|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDO-RAMA SYNTHETICS TBK |
|
|
|
|
Registered Office : |
Jalan Gajah Mada No. 197-198 Desa Kembang Kuning, Ubrug
Jatiluhur, Purwakarta
41101 West Java |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.07.1997 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
· Integrated textile Industry · Coal Fired Power Plant Development · Investment Holding |
|
|
|
|
No. of Employees |
6,915 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
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 |
|
Source
: CIA |
P.T. INDO-RAMA SYNTHETICS Tbk
Head Office and Factory I (Polyester and Spun Yarns
Division)
Jalan Gajah Mada No. 197-198
Desa Kembang Kuning, Ubrug
Jatiluhur,
Purwakarta 41101
West Java
Indonesia
Phones -
(62-264) 200235, 200845, 202311
Fax - (62-264) 201431
Land Area - 18.5 hectares
Building Area - 15,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory II (Fabric Division)
Jalan Raya
Batujajar Km. 5.5
Batujajar,
Bandung, 40561
West Java
Indonesia
Phones -
(62-22) 6866610 - 12
Fax - (62-22) 6865395, 6865317
Land Area - 30,000 sq.
meters
Building Area - 25,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory III (Spun Yarns Division)
Jalan Raya Subang
Km. 6
Cikumpay, Campaka
Purwakarta, 41181
West Java
Indonesia
Phones -
(62-264) 210213, 210520
Fax - (62-264) 210514
Land Area - 400,000 sq.
meters
Building Area - 25,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Corporate Office
Graha Irama, 17th
Floor
Jalan H.R. Rasuna
Said X-1 Kav. 1 & 2
Jakarta Selatan,
12950
Indonesia
Phones -
(62-21) 5261555 (Hunting)
Fax -
(62-21) 5261501, 5261502
E-mail - corporate@indorama.com
Website - http://www.indorama.com
Building Area - 26 storey
Office Space - 2,500 sq.
meters
Region - Commercial
Status - Owned
Date of
Incorporation :
a. 3 April 1974
as P.T. INDO-RAMA SYNTHETICS
b. 2 July 1997 as
P.T. INDO-RAMA SYNTHETICS Tbk
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.5/2/14
Dated 3 January 1975
- No. AHU-17302.AH.01.02.TH.2008
Dated 8 April 2008
- No. AHU-AH.01.10-16680
Dated 2 October 2009
- No. AHU-36314.AH.01.02.TH.2011
Dated 20 July 2011
- No.
AHU-AH.01.10-01259
Dated 10 January 2014
Company Status
:
Foreign
Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No.
01.001.680.6-054.000
The President of the Republic of Indonesia
No.
B-22/Pres/2/1974
Dated 21 February
1974
The Capital Investment Coordinating Board
- No.
13/II/PMA/1981
Dated 14 May 1981
- No.
21/II/PMA/1987
Dated 22 April 1987
- No.
34/II/PMA/1987
Dated 20 June 1987
- No.
130/II/PMA/1993
Dated 12 November 2003
- No.
715/III/PMA/2003
Dated 30 June 2003
Related
Company :
A Member Company
of the INDORAMA Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
244,849,324.-
Issued Capital : US$
160,217,573.-
Paid up Capital : US$
160,217,753.-
Shareholders/Owners
:
a. P.T. IRAMA INVESTAMA of Indonesia - US$ 78,507,263.-
b. HSBC FUNDS SERVICES CLIENTS - US$ 13,106,540.-
c. INDORAMA HOLDINGS (I) PTE, LTD., Singapore - US$
3,204,273.-
d. Publics (Foreign and Domestic) - US$
65,399,497.-
Lines of
Business :
a. Integrated
textile Industry
b. Coal Fired
Power Plant Development
c. Investment
Holding
Production
Capacity :
Ubrug Factory
a. Polyester Cotton & Rayon Yarns
(92,000 unit
spindels) - 22,000 tons p.a.
b. Polyester Staple Fibre Chip
and Filament
Yams - 64,000 tons p.a.
c. Grey Fabrics -
12,000,000 mtrs p.a.
d. Nitrogen Gas - 5,616,000 cu.meter
p.a.
e. PET Resins - 78,840
tons p.a.
