|
Indonesia |
A2 |
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 |
Name of Company :
P.T. PABRIK KERTAS TJIWI KIMIA TBK
A d d r e s s :
Head Office &
Factory
Sinar Mas Land Plaza, Menara II, 7th Floor
Jalan M.H. Thamrin No. 51
Gondangdia, Menteng
Jakarta Pusat 10350
Indonesia
PO Box -
4295 JKT 10001
Phones -
(62-21) 392966-69
Fax - (62-21) 3927685
E-mail - app_investors@app.co.id
Website -
http://www.tjiwi.co.id
Factory/Mills
Jl. Raya Surabaya-Mojokerto Km. 44
Desa Kramat Temanggung
Kecamatan Tarik,
Sidoarjo, East Java
Indonesia
Phones - (62-321) 361552, 361574-77
Fax - (62-321) 361615
Telex - 31094 TJIWI MR
P.O. Box - 115 MOJOKERTO
Land Area - 36.0 hectares
Building Space - 4.5 hectares
Region - Industrial
Zone
Status - Owned
Branches
a. Singapore
Office
Room 1609,
16th Floor, SHENTON HOUSE
3
Shenton Way
Singapore
Phones -
(65) 2209166-69
b. Surabaya
Office
Jalan
Rajawali No. 31-33
Surabaya
East
Java
Phones -
(62-31) 3530520, 33524130, 3524133
Fax -
(62-31) 3525409
Date of
Incorporation :
a. 02 October 1972 as P.T.
Pabrik Kertas TJIWI KIMIA
b. 08 July 1996 as P.T.
Pabrik Kertas TJIWI KIMIA Tbk
Legal Form :
P.T. Tbk. (Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
Y.A. 5/439/25 (initial permit)
Dated 22 December 1975
b. No. AHU-42925.AH.01.02.Tahun 2009
Dated 01
September 2009
c. No. AHU-AH.01.10-26833
Dated 23
July 2013
Company Status :
Domestic Investment (PMDN) Company
Permit by the
Government Department :
a. The
Department of Finance
NPWP No.
01.109.421.6-092.000
b. The
Department of Industry
No.
2040/St-J/XII/1974
Dated 14
December 1974
c. The
Capital Investment Coordinating Board
- No.
564/III/PMDN/1987
Dated 11 November
1987
- No.
212/III/PMDN/1996
Dated 31 May 1996
Related Companies :
A Member of the SINAR MAS Group
Capital Structure
:
Authorized Capital -
Rp. 5,000,000,000,000
(US$.2,010,813,237)
Issued Capital -
Rp. 1,335,702,240,000 (US$. 537,169,549)
Paid up Capital -
Rp. 1,335,702,240,000 (US$. 537,169,549)
Shareholders/Owners
:
a. P.T. PURINUSA EKAPERSADA -
Rp 796,179,367,000 (59.6%)
b. MAYFIELD INVESTMENT LIMITED -
Rp. 47,794,114,000 ( 3.6%)
c. The Public -
Rp 491,728,759,000 (36.8%)
Lines of Business
:
a. Cultural and Industrial Paper
Manufacturing
b. Caustic Soda Manufacturing
c. Investment Holding
Production
Capacity :
a. Industrial and Cultural Papers -
194,000 tons p.a.
b. Corrugated Paper Boxes -
98,300 tons p.a.
c. Kraft Papers - 186,000 tons p.a.
d. Caustic Soda - 14,900 tons p.a.
e. Computer and Telex Papers - 10,800 tons p.a.
f. NRC, Coated and Cultural Papers -
130,800 tons p.a.
g. Fine Papers for Laminating - 7,200 tons p.a.
h. Lining Papers - 7,200 tons p.a.
i. Tissue Papers - 3,600 tons p.a.
j. Duplex Coated Papers - 51,600 tons p.a.
k. Cardboards - 14,600 tons p.a.
l. Pulps and Baggases -
117,600 tons p.a.
m. Writing Books -
30 millions pcs.p.a.
n. HVS and Writing Papers - 210,000 tons p.a.
o. Silicon Papers - 20,000 tons p.a.
p. Cast Coating Papers - 10,000 tons p.a.
q. High Quality Exercise Book, Note
Book,
Computer Continuous Form
Box
Stationery - 300,000 tons p.a
r. Calcium
Hypochloride - 7,200 tons
p.a.
s. Liquid Calcium
Hypochloride -
64,000 tons p.a.
t. Calcium Oxide - 36,000 tons p.a.
