|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. |
|
|
|
|
Registered Office : |
Jalan Raya Kaliwungu Km. 19, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.09.2009 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
·
Manufacturing of PTA (Purified Terephtalic Acid),
Polymer, Polyester Fiber, Filament Yarns and Synthetic Fabrics ·
Investment Holding |
|
|
|
|
No of Employees : |
3,063 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow and delayed |
|
Litigation : |
-- |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
|
Source
: CIA |
P.T. ASIA PACIFIC FIBERS TBK
Registered Office
& Factory 1
Jalan Raya
Kaliwungu Km. 19
Nolokerto
Village, Kecamatan Kaliwungu
Kendal, Semarang
Central Java
Indonesia
Phones -
(62-24) 866-0272 (Hunting)
Fax - (62-24) 866-0275
Website - http://www.asiapacificfibers.com
Land Area - 15.9 hectares
Office Space - 7.5 hectares
Region - Industrial
Zone
Status - Owned
Representative
Office
THE EAST Building
35th Floor, Unit 5-6-7
Jalan Lingkar
Mega Kuningan Block E3-2 Kav. 1
Jakarta Selatan,
12950
Indonesia
Phones -
(62-21) 579-38555 (Hunting)
Fax - (62-21) 579-38565
E-mail - corporate@apf.co.id
Building Area - 35 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory II
Kiara Payung
Village
Klari District,
Karawang
West Java
Indonesia
Phones -
(62-267) 431971, 431974
Fax - (62-267) 431970, 431975
Land Area - 26.62 hectares
Office Space - 20.0 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 15 February
1984 as P.T. POLYSINDO EKA PERKASA
b. 29 July 1997
as P.T. POLYSINDO EKA PERKASA Tbk
c. 10 September
2009 as P.T. ASIA PACIFIC FIBERS Tbk
Legal Form :
P.T. Tbk
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No.
C2-6107.HT.01.01.TH.84
Dated 26 October 1984
- No.
AHU-10588.AH.01.02.TH.2008
Dated 3 March 2008
- No.
AHU-54294.AH.01.02.TH.2009
Dated 10 November 2009
- No.
AHU-AH.01.10-40177
Dated 27 September 2013
Company Status
:
National Private
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.254.040.7-092.000
b. The Capital Investment Coordinating Board
- No. 34/I/PMDN/1985
Dated 8 May 1985
- No. 07/II/PMDN/1993
Dated 8 January 1993
- No. 154/III/PMDN/1997
Dated 29 August 1997
c. The Department of Industry
No. 233/BH-1/IX/2006
Dated 1 September 2006
d. The Capital Market Supervisory Agency
No. S-778/PM/1996
Dated 20 May 1996
Related
Companies :
a. P.T. TEXMACO
GRAHA BUSANA (Garment Manufacturing)
b. P.T. TEXMACO
JAYA Tbk (Textile Mills)
Capital
Structure :
Authorized
Capital : Rp.
16,000,000,000,000.-
Issued Capital : Rp. 4,288,002,293,920.-
Paid up Capital : Rp. 4,288,002,293,920.-
Shareholders/Owners
:
a. P.T. MULTIKARSA INVESTAMA - Rp. 1,313,947,195,000.-
b. DAMIANO INVESTMENT BV. - Rp.
51,563,178,880.-
c. KYOA INVESTMENT LTD. - Rp.
6,189,036,400.-
d. Others -
Rp. 25,984,479,320.-
e. Unsettled -
Rp. 7,305,599,320.-
f. Publics (5% each) -
Rp. 2,196,960,000,000.-
Lines of
Business :
a. Manufacturing
of PTA (Purified Terephtalic Acid), Polymer, Polyester Fiber, Filament Yarns
&
Synthetic Fabrics
b. Investment
Holding
Production
Capacity :
a. Polyester Chips - 330,400 tons p.a.
b. Purified Terephthalic Acid (PTA) - 340,000 tons p.a.
c. Polyester Staple Fibers - 198,000 tons p.a.
d. Polyester Filament Yarns - 144,000 tons p.a.