f. Polyester and
Spun Yarn - 84,000 tons p.a.
g. Woven Yarns - 26,560 tons p.a.
h. Dyeing Yarns - 6,000 tons p.a.
i. Spinning Yarns - 4,250 tons p.a.
j. Finished
Fabrics -
52,056,000 meters p.a.
k. Special Yarns - 7,800 tons p.a.
l. Power Plant - 2 x 30 MW
Campaka Factory
a. Spun Yarns
(P/C/R/AC) - 26,100 tons p.a.
b. Polyester
Staple Fibre - 10,800 tons p.a.
c. Polyester
Filaments - 36,100 tons p.a.
Bandung Factory
a. Yarns
- 8,160 tons p.a
b. Grey Fabrics
-
40,000,000 meters p.a.
c. Textile Fabrics -
39,556,000 meters p.a.
Total
Investment :
a. Equity Capital - US$ 160.2
million
b. Reinvested
Profit - US$ 54.1 million
c. Loan
Capital -
US$ 617.7 million
d. Total
Investment - US$
831.9 million
Started
Operation :
1976
Brand Name :
Indo-Rama
Synthetics
Technical
Assistance :
None
Number of
Employee :
6,915 persons
Marketing Area
:
Domestic (Local) - 65%
Export - 35%
Main Customers
:
a. Industrial
Textiles
b. Buyers in
Singapore, Japan, Australia, Europe Union, the USA, Middle East etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIA PACIFIC
FIBERS Tbk
b. P.T. INDONESIA
TORAY SYNTHETICS
c. P.T. INDORAMA
POLYSTER INDUSTRY INDONESIA
d. P.T. INDORAMA
VENTURE INDONESIA
e. P.T. TEIJIN
INDONESIA FIBER Tbk
Business Trend
:
Fluctuating
B a n k e r s :
a. P.T. Bank PAN
INDONESIA Tbk
Jalan Jend. Sudirman Kav. 55
Jakarta Selatan
Indonesia
b. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Plaza BII, Jalan M.H. Thamrin No. 55
Jakarta
Pusat
Indonesia
c. BANGKOK Bank
Jalam
M.H. Thamrin No. 3
Jakarta Pusat
Indonesia
d. AMERICAN
EXPRESS Bank
Jalan H.R. Rasuna Said Kav. X-5
Jakarta
Selatan
Indonesia
Auditor :
Osman Ramli Satrio & Eny
Litigation :
No litigation
record in our database
Annual Sales :
2010 – US$ 616.9
million
2011 – US$ 780.5
million
2012 – US$ 745.0
million
2013 – US$ 758.4
million
Net Profit :
2010 – US$ 25.9
million
2011 – US$ 10.3
million
2012 – US$ 4.8 million
2013 – US$ 4.1 million
Payment Manner
:
Average
Financial Comments :
Satisfactory
Board of
Management :
President Director - Mr. Vishnu Swaroop Baldwa
Director -
Mr. Anupam Agrawal
Board of
Commissioner :
President Commissioner -
Mr. Sri Prakash Lohia
Vice President Commissioner -
a. Mrs. Seema Lohia
b. Mr. Amit Lohia
Commissioners -
a. Mr. Humphrey R. Djemat, SH.
b. Mr. Ir. Imam Sucipto Umar
Signatories :
President Director (Mr. Vishnu Swaroop Baldwa) or one of the Directors
(Mr. Anupam Agrawal) which must be approved by Board of Commissioners
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical review
P.T. INDO-RAMA SYNTHETICS Tbk or abbreviated with trading
style (P.T. INDR) was established in April 1974 in Purwakarta (West Java) with
an authorized capital of US$ 2,000,000 and an issued capital of US$ 400,000 of
which US$ 40,000 was paid up. The founders and original shareholders of the
company were Mr. Lekhoomal Pahoomal Tolani (an Indonesian businessman of Indian
descent), Mr. Budiantoro Hartono (an indigenous businessman) and RAMATEX Ltd.
of Hong Kong. In 1988 the two local partners withdrew and were replaced by P.T.