Total Investment :
a. Equity Capital -
Rp. 1,335.3 billion
b. Loan Capital -
Rp. 15,295.0 billion
c. Total Investment -
Rp. 16,630.3 billion
Started Operation
:
1 9 7 7
Brand Name :
Bola Dunia, Anchor Brand, Betet, Clean Coated Board, Evergreen, Globe
Brand, Golden Art, etc
Technical
Assistance :
None
Number of Employee
:
12,482 persons
Marketing Area :
a. Domestic - 35%
b. Export - 65%
Main Customers :
a. P.T. SURYA JAYA PLACE (Distributor)
b. P.T. PERMATA BIRU INDAH
(Distributor)
c. P.T. SUTIO JAYATAMA
(Distributor)
d. P.T. MARGONO
(Distributor)
e. Buyers in Asia, Middle East, Africa, Europe, USA and Australia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SURABAYA AGUNG KERTAS
b. P.T. RIAU ANDALAN KERTAS
c. P.T. KERTAS LECES
d. P.T. SUPARMA Tbk, etc.
Business Trend :
Declining
B a n k e r s :
a. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Plaza BII,
Menara II, 7th Floor
Jalan M.H. Thamrin No. 51
Jakarta 10350
b. The Bank of AMERICA N.T. & S.A.
Gedung Bursa Efek Jakarta, Menara I
Jalan Jend. Sudirman Kav. 52-53
Jakarta
Selatan
c. The LONG-TERM CREDIT Bank of Japan Ltd.
Singapore
DEUTSCHE Bank, AG
Jalan Imam
Bonjol No. 80
Jakarta
Pusat
e. P.T. INDOSUEZ INDONESIA Bank
Jakarta
Branch
SUMMITMAS
TOWER II, 19th Floor
Jalan Jend.
Sudirman Kav. 61-62
Jakarta
Selatan
P.T. INTERNATIONAL NEDERLANDEN
INDONESIA,
Bank
SUMMITMAS
TOWER II, 14th Floor
Jalan Jend.
Sudirman Kav. 61-62
Jakarta
Selatan
Auditor :
Tjiendradjaja & Handoko Tomo
Litigation :
No litigation record in our database
Annual Sales :
2009 – US$. 1,174.1 million
2010 – US$. 1,338.8 million
2011 – US$. 1,378.7 million
2012 – US$. 1,321.6 million
2013 – US$. 938.5 million (as
of 30 September 2013)
Net Profit (Loss)
:
2009 – US$. 31.6 million
2010 – US$. 46.6 million
2011 – US$. 70.4 million
2012 – US$. 34.8 million
2013 – US$. 17.0 million (as of 30 September 2013)
Payment Manner :
Sometime delay
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Yudi Setiawan Lin
Directors - a. Mrs. Linda Suryasari
Wijaya Limantara
b. Mrs. Indah Suryasari Wijaya Limantara
b. Mr. Hendra Jaya
Kosasih
c. Mr. Anton Mailoa
d. Mr. Suresh Kilam
e. Mr. Agustian Rachmansjah Partawidjaja
e. Mr. Suhendra Wiriadinata
f. Mr.