Total
Investment :
a. Owned Capital - Rp. 1,172.1
billion
b. Loan
Capital -
Rp. 2,504.1 billion
c. Total
Investment - Rp.
3,676.2 billion
Started
Operation :
February 1986
Brand Name :
Asia Pacific
Fibers
Technical
Assistance :
- Barmag of Germany
- Japan
Number of Employee :
3,063 persons
Marketing Area :
Local - 85%
Export -
15%
Main Customer :
Buyers in Europe Union and the USA
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. AMOCO
MITSUI PTA INDONESIA
b. P.T.
MITSUBISHI CHEMICAL INDONESIA
c. P.T. POLYPRIMA
KERYAREKSA
d. P.T.
SULINDAFIN
Business Trend
:
Declining
Bankers :
a. The Hongkong and Shanghai Banking Corp.Ltd.
Wisma Metropolitan II
Jalan Jend. Sudirman Kav. 31
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk.
Jalan Jend. Gatot Subroto KAv. 36-38
Jakarta Selatan
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk.
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Hendrawinata Eddy
& Siddharta (Kreston Int’l)
Litigation :
a.
Based
on decision of Supreme Court number 01K/N/2005 dated 15 February 2005, the Supreme
Court granted the lawsuit filed by P.T. BAHANA PEMBINAAN USAHA INDONESIA in
bankrupting P.T. POLYSINDO EKA PERKASA.
However, P.T. POLYSINDO EKA PERKASA has submitted application to Supreme
Court for judicial review.
b.
The
Company has taking steps to implement the Composition Plan as approved by the
secured creditors of the Company and ratified by the Commercial Court.
Annual Sales :
2011 – US$ 636.1
million
2012 – US$ 600.5
million
2013 – US$ 571.7
million
Net Loss :
2011 – US$ 8.8
million
2012 – US$ 32.1
million
2013 – US$ 30.1
million
Payment Manner
:
Frequently Delay
Financial
Comments :
Weak
Board of Management :
President Director - Mr. Vasudevan Ravi Shankar
Directors -
a. Mr. Bonar Firman Hasiholan Sirait
b. Mr. Seeniappa Jegatheesan
c. Mr. Peter Vinzenz Merkle
Board of Commissioners :
President Commissioner -
Mr. Robert Clive Appleby
Commissioners -
a. Mr. Robert Mc Carthy
b. Mr. Christopher Robert Botsford
c. Mr. Timbul T. Lubis, SH. LLM
d. Mr. Dono Iskandar Djojosubroto
e. Mr. Cheong Kamun
Signatories :
President Director (Mr.
Vasudevan Ravi Shankar) or one of the Directors (Mr. Bonar Firman Hasiholan
Sirait, Mr. Seeniappa Jegatheesan or Mr. Peter Vinzenz Merkle ) which must be
approved by Board of Commissioners.
Management Capability :
Satisfactory
Business Morality :
Prudent
The company was incorporated in February 1984 in Semarang, Central Java,
with an authorized capital of Rp. 15,000,000,000 and Rp. 1,500,000,000 of which
was issued and paid up. The original founding shareholders are Mr. Marimutu
Sinivasan, an Indian-ethnic, and Mr. Abdulrachman Bratakusuma, an indigenous.
The company's notarial deed has often been amended. In February 1991, the
company sold out 13.04% of its shares to public through the Jakarta Stock
Exchange (BEJ). In July 1997 behind the name was added by the word Tbk.
(Terbuka) to comply with the new law on public listed company and was renamed
P.T. POLYSINDO EKA PERKASA Tbk. According to its notarial deed of February
1998, the authorized capital was raised to Rp. 8,500,000,000,000 the issued and
paid up capital to Rp. 2,196,960,000,000. The latest shareholders are P.T.
