|
Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PABRIK
KERTAS TJIWI KIMIA TBK |
|
|
|
|
Formerly Known as : |
P.T. Pabrik Kertas
TJIWI KIMIA |
|
|
|
|
Registered Office : |
Sinar Mas Land Plaza, Menara II, 7th Floor Jalan M.H. Thamrin No. 51 Gondangdia, Menteng Jakarta Pusat 10350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
02.10.1972 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-26833 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
· Engaged in Producing 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. Subject also produces Paper Chemicals including Caustic
Soda, Calcium Hypocloride, Liquid Calcium Hypochloride and Calcium Oxide. |
|
|
|
|
No. of Employees |
12,482 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
B1 |
B1 |
|
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 |
INDONESIA ECONOMIC OVERVIEW
|
Source
: CIA |
P.T. PABRIK KERTAS TJIWI KIMIA TBK
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,
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.
Room 1609, 16th Floor, SHENTON HOUSE
Phones - (65) 2209166-69
b.
Jalan Rajawali No. 31-33
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
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
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
Credit
Recommendation :
Credit
should be proceeded with monitor
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 |
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 |
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. 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.
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.61.95 |
|
|
1 |
Rs.97.16 |
|
Euro |
1 |
Rs.76.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.