Arman Sutedja
Corporate Secretary - Mr. Agustian Rachmansjah Partawidjaja
Board of Commissioners :
President Commissioner - Mr. Teguh Ganda Widjaja AKA Oei
Tie Goan
(Resigned
since 16 May 2004)
Vice Pres. Commissioner
- Mr. Ir. Gandi Sulistiyanto
Soeherman
Commissioners - a. Drs. John Ferdinand Pandelaki
b. Mr. Arthur Tahja
c. Drs. Pande Putu Raka, MA
d. Letjen TNI (ret) Soetedjo
e. DR. Ramelan, SH, MH
Signatories :
President Director
(Mr. Yudi Setiawan Lin) or one of the Directors (Mrs. Linda Suryasari Wijaya Limantara, Mrs. Indah Suryasari Wijaya Limantara,
Mr. Hendra Jaya Kosasih, Mr. Anton Mailoa, Mr. Suresh Kilam, Mr. Agustian
Rachmansjah Partawidjaja, Mr. Suhendra Wiriadinata and Mr. Arman Sutedja) which must be approved by
Presodent Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Proposed Credit Limit :
Small amount – periodical review
Originally named P.T. Pabrik Kertas TJIWI KIMIA, it was established in October
1972 with an authorized capital of Rp. 200,000,000.- issued capital of Rp. 50,000,000.- wholly paid-up. Founders and
original shareholders are Dr. Eka Tjipta Widjaja AKA Oei Ek Tjhong and the late
his son-in-law Mr. Rudy Maeloa AKA Loa Bon Peang (died on 5 April 1988) Chinese
origin Indonesian business family. The Articles of Association was made by Mr.
Ridwan Suselo, SH., a public notary in Jakarta and it was approved by the
Ministry of Justice Republic Indonesia under its Decision Letter No. Y.A.
5/439/25 dated 22 December 1975.
Its articles of association have subsequently been changed for a couple
of times. In April 1990, the company went public by releasing its 6.74% shares
to the public through Jakarta Stock Exchange (BEJ) and Surabaya Stock Exchange
(BES). In July 1996, the company renamed to P.T. Pabrik Kertas TJIWI KIMIA Tbk.
(P.T. PKTKT). Later in June 1997, the authorized capital was increased again to
Rp. 5,000,000,000,000.- In July 1997, P.T. PKTKT undertook right issue I and
the issued capital has from that time on increased to Rp. 1,321,526,432,000.- Later of July 2008, P.T. PKTKT issued the
bonus shares and concurrently the issued and paid-up capital rose again to Rp.
1,335,702,240,000. As of 31 December
2011, the majority business stakes of the company is controlled by P.T.
PURINUSA EKAPERSADA (60%) and the rest is owned by Publics (40%). The amendment to Articles of Association has
been approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-42925.AH.01.02.TH.2009, dated 01 September 2009.
The latest, based on notarial Deed No. 24 dated 12 June 2012 of Linda
Herawati, SH., notary in Jakarta, MAYFIELD INVESTMENT Ltd., of British Virgin
Island entered into the company as new shareholder. Since the time, the shareholders of the
company are P.T. PURINUSA EKAPERSADA (59.6), MAYFIELD INVESTMENT Ltd., (3.6%)
and Public (36.8%). The amendment to
Articles of Association has been approved by the Ministry of Law and Human
Right of the Republic of Indonesia in its Decision Letter No.
AHU-AH.01.10-26833 dated 23 July 2012.
P.T. PURINUSA EKAPERSADA (63.4%), 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 a very large-size private business group
in the country.
P.T. PKTK is the largest paper making plant in Indonesia whose plant is
located in Desa Kramat Temanggung, Kecamatan Tarik, Sidoarjo, East Java
operating as from 1977. Its major production is industrial and cultural papers,
corrugated papers, kraft papers, computer and telex papers, NRC, Coated and
Fine Papers, Lining and Tissue Papers, Duplex Coated Papers, HVS and Writing
papers, Cast Coating papers and others such as stationery and packaging. Total
annual production capacity in 2012 was 1,277,000 tons of papers, 80,000 tons of
packaging and 320,000 tons of stationery.