MULTIKARSA INVESTAMA, MORGAN STANLY and Publics.
In September 2004, MORGAN STANLY withdrew from the company and his whole
shares were sold to the public through Jakarta and Surabaya Stock Exchange.
Since then the company’s shareholder are P.T. MULTIKARSA INVESTAMA (59.81%) and
the public (40.19%). P.T. MULTIKARSA INVESTAMA is a member company of the
TEXMACO Group. However, since 2000, majority shares of P.T. MULTIKARSA
INVESTAMA have been taken over by P.T. Perusahaan Pengelola Aset or PPA (ex.
IBRA) on account of bad debt carried out by the members of the TEXMACO Group.
According to Business Indonesia Newspaper of 3 July 2007, some 68.9%
shares of P.T. Polysindo Eka Perkasa Tbk have been taken over by DAMIANO
INVESTMENT B.V., of the Netherlands, 5.53% shares are owned by P.T. MULTIKARSA
INVESTAMA and the rest 25.57% are owned by the public. In February 2008, the
authorized capital was raised to Rp. 16,000,000,000,000 issued capital to Rp. 4,174,224,000,000
entirely paid up. On the same time the whole shares has been controlled by
DOMIANO INVESTMENT B.V., of Netherlands, P.T. MULTIKARSA INVESTAMA and
Publics. Later on 10 September 2009 the
company named was changed to P.T. ASIA PACIFIC FIBERS Tbk (P.T. APF). The deed
of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-40177 dated September 27, 2013. Later
according to financial statement per 31 December 2013 the company issued
capital was raised to Rp. 2,288,002,293,920 entirely paid up. With this
development the composition of its shareholders has been changed to become Shares
Series A are P.T. MULTIKARSA INVESTAMA (5.26%) and Public (below 5%
each) (3.54%) and Shares Series C are DAMIANO INVESTMENT BV., (51.65%), KYOA
INVESTMENT LTD (6.20%), Others (26.03%), and Unsettled (7.32%).
P.T. APF has obtained a Domestic Investment (PMDN) facility in polyester
industry producing Polyester Chips (PC), Polyester Staple Fibre (PSF) and
Polyester Filament Yarns (PFY). Its plant is located at Kendal, Semarang,
Central Java, on a land of about 15.9 hectares wide. The plant has been
operating since 1986 and absorbing a total investment of Rp. 1,203.1 billion
came from company's capital of Rp. 620.1 billion and the balance from loans. In
January 1993, P.T. APF got an expansion permit in a new location at Karawang,
West Java, with an area of some 26.62 hectares wide. The expansion is to
increase production capacity of polyester chips, polyester staple fibres, and
to set up purified terephtalic acids (PTA) and weaving facilities as well. The
expansion plant has been operating since January 1997, absorbing an investment
of Rp. 1,420 billion, coming from company capital of Rp. 552 billion and the
rest from loans.
In August 1997, P.T. APF got an expansion permit of its two plants to
increase production capacity of polyester filament yarns for Kendal plant and
PTA, polyester chips and weaving facilities for Karawang plant. The expansion
will be carried out in two stages with a total investment of Rp. 1,053.0
billion, entirely from loans. The first stage started operation in the end of
2002, followed by the second in 2003.
The economic crisis in 1997 being followed by sharp Rupiah depreciation
against US$, DM, Yen and other hard foreign currencies brought bad impact to
the financial of P.T. APF and swelling
its debt out of control. In 15 February 2005, Supreme Court (MA) granted the
appeal of P.T. BAHANA PEMBINAAN USAHA INDONESIA (BPUI) to declare bankrupt P.T.
APF due to its debt of US$ 3 million in 1997 which was due in 1998 and has
never been paid. However, the claim was censured by about 3,000 employees of
P.T. APF as it will increase unemployment. In November 2005 the bankrupt status
of P.T. PEP was revoked after majority or 85.7% of creditors approved the
restructuring proposal of the company. With the entering of DAMIANO INVESTMENT
B.V., as majority shareholder of P.T. APF, financial condition of the company
has been better as the company has been injected with fresh fund.