IRAMA UNGGUL, a national private company. In early 1990 the original foreign
partner pulled out and was replaced by BROOKGRANGE INTERNATIONAL FINANCE Ltd.
of the United Kingdom. In June 1990 P.T. INDR went public selling 23% of its
shares on the Indonesian Stock Exchange (IEJ). In July 1997, the company’s
authorized capital was increased to US$ 244,849,324 with the issued and paid up
capital amounting to US$ 160,217,573 and concurently behind its name the words
Tbk (listed company) is added to comply with regulation.
In June 2003, one of sister companies of P.T. INDR namely
P.T. INDORAMA TECHNOLOGIES merged into P.T. INDO-RAMA SYNTHETICS Tbk (surviving
company). According to financial statement as per 31 December 2013 the latest
composition of its shareholders has been changed to become P.T. IRAMA INVESTAMA
(49.00%), HSBC Fund Services Clients (8.18%), INDORAMA HOLDINGS (I) PTE, LTD.,
Singapore (2.00%) and Public (Domestic & Foreign) of (40.82%). Then according to the latest
revision of notary deed Mrs. Novita Puspitarani, SH., no. 1 dated 2 January
2014 the company board of director and the board of commissioner had been
restructured. The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-01259 dated January 10,
2014.
We note that P.T. INDO-RAMA SYSNTHETICS Tbk is a member
of the INDORAMA Group based in India with its business network extending to
South Asia, Asean and Europe.
P.T. INDO-RAMA SYNTHETICS Tbk or INDR operates under
Foreign Invesment (PMA) facilities issued by Capital Investment Coordinating
Board (BKPM) to deal with integrated spinning industry with its mill located on
an 18.5 hectare landsite in Purwakarta. The corporate head office is located in Jakarta, where
central functions are performed, such as procurement, logistics, finance, and
marketing. The Company commenced production in 1976 with a cotton spinning mill
in Purwakarta which steadily diversified and expanded its spinning business and
added manufacturing of Polyester Filament Yarns, Polyester Staple Fibers, PET
Resin, Polyester Chips, and Polyester Filament Fabrics production for global
markets, with plants located in West Java (in Purwakarta, Campaka and Bandung),
Indonesia and in Uzbekistan (of its subsidiary). The Company has been listed on
the Indonesia Stock Exchange since 1990.
Initially, the company just managed two plant located in
Kembang Kuning Village, Ubrug, Jatiluhur, Purwakarta, West Java on a land of
18.5 hectares and at Jalan Raya Batujajar Km. 5.5, Batujajar, Bandung, West
Java. However, since the end 2003 by the merging of its sister company P.T.
INDORAMA TECHNOLOGIES, the company has managed three plants in which one of
which is located at Jalan Raya Subang Km. 6, Cikumpay, Campaka, Purwakarta,
West Java. The three plants has been expanded several times to icnrease their
annual production capacities. P.T. Indo-Rama Synthetics Tbk (INDR) is engaged mainly in the
manufacturing of spun and blended yarns, polyester filament yarns (including
microfilament yarns), polyester staple fibre, pet resin, textile grade chips
and polyester fabrics (grey and finished), acquiring certain investments and
generation of power for captive use. The above plants has absorbed an
investment of US$ 634.6 million coming from owned capital of US$ 32.8 million,
reinvested profit of US$ 54.1 million and the rest from loans.
Indorama
Synthetics is the maiden company of Indorama, which commenced commercial operations
in 1976. It is one of the largest producers of polyester in Indonesia with a
total manufacturing capacity of 280,000 tons per annum. The Company is listed
on the Indonesia Stock Exchange. Indorama Synthetics is one of Indonesia’s
largest exporters and has been a regular winner of the prestigious Primaniyarta
award for its export performance. The company’s business is all about
delivering superior quality, consistency and reliability with the right service
every time. Indorama Synthetics is involved in the following activities:
·
Polyester
The polyester division accounts for over 60 percent
of the company's revenue. Currently the company has capacity of 65,000 ton of
PSF, 100,000 ton of PFY, and 115,000 ton of various grades of chips.
·
Spun Yarns
The division accounts for over 20 percent of the
company's revenue. With capacity of 220,000 spindles and over 50 percent of its
output being exported, the company is one of the largest exporters of spun yarn
in Indonesia.