Besides that, it also produces paper chemicals including caustic soda,
calcium hypocloride, liquid calcium hypochloride and calcium oxide. Its production is marketed by the SINAR MAS
Group member who has controlled an extensive marketing network in many
countries. Some 35% of the products are marketed locally and the rest of some
65% is exported to Asia countries (54%), Central East and Africa (24%), America
(10%), Europe (9%) and Australia (3%).
Pursuant to the Company, for the fifth time, in 2012, PT Pabrik Kertas
Tjiwi Kimia received the Primaniyarta Award, an award for the
best Indonesian exporters. The manufacturer received the award for the
Global Brand Development Category. Previously, PT Tjiwi Kimia received several
other Primaniyarta awards in 2006, 2007, 2010, 2011 and 2012.
Beside that P.T. PKTK 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. PKTK’s subsidiary companies shall be as follows:
(In US$)
|
Name of
Subsidiary |
Lines of
Business |
Start of
Operations |
% of Ownership |
Total Assets (30 Sept . 2013) |
|
PT. Mega Kertas Pratama |
Distributor |
1996 |
99.20 |
7 |
|
Tjiwi Kimia Trading III (BVI) |
Distributor |
1996 |
100.00 |
71,066 |
|
Tjiwi Kimia Finance (Mauritius) Ltd. |
Financing Company |
1997 |
100.00 |
40,421 |
|
TK Trading Limited (Cayman Islands) |
Distributor |
1997 |
100.00 |
22,906 |
|
Tjiwi Kimia trading II Limited, Cayman Island |
Distributor |
1998 |
100.00 |
53,897 |
|
TK Import & Export Ltd., BVI |
Distributor |
2001 |
100.00 |
7,449 |
|
Tjiwi Kimia Finance B.V., the Netherlands |
Financing Company |
2004 |
100.00 |
755,323 |
|
Marshall Enterprise Ltd., Malaysia |
Investment |
2004 |
100.00 |
73,968 |
|
PT. Sumalindo Hutani Jaya |
Forestry |
1992 |
99.99 |
29,683 |
Source: PT. Tjiwi Kimia Tbk
On July 15, 2013, the Company invests in P.T. OKI PULP & PAPER
MILLS. The detail of this account as of
September 30, 2013 is as follows:
|
Investee |
Lines of
Business |
Number of Shares
Held |
% of Ownership |
Carrying Value |
|
PT. OKI Pulp & Paper Mills |
Pulp and Paper Industry |
300,000 |
35.29 |
32,344 |
Source: PT. Tjiwi Kimia Tbk
According to financial statement the total sales turnover of P.T. PKTK in
2007 amounted to US$ 1,154.9 million with a net profit of US$ 10.1 million
increased to US$ 1,358.8 million with a net profit of US$ 51.7 million in 2008
declined to US$ 1,174.1 million with a net profit of US$ 31.7 million in 2009
rose again to US$ 1,338.8 million with a net profit of US$ 46.6 million in 2010
to US$ 1,378.7 million with a net profit of US$ 70.4 million in 2011 and
dropped to US$ 1,321.6 million with a net profit of US$ 34.8 million in
2012. As of September 30, 2013, its
sales turnover was Rp. 938.5 billion with a net profit of Rp. 17.0
billion. Up to present, we have yet to
gain the statement of income of P.T. PKTK in fiscal (as of 31 December)
2013. Financial Statement of the Company
per 31 December 2010, 2011, 2012 and as of September 30, 2013 is attached
below.