In early 2007, P.T. APF planned to seek for loans of US$ 50 million from
banks used for financing the import of basic materials through scheme of letter
of credit (L\C). The loan is expected to increase the sales of P.T. APF in 2007
targeted to reach Rp. 3.38 trillion or rose by 10% compared with that in
previous year reaching Rp. 3.08 trillion. However, in October 2007, P.T. APF
postponed the loan because the company focused on utilizing the working capital
injection of US$ 62 million from DAMIANO INVESTMENT B.V. The company plans to
increase its production capacity from 70% to 80% in 2008. Mr. Peter Grant, the
Chief Financial Officer (CFO) of P.T. APF in Media Indonesia (18 December 2007)
said that the company budgeted working capital of US$ 75 million to Rp. 80
million in 2008. He added that his company is also planning to acquire a
textile company owned by the TEXMACO Group and a power plant owned by P.T.
MULTIKARSA INVESTAMA.
P.T. Asia Pacific Fibers (P.T. APF), which was formerly known as
Polysindo Eka Perkasa started its activities in 1984 as a manufacturer and
marketer of polyester chips, fibres and filament yarns by setting up a filament
yarn manufacturing plant at Semarang in Central Java, Indonesia. In the
following years, continuous improvements were made in the company's
infrastructure to increase productivity and with the improved product portfolio
the demand for the company's products in the domestic and export markets
continued to grow steadily. In the 90's, the company initiated upstream plant
expansions by setting up of a PTA manufacturing plant and a polyester fibre
manufacturing plant at Karawang in West Java, Indonesia. By 1997, the company
was firmly established as Indonesia's leading polyester manufacturer.
Since then, the company has added capacities, applied technologies,
innovated processes and products, and has serviced markets across the globe.
Today Asia Pacific Fibers' polyester manufacturing facilities stands at a
capacity of 330,000 MT per year, thereby making it the largest polyester
producer in Indonesia. However, the journey continues. On the 10 September
2009, in an attempt to improve all aspects of the company's performance a step
further was taken to change the company's name from P.T. Polysindo Eka Perkasa
Tbk to P.T. Asia Pacific Fibers Tbk. The new name is mainly designed to reflect
the increasing market reach of the company throughout the world and is
consistent with the improved prospects in terms of a strong recovery of market
share and corporate performance in recent years.
P.T. AFP will continue to strive for excellence in all its pursuits and
is looking confidently into the future, ready to face the challenges lying
ahead. The basis of Asia Pacific Fibers' strategy for the future will continue
to be vertical integration, capacity enhancement and product innovations to
fulfill diverse market needs.
Asia Pacific Fibers is at the forefront of the
polyester industry; propelled by vertical integration, professional management,
state-of-the-art machinery and consistent quality in manufacturing. Asia
Pacific Fibers' product portfolio includes petrochemicals like PTA (purified
terephthalic acid), polyester chips, specialty polyester filament yarns and
polyester fibres. With a host of specialty products for different applications,
Asia Pacific Fibers caters to the ever changing demands in apparel, furnishings
and industrial textiles. Asia Pacific Fibers' product expertise and experience
allows it to achieve market leadership in the industry and thus deliver superior
value to the shareholders. With a highly dedicated workforce and a strong
commitment towards environmental protection, Asia Pacific Fibers has embarked
on a path of excellence that will sustain its position in the world's polyester
industry.
Asia Pacific Fibers produces technical grade Methyl Acetate with 90%
purity as a by-product of the PTA manufacturing process. Methyl Acetate is
neutral colorless flammabe (Class III) liquid with a mild ester like odor (CAS
N0. 79-20-9). It is a highly oxygenated solvent that disolves a wide variety of
resins including many acrylics, vinyls, epoxies, urethanes, polyesters,
phenolics & cellulosics.