·
Fabrics
The company's currently installed capacity is 24
million meters per annum of grey fabrics and 42 million meters per annum of
dyed and PFD fabrics.
·
Power Plant
In 2006, Indorama Synthetics set up a 60 MW coal
based power plant (2 x 30 MW) to address its power requirements at its large
complex in Purwakarta, Indonesia. Indorama Synthetics has consistently operated
at high level of capacity utilisation, surpassing its peers both in Asia and
globally. Indorama exports its products to over 90 countries covering all the
five major continents across the globe.
The facilities and infrastructure at its Purwakarta complex are
unparalleled. The company has also built Rama International School in
Purwakarta for children of its employees and from neighboring companies.
The Company’s
principal raw materials are PTA, MEG, Cotton, Rayon and Acrylic, which are
sourced from global leaders. PTA and Rayon is principally sourced domestically
with the remaining materials being imported. There is no constraint on
availability of raw materials. The Company achieved its key targets set for
2012 despite the global uncertainty. The Company’s strong long term
relationships with a large group of banks and financial institutions ensured
availability of capital and its wide network of customers around the globe
allowed it market its products to ensure smooth operations. The Company focused
on operational excellence, market expansion, product development and cost
reduction measures. There has not been any material impediment affecting the
Company’s business.
The company
exports some 65% to premium customers in North America, Europe, South America,
Asia, Australia and the Middle East. A continuous process of reinvestment and
productivity enhancement programs had made Indorama Synthetics into one of the
most competitive producers of polyester worldwide.
Besides, P.T. INDR controls 42% shares of P.T. INDORAMA
PETROCHEMICALS engaged in purified terephthalic acid (PTA) industry; 100%
shares of ISIN INTERNATIONAL PTE. LTD., based in Singapore dealing with
trading; 100% shares of INDORAMA INDUSTRY PTE. LTD., based in Singapore dealing
with investment; and 76.00% shares of JV INDORAMA KOKAND TEXTILE LLC.,
Uzbekistant dealing with spun yarns manufacturing and 99.99% share of P.T.
INDORAMA TRADE AND DEVELOPMENT SERVICES dealing with office and scholl building
management. P.T. INDORAMA TRADE AND DEVELOPMENT SERVICES is engaged in the
development and management of office and school building domiciled in
Purwakarta, was established in 2012, and it is still in development stage.
P.T. INDR
continues to focus on specialty products and services. Its products are
exported to over 75 countries all over the globe and with such a large
diversified market base, the Company is confident to market its output from
existing plant as well as expansions. The Company’s principal products –
Polyesters and Spun Yarns are on a consistent growth path. Global Polyester
fiber demand grew by 7.5 % in 2012 and is projected to continue to increase at
an annual average rate of 7.5 % over the next five years, far ahead of global
GDP growth rates which aptly classifies this industry as a “growing industry”.
The Company will continue to add production capacities at suitable
opportunities in order to match the growing demand of Company’s products.
The 2013 outlook
looks positive given the overall improvement in the North American markets and
also in the European continent (despite the issue in Cyprus). The Company has
implemented Good Corporate Governance principles with the appointment of
Independent Commissioners, the Audit Committee and the Corporate Secretary. The
Company has set up strong internal control systems and procedures to ensure
that Company policies are complied with. The company has a team of professional
managers to manage the various risks of the business in which the Company
operates. P.T. INDR is classified as a large size company in the
country dealing with textile industry of which the operation has been running
smoothly in the last three years.
Polyester fiber
is the most used synthetic fiber worldwide, with a market share of about 72%.
In fact, not only is its production cost reasonably low, but it is also
successfully used in many industrial and textile applications, as well as in
the automotive industry. For many years, the world market for polyester fiber
has enjoyed sustained annual growth rates of 7–9%. However, since mid-2008,
consumption has significantly slowed, mainly as a consequence of the global
economic recession. In 2008, world consumption of polyester fiber was about 1.8%
less than in 2007. However, in 2009, world consumption recovered and was back
to the 2007 level again, mainly as a result of Chinese consumption growth. In
Europe, North America and Japan in 2008 and 2009, the market decreased by more
than 15% annually; however, during the same period, consumption in China
increased at a rate of over 4% per year. In the rest of the world, consumption
decreases have mostly occurred, although of variable extent from region to
region.