The management is headed by Mr. Yudi Setiawan Lin AKA Lim Yun Shiang
(67) an experienced professional manager in pulp & paper industry and
marketing. He graduated from China Culture Academy, Taiwan, ROC, in Pulp &
Paper Technology. In daily activities,
he is assisted by eight directors namely Mrs. Linda Suryasari Wijaya Limantara
(33), Mrs. Indah Suryasari Widjaya Limantara (32), Mr. Hendra Jaya Kosasih
(54), Mr. Anton Mailoa (49), Mr. Suresh Kilam (63), Mr. Agustian Rachmansjah
Partawidjaja (62), Mr. Suhendra Wiriadinata (46) and Mr. Arman Sutedja
(41). The management has maintained a
wide business relation among private national and foreign businessmen as well
as among government agencies. So far, we
did not hear that the company’s management involved in the business
malpractices 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.
P.T. Pabrik Kertas TJIWI KIMIA Tbk., (P.T. PKTKT) is sufficiently fairly
good for business transaction. However, considering the operation of the
company declined in 2012 and 2013, we recommend to treat prudently in extending
any new loan to the company.
Attachment:
P.T. Pabrik Kertas TJIWI KIMIA Tbk
FINANCIAL
STATEMENTS
Per 31 December 2010, 2011, 2012 and as of September 30, 2013
(in thousand US dollar )
|
DESCRIPTION |
30 Sept. 2013 |
31 December |
||
|
2012 |
2011 |
2010 |
||
|
1. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
|
|
|
|
|
* Third Parties |
42,152 |
181,476 |
174,119 |
141,519 |
|
* Related Parties |
6,916 |
7,916 |
9,533 |
23,452 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
39,367 |
43,009 |
38,881 |
56,383 |
|
* Related Parties |
171,613 |
131,478 |
204,322 |
191,563 |
|
- Other Trade
Receivable – net |
970 |
621 |
488 |
506 |
|
- Inventories |
379,241 |
348,518 |
312,406 |
287,212 |
|
- Advances and prepaid
expenses |
272,249 |
170,928 |
188,221 |
110,054 |
|
- Prepaid Taxes |
29,368 |
23,375 |
13,732 |
17,382 |
|
- Other current assets |
|
|
|
|
|
* Third Parties |
262,089 |
341,527 |
152,612 |
25,374 |
|
* Related Parties |
14,931 |
13,824 |
56,675 |
64,254 |
|
Total Current Assets |
1,224,896 |
1,262,551 |
1,150,989 |
917,699 |
|
b. Non-current Assets |
|
|
|
|
|
- Trade receivables – related parties |
48,952 |
51,099 |
60,603 |
66,2898 |
|
- Other receivables –
related parties |
156,543 |
155,205 |
152,811 |
148,610 |
|
- Deferred Tax Assets |
1,386 |
1,044 |
534 |
650 |
|
- Investment in
associated company |
32,344 |
-- |
-- |
-- |
|
- Long-term Investment |
861 |
1,034 |
1,103 |
1,112 |
|
- Industrial Timber
Estate – net of accumulated
amortization |
167 |
167 |
167 |
2,002 |
|
- Industrial Timber Estate
– under development |
24,391 |
22,136 |
17,855 |
9,042 |
|
- Fixed assets – net of
acc. depreciation |
1,149,207 |
1,179,546 |
1,175,226 |
1,174,173 |
|
- Goodwill – net of acc.