APF is a trusted long-term partner for global textile consumers
producing fabrics for apparel, home textiles, Automotive, footwear, sportswear,
hygiene and health care and various other applications. The Company has a very
strong marketing network and supply chain management which differentiate it
from its competitors. It maintains a very close collaboration with its
customers through tailored and innovative branded products unique to APF and
enjoy high level of customer loyalty. As a strategic move, the marketing team
focuses on product and application innovation to customize products for value
creation. APF has recently developed and branded the premium tier of its
portfolio of specialty products that provide performance Comfort, aesthetic and
other advantages. APF continues to focus its efforts to maintain the leadership
position in the domestic market and increase its market share for its products
filament yarn and staple fiber. The Company has allocated higher volume of
production to domestic market to meet the increased requirement of the
downstream customers. Domestic sale proportion has been around 84% in 2013.
P.T. Texmaco Jaya was declared bankrupt by the commercial court Jakarta
on 19th August 2011 as per the Court order 10/PKPU/2010/PN.NIAGA.JKT.PST. Jo
No:71/PAILIT/2010/PN.NIAGA.JKT.PST. The Court also appointed Dr. MARSUDIN
NAINGGOLAN SH., as the supervisory Judge and a team of Receivers (Curators)
Peter Kurniawan, SH., M.Kn., Lili Badrawati, SH., and Permata N. Daulay, SH.
MH. to monitor and enforce the liquidation process as per the law. Subsequent
to completion of debt verification, the Court had declared PT Texmaco Jaya Tbk
insolvent and ordered liquidation of the bankrupt estate – vide Court order no
71/PAILIT/2010/PN.NIAGA.JKT.PST dated 26th September 2011. The Company is
currently under liquidation process. In the meantime, the Court has approved continued
operation of its Fleece division as a going concern with a view to maintain the
value of the bankrupt assets. In accordance with the Court approval and
pursuant to the tolling agreement between the team of curators and PT Asia
pacific Fibers, the Fleece division continued to be operated on tolling basis.
Year 2013 was a very challenging for the trade and business in general
and for Polyester sector in particular where it undergone very turbulent
period. The Global economic slowdown had an impending and prolonged impact on
the demand that has been further exacerbated by the excessive supply due to
over capacity of PTA, Polyester Fiber and Filament yarn in Asia, mainly led by
China. This has triggered a global down-cycle in the polyester chain, which has
been lasting for an abnormally longer period and where many of the Asian and
Global manufacturers suffered considerably. The product spreads across the
polyester value chain continued to remain depressed due to stiff competition
and the softening trend in cotton and Rayon prices during the year. Polyester
and Raw material chain apparently reflect the current uncertainty and slow down
of the global economy and the overall growth of polyester production has slowed
down in the past two years 2012 and 2013. With the effective capacity of about
17 million tons added in the last two years, PTA operating dropped to 76% in
2013 from 90.2% and likely to fall below 74% in 2014 with rationalization of
the regional capacities. Polyester polymer production reaching 61.68 million
tons, a growth of 3.2 million tons or 5.5% in the year 2013, marginally
improved from4.6% in 2012 as the global economy recovered in the second half of
2013. Longer-term growth rates are trending better with over 6% look impressive
compared with other major petrochemical related business sectors.
Global economy is expected to grow by 3.7% in 2014 and 3.9% in 2015,
primarily due to recovery in advanced economies and the emerging economies to
expand by 5.10% and 5.4% respectively. Indonesian economy is projected to grow
moderately at 5.3% - 5.5% in 2014 and 2015 and the growth will be primarily
driven by strong domestic consumptions and modest increase in exports to its
major trading partners. The Indonesian rupiah (IDR) is likely to remain under
pressure in early 2014 amid uncertainty over the election results and U.S. Fed
tapering. Domestic environment for manufacturing sectors expect to pass through
a tough phase with the proposed hike in energy and manpower costs. Both Gas
prices and Electricity tariff are slated for a significant
increase in 2014 putting pressure on cost competitiveness of the
domestic manufacturers.