China consumes about
64% of the polyester fiber produced worldwide, principally for textile
applications. The country consumes fibers in a chain of textile weaving, dyeing
and apparel-making industries, then exports large amounts of finished goods,
including apparel, curtains and bedding, around the world. Moreover, since the
abolition of textile quotas in 2004, Chinese exports of apparel and other
textile products have been increasing very rapidly. Threatened by this large
volume of low-cost fabrics entering their countries, many producers in the more
economically developed countries have been forced to restructure their
businesses. China accounts for over 66% of the global output of polyester
fibers, up from only 27% in 2000. This extraordinary increase has led to surplus
in the worldwide supply for the past few years.
Indonesia is the 6th largest producer world to polyester
with a production capacity of 1.4 million tons per year. Manufacturers of
synthetic in Indonesia domestic market oriented, PSF and PFY 90% 65%. The main
raw material 100% polyester is the PTA supplied the domestic industry and MEG
supplied 30% of the domestic industry, 70% of imports. Caprolactam as raw
material Nylon 100% imported. Demand for polyester textile raw materials in the country (Indonesia) is
still high because organic
textile raw material such as cotton is difficult to grow in Indonesia. So the
polyester is still an option for the textile industry in Indonesia.
National Polyester Production, 2007 – 2012
|
Year |
Polyester Staple Fiber (PSF) |
Polyester Filament Yarns (PFY) |
Nylon Yarns (NY) |
|
2007 2008 2009 2010 2011 2012 |
497715 500,670 505,674 515,680 529,700 556,000 |
715,000 670,000 674,000 680,000 700,000 725,000 |
16,360 17,443 18,556 19,740 21,000 32,000 |
According to the financial
statement of P.T. INDR audited by a public accountant, total sales turnover of
the company in 2010 amounted US$ 616.9 million with a net profit of US$ 25.9
million increased to US$ 780.5 million with a net profit of US$ 10.3 million in
2011 decreased to US$ 745.0 million with a net profit of US$ 4.8 million in
2012 increased to US$ 758.4 million with a net profit of US$ 4.1 million in
2013. It is projected the sales turnover will be higher by at least 5% in 2014.
The payment habit of 1 to 3 months is running smoothly. The company has never
been black listed by Central Bank (Bank Indonesia) and registered at the count
for determines cases. We observe that P.T. INDR is supported by the INDORAMA
Group, a developing business group 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 2010,
2012 and 2013 is shown.
The management
of P.T. INDR is led by Mr. Vishnu Swaroop Badlwa (55) a professional maager
with experienced in integrated textile mills. Mr. Vishnu Swaroop Baldwa serves as
President Director of PT Indo-Rama Synthetics Tbk since December 20, 2013. He
was Company's Corporate Secretary from 1996 to 2008, and Chief Financial
Officer from 2008 to December 20, 2013. He is an honorary graduate in Commerce
and is a qualified Chartered Accountant and Company Secretary. He has more than
28 years of experience in corporate finance, legal and commercial functions in
various companies in Malaysia, India and Indonesia.
In his daily
activities, he is assisted by Mr. Anupam Aggarwal (58) as director. However the
prime mover is Mr. Sri Prakash Lohia (62), an Indian businessman with broad
experienced in the above business. Mr. S. P. Lohia has a Bachelor of Commerce
degree from the University of Delhi in 1971. He founded P.T. Indorama Synthetics
along with his father, Mr. M.L. Lohia, in 1976. He has 36 years of experience
in the industry and sits on the boards of various companies of the Indorama
Group. P.T. INDO-RAMA SYNTHETICS Tbk is sufficiently fairly good for business
transaction.