amortization |
6,391 |
6,391 |
6,391 |
6,391 |
|
- Other non-current
assets |
2,454 |
2,869 |
3,218 |
3,787 |
|
Total Non-Current Assets |
1,422,696 |
1,419,491 |
1,417,908 |
1,412,055 |
|
TOTAL ASSETS =
TOTAL LIABILITIES AND EQUITY |
2,647,592 |
2,682,042 |
2,568,897 |
2,329,754 |
|
2. LIABILITIES
AND EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short term Liabilities |
353,486 |
337,632 |
227,950 |
105,997 |
|
- Trade Payable |
|
|
|
|
|
* Third Payables |
46,914 |
41,614 |
58,091 |
60,164 |
|
* Related Payable |
3,297 |
10,434 |
9,558 |
17,874 |
|
- Other Payables – third
parties |
10,656 |
12,175 |
9,491 |
11,545 |
|
- Advances from customers |
|
|
|
|
|
* Third parties |
21,718 |
19,822 |
20,907 |
8,795 |
|
* Related parties |
111 |
258 |
273 |
238 |
|
- Accrued Expanses |
10,898 |
64,109 |
61,489 |
47,026 |
|
- Taxes Payable |
1,630 |
3,254 |
3,411 |
12,224 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Lease liabilities |
46 |
-- |
23 |
138 |
|
* Bank loan |
12,260 |
6,000 |
12,988 |
8,137 |
|
* Loans, notes payable
and bonds |
54,060 |
29,145 |
194,109 |
146,259 |
|
Total Current Liabilities |
515,076 |
524,443 |
598,290 |
418,397 |
|
|
|
|
|
|
|
b. Non-Current Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities |
45,323 |
50,030 |
52,167 |
53,684 |
|
- Other Payables – related
parties |
10,012 |
14,052 |
16,805 |
8,853 |
|
- Employee Benefits
Obligation |
42,444 |
47,451 |
45,935 |
41,590 |
|
- Long term liabilities |
|
|
|
|
|
* Lease liabilities |
115 |
-- |
23 |
161 |
|
* Bank loan |
149,936 |
104,324 |
37,534 |
16,274 |
|
* Loans – net |
224,109 |
251,532 |
309,829 |
304,188 |
|
* Notes payable and
bonds |
935,565 |
951,067 |
973,307 |
965,764 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Lease liabilities |
(46) |
-- |
(23) |
(138) |
|
* Bank loan |
(12,260) |
(6,000) |
(12,988) |
(8,137) |
|
* Loans, notes payable
and bonds |
(54,060) |
(29,145) |
(194,109) |
(146,259) |
|
Total Non-Current Liabilities |
1,341,138 |
1,383,311 |
1,228,480 |
1,235,980 |
|
3. TOTAL EQUITY |
|
|
|
|
|
- Issued and Paid up Capital |
537,169 |
537,169 |
537,170 |
537,170 |
|
- Additional paid in capital |
30,201 |
30,201 |
30,201 |
30,201 |
|
- Difference arising from
transaction |
(1,986) |
(1,986) |
(1,986) |
-- |
|
- Exchange differences due to
financial statements translation |
5,115 |
1,666 |
831 |
415 |
|
- Retained Earnings |
220,879 |
207,238 |
175,912 |
107,592 |
|
Total Equity |
791,378 |
774,288 |
742,127 |
675,377 |
|
|
|
|
|
|
|
3. INCOME
STATEMENT |
|
|
|
|
|
a. Total/Net Sales |
938,458 |
1,321,641 |
1,378,740 |
1,338,766 |
|
b. Cost of Goods Sold |
(881,253) |
(1,105,457) |
(1,145,880) |
(1,117,277) |
|
c. Gross Profit |
127,205 |
216,184 |
232,860 |
221,489 |
|
d. Operating Expenses |
(93,906) |
(130,274) |
(127,463) |
(142,467) |
|
e. Operating Profit (Loss) |
33,299 |
85,910 |
105,397 |
79,022 |
|
f. Other Income (Expenses) |
(21,301) |
(44,283) |
(14,906) |
(16,965) |
|
g. Profit (Loss) Before
Income Tax |
11,998 |
41,627 |
90,491 |
62,057 |
|
h. Tax Benefit (Expense) -
Net |
5,049 |
(6,810) |
(20,079) |
(15,485) |
|
i. Income Before Pre-Acquisition Loss |
17,047 |
34,627 |
70,412 |
46,572 |
|
j. Pre-acquisition loss |
-- |
-- |
-- |
-- |
|
m. Net Profit (Loss) |
17,047 |
34,817 |
70,412 |
46,572 |
Note: As of 31 Dec. 2010, 2011, 2012
and as of September 30, 2013 is audited by Tjiendradjaja & Handoko Tomo
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.56 |
|
UK Pound |
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.