Industry is taking up the matter with the ministry for phasing out the
hike over a period of time instead at one go. With regard to polyester upstream
sector, with the additional capacity of Fiber and Filament yarn going on
stream, domestic market is expected to face a stiff price competition for
commodity products. However, the Company with its strong customer base and with
a diversified product mix is firmly placed to remain competitive and maintain
its leadership position. The delay in finding a solution to its long pending
secured debt restructuring continues to remain a setback to carry out its
growth plans. To expedite the process, the Company has recently submitted an
updated restructuring plan with alternate option to its secured creditors that
are under active consideration. Post restructure, the Company will have a sound
and healthy financial base with its debts brought down to sustainable levels.
This would in turn enable the company to raise finance from market to meet its
short and long terms investments to fund its growth plans. All of these efforts
will improve the performance of the Company significantly, and to reposition it
to the forefront of the polyester industry and retain its strategic and
leadership position.
According to financial statement of P.T. APF which audited by public
accountant that sales turnover of the company in 2011 amounted at US$ 636.1
million with a net loss of US$ 8.8 million, declining to US$ 600.5 million with
a net loss of US$ 32.1 million in 2012 drop to US$ 571.7 million with a net
loss of US$ 30.1 million in 2013 and projected to go on rising 4% in 2014. We
observe that P.T. APF is supported by foreign partner with has financially
strong and sound behind it. So far, we did not heard that the company having
been black listed by the Central Bank (Bank Indonesia). The financial statement
as per 31 December 2011, 2012 and 2013 is attached.
The management of P.T. APF is headed by Mr. Vasudevan Ravishankar (51),
a professional of the TEXMACO Group with experience for some 21 years in
textile and textile products industry. He has been trusted as President
Director since 2002. He is a graduate of Production Engineering and has also
completed Advanced Management Programme from Harvard University in 2004. Prior
to joining Polysindo, he was managing Textile Division of the subsidiary
Company of Polysindo and also worked in Machinery manufacturing company in
Indonesia and India. They have a long experience in various business fields,
particularly in the textile products industry and trade. The company's
management also gets back-up from a team of professional managers with know-how
and experience in the textile industry and trade. They command a wide marketing
network, and are further closely connected with many high-ranking government
authorities. They also have wide relations with other domestic and overseas
private businessmen.
Due to facing severe financial difficulty of P.T. ASIA PACIFIC FIBERS
Tbk we recommend to treat prudently in extending loan to the company.
(In US Dollar)
|
Descriptions |
31 December |
||
|
2013 |
2012 |
2011 |
|
|
A. ASSETS |
|
|
|
|
a. Current Assets |
|
|
|
|
- Cash and Cash
Equivalent |
5.101.421 |
9.793.898 |
3.438.164 |
|
- Trade Receivable Third |
|
|
|
|
* Third Parties |
51.867.585 |
57.988.028 |
50.095.415 |
|
* Related Parties |