PT. INDO-RAMA
SYNTHETICS Tbk
FINANCIAL
STATEMENTS
Per 31 December
2011, 2012 and 2013
(In US Dollar)
|
Descriptions |
31 December |
|
||||
|
2013 |
2012 |
2011 |
||||
|
A. ASSETS |
|
|
|
|
||
|
a. Current Assets |
|
|
|
|
||
|
- Cash and Cash
Equivalent |
18,555,547 |
17,035,748 |
6,293,834 |
|
||
|
- Other financial assets |
45,453,837 |
44,847,140 |
61,277,902 |
|
||
|
- Trade account
receivable |
|
|
|
|
||
|
* Third parties |
93,179,256 |
90,104,647 |
82,814,483 |
|
||
|
* Related parties |
1,610,075 |
3,804 |
868,944 |
|
||
|
- Other account
receivable |
3,274,617 |
1,247,081 |
5,210,361 |
|
||
|
- Inventories |
119,595,789 |
111,737,028 |
104,637,692 |
|
||
|
- Purchase advances |
4,758,289 |
3,267,251 |
9,031,001 |
|
||
|
- Prepaid taxes |
31,860,904 |
14,527,709 |
8,885,879 |
|
||
|
- Prepaid expenses |
1,199,669 |
1,628,514 |
1,229,629 |
|
||
|
- Derivative assets |
- |
- |
- |
|
||
|
Total Current Assets |
319,487,983 |
284,398,922 |
280,267,725 |
|
||
|
b. Non Current Assets |
|
|
|
|
||
|
- Investments in
associates |
32,258,609 |
43,914,347 |
46,334,878 |
|
||
|
- Other financial assets |
253,275 |
448,096 |
193,467 |
|
||
|
- Fixed Assets - net |
375,944,047 |
349,886,822 |
342,928,068 |
|
||
|
- Advance for Assets
Purchase |
5,117,824 |
6,311,660 |
1,810,440 |
|
||
|
- Guarantee deposits |
1,859,147 |
1,953,312 |
2,056,642 |
|
||
|
Total Non-current Assets |
415,432,902 |
402,514,237 |
393,323,495 |
|
||
|
TOTAL ASSETS |
734,920,885 |
686,913,159 |
673,591,220 |
|
||
|
B. Liabilities &
Stockholders Equity |
|
|
|
|
||
|
a. Current Liabilities |
|
|
|
|
||
|
- Trade account payable |
|
|
|
|
||
|
* Related parties |
13,113,604 |
5,609,152 |
2,053,202 |
|
||
|
* Third parties |
244,676,147 |
227,654,207 |
234,747,751 |
|
||
|
- Other account payable |
|
|
|
|
||
|
* Third parties |
2,546,621 |
4,308,446 |
5,648,433 |
|
||
|
* Related parties |
- |
28,794 |
23,069 |
|
||
|
- Tax payable |
604,242 |
501,477 |
381,590 |
|
||
|
- Accrued expenses |
6,571,792 |
5,975,260 |
6,682,939 |
|
||
|
- Current maturities of
long-term |
|
|
|
|
||
|
* Bank loans |
240,000 |
257,000 |
240,400 |
|
||
|
* Finance leases |
7,990,674 |
8,557,493 |
2,718,002 |
|
||
|
- Derivative liabilities |
2,481,230 |
581,763 |
1,192,661 |
|
||
|
Total Current Liabilities |
285,974,050 |
253,473,592 |
253,688,047 |
|
||
|
b. Non Current
Liabilities |
|
|
|
|
||
|
- Long term liabilities |
|
|
|
|
||
|
- Deferred Revenue |
1,465,236 |
1,548,567 |
1,631,898 |
|
||
|
* Bank loans |
103,980,401 |
84,371,942 |
84,362,930 |
|
||
|
* Finance leases |
6,288,511 |
14,217,508 |
4,056,524 |
|
||
|
- Deferred tax
liabilities |
29,398,101 |
30,883,571 |
32,670,844 |
|
||
|
- Post employment
benefits |
7,970,560 |
8,419,784 |
5,815,097 |
|
||
|
- Long term derivative
liabilities |
2,052,731 |
295,118 |
147,014 |
|
||
|
- Other payables |
- |
- |
- |
|
||
|
Total Non Current Liabilities |
151,155,540 |
139,736,490 |
128,684,307 |
|
||
|
c. Stockholders Equity |
|
|
|
|
||
|
- Paid up capital |
160,217,573 |
160,217,573 |
160,217,573 |
|
||
|
- Additional paid-in
capital |
916,682 |
916,682 |
916,682 |
|
||
|
- Retained earnings |
|
|
|
|
||
|
* Appropriated |
14,475 |
13,475 |
12,475 |
|
||
|
* Un appropriated |
122,194,426 |
121,433,260 |
122,331,909 |
|
||
|
- Other component equity |
11,199,615 |
8,746,668 |
4,418,000 |
|
||
|
- Non controlling
interest |
3,629,769 |
2,803,975 |
3,348,002 |
|
||
|
Total equity |
297,791,295 |
293,703,077 |
291,218,866 |
|
||
|
C. INCOME STATEMENTS |
|
|
|
|
||
|
a. Sales – Net
|
758,439,121 |
745,017,744 |
780,555,374 |
|
||
|
b. Cost of good sales |
(694,428,420) |
(695,227,997) |
(740,970,549) |
|
||
|
c. Gross profit |
64,010,701 |
49,791,747 |
39,584,826 |
|
||
|
d. Income before tax |
4,121,542 |
3,644,873 |
9,838,940 |
|
||
|
e. Tax expense-net |
(2,486,430) |
(2,681,696) |
(2,064,033) |
|
||
|
f. Other comprehensive income |
2,452,947 |
4,328,668 |
2,579,062 |
|
||
|
g.