22.046.308 |
27.789.291 |
29.634.147 |
|
- Other Receivable, third
parties |
3.355.148 |
3.300.907 |
2.529.473 |
|
- Other Current Financial
Assets |
9.158.563 |
7.720.808 |
6.067.345 |
|
- Inventories |
86.227.237 |
79.954.633 |
87.677.359 |
|
- Purchased Advances |
|
|
|
|
* Third Parties |
37.362.097 |
34.605.192 |
37.846.870 |
|
* Related Parties |
54.799 |
- |
- |
|
- Prepaid Tax |
18.903.911 |
14.786.048 |
13.202.393 |
|
- Prepaid Expenses |
1.691.803 |
1.101.627 |
1.169.786 |
|
Total Current Assets |
235.768.872 |
237.040.523 |
231.660.952 |
|
b. Non Current Assets |
|
|
|
|
- Non Trade Receivable |
24.836.407 |
32.174.040 |
34.996.344 |
|
- Other non-current
financial assets |
1.029.093 |
1.113.711 |
1.140.893 |
|
- Property, plant and
equipments |
82.224.751 |
129.394.646 |
184.837.123 |
|
- Intangible Assets |
12.087 |
12.750 |
- |
|
- Deferred Tax Assets |
9.620.194 |
3.216.621 |
- |
|
Total Non Current Assets |
117.722.532 |
166.211.768 |
220.974.360 |
|
TOTAL ASSETS |
353.491.404 |
403.252.291 |
452.635.312 |
|
B. Liabilities &
Stockholder’s Equity |
|
|
|
|
a. Current Liabilities |
|
|
|
|
- Trade Payables |
|
|
|
|
* Third Parties |
33.115.314 |
22.942.334 |
23.789.883 |
|
* Related Parties |
- |
7.150 |
- |
|
- Accrued Expenses |
36.967.4661 |
43.319.170 |
45.606.299 |
|
- Tax payable |
1.741.319 |
1.751.095 |
1.937.308 |
|
- Bank Loans |
87.910.672 |
78.752.462 |
70.339.624 |
|
- Secured Debts |
965.681.557 |
1.000.263.703 |
1.012.928.220 |
|
- Credit Financing
Payables |
30.572 |
64.651 |
57.035 |
|
- Other short-term
liabilities |
6.323.597 |
4.150.965 |
4.251.161 |
|
Total Short Term
Liabilities |
1.131.770.492 |
1.168.591.530 |
1.167.418.530 |
|
b. Non Current Liabilities |
|
|
|
|
- Borrowing and other
financial |
22.624.894 |
22.169.338 |
21.945.011 |
|
- Working Capital Loans |
17.340.000 |
17.340 |
14.500.000 |
|
- Credit Financing
Payables |
27.132 |
55.535 |
48.524 |
|
- Deferred Revenues |
237.652 |
- |
6.424.565 |
|
- Total long term
liabilities |
9.392.014 |
10.274.737 |
8.561.749 |
|
Total Liabilities |
49.621.692 |
49.839.649 |
51.479.849 |
|
c. Stockholder’s Equity |
|
|
|
|
- Paid up capital |
635.689.316 |
635.689.316 |
635.165.191 |
|
- Additional paid-in
capital |
624.314.507 |
624.344.507 |
624.325.603 |
|
- Retained earnings |
|
|
|
|
* Appropriated |
2.345.301 |
2.345.301 |
2.345.301 |
|
* Unappropriated |
(2.090.258.565) |
(2.060.196.634) |
(2.028.077.823) |
|
Total equity |
(827.900.780) |
(797.838.849) |
(766.263.067) |
|
C. INCOME STATEMENTS |
|
|
|
|
a. Sales – Net |
565.142.440 |
599.330.876 |
635.534.718 |
|
b. Other Operating Revenue |
6.604.835 |
1.200.875 |
533.044 |
|
c. Total Revenues |
571.747.275 |
600.531.751 |
636.067.762 |
|
d. Cost of Goods Sold |
(592.318.437) |
(606.514.179) |
(622.188.564) |
|
e. Gross Loss |
(20.571.462) |
(5.982.428) |
13.879.198 |
|
f. Selling Expenses |
(31.471.019) |
(31.895.840) |
(32.452.221) |
|
g. Loss from Operation |
(19.849.057) |
(23.514.506) |
(19.862.986) |
|
h. Total Tax Income |
6.403.573 |
9.641.186 |
9.892.352 |
|
i. Total
Comprehensive Loss |
30.061.931 |
32.118.811 |
8.840.770 |
Notes: 31 December 2011, 2012, 2013
audited by Hendrawinata Eddy & Siddharta (kreston Int’l)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.18 |
|
|
1 |
Rs.102.55 |
|
Euro |
1 |
Rs.81.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.