Total Comprehensive Income |
4,088,059 |
4,761,869 |
10,353,969 |
|
||
Notes: 31 December
2011, 2012 and 2013 Audited by Oesman Bing Satrio & Eny
List of the INDORAMA Group Members
1.
ASHOK
TEXTILE Industries, Ltd., Nepal (Textile Industry)
2.
AUTUM
INVESTMENT Ltd., Hong Kong (Holding Company)
3.
BANGADUA
PETROLEUM, P.T. (Oil & Natural Gas Exploration)
4.
BROOKGRANGE
INTERNATIONAL FINANCE LTD., The U.K. (Financing Service)
5.
INDOMULIA
MITRAJAYA, P.T. (Shrimp Culture)
6. INDORAMA CHEMICALS (Thailand) Ltd.,
Thailand (Chemicals Manufacturing)
7. INDORAMA NETHERLANDS BV.,
(Investment Holding)
8. INDORAMA NETHERLANDS COOPERATIEF
U.A. (Investment Holding)
9. INDORAMA PETROCHEMICALS, P.T.
(Purified Terephthalic Acid Manufaccturing)
10. INDORAMA POLYCHEM INDONESIA, P.T.
(Polymerization Resin Industry)
11. INDORAMA POLYESTER INDUSTRIES
INDONESIA, P.T. (Polyester Filament Yarn Industry)
12. INDORAMA PROJECTS AND SERVICES Ltd.,
India (Consulting and Investment Holding)
13. INDORAMA SYNTHETICS (India) Ltd.,
India (Chemicals Manufacturing)
14. INDORAMA SYNTHETICS Tbk, P.T.
(Spinning Mills and Investment Holding)
15. INDORAMA TRADE AND DEVELOPMENT
SERVICES, P.T. (General Trading)
16. INDORAMA VENTURES INDONESIA, P.T.
(Polyester Filament Yarn and Polyester Resin Industry)
17. INDORAMA VENTURES PUBLIC LISTED
LTD,. Thailand (Polyester Filament Yarn Industry)
19.
IRAMA
DINAMIKA LATEX, P.T. (Latex Goods Manufacturing)
20.
IRAMA
UNGGUL, P.T. (Trading and Investment Holding)
21.
JAKARTA
MAJU PUSAKA, P.T. (Trading and Suppliers)
22.
KARYA
MITRA INDORAMA, P.T. (Health Clinic Services in Purwakarta)
23.
LOHIA
INDUSTRIES PVT.,LTD., India (Investment Holding)
24.
MEDISAFE
TECHNOLOGIES, P.T. (Latex Glove Manufacturing)
25.
MITRABANGUN
GRIYA, P.T. (Office Block Rental Management)
26.
RAMATEX
Ltd., (Hong Kong), (Investment Holding)
27.
SK
WAHANA INTERNATIONAL, P.T. (Textile Industry)
28.
THONBURI
LACE Co. ,Ltd., Thailand (Investment Holding)
29.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.