|
Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CHANDRA ASRI PETROCHEMICAL TBK |
|
|
|
|
Registered Office : |
Wisma Barito Pacific Tower A 7th Floor, Jalan Letjend. S. Parman Kav. 62-63,
Jakarta Barat, 11410 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.10.2010 |
|
|
|
|
Legal Form : |
Public Listed
Company |
|
|
|
|
Line of Business : |
·
Subject is a Petrochemical Industry ·
Supplier of Petrochemical Product to Various
Indonesian Manufacturing Industries. |
|
|
|
|
No. of Employees : |
1605 |
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 : |
No Complaints |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% and
historically low rates of inflation. Fitch and Moody's upgraded Indonesia's
credit rating to investment grade in December 2011. Indonesia still struggles
with poverty and unemployment, inadequate infrastructure, corruption, a complex
regulatory environment, and unequal resource distribution among regions. The
government also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices.
|
Source
: CIA |
P.T. CHANDRA ASRI PETROCHEMICAL TBK
Head Office
Wisma Barito
Pacific Tower A 7th Floor
Jalan Letjend. S. Parman Kav. 62-63
Jakarta Barat, 11410
Indonesia
Phones -
(62-21) 530 7950 (Hunting)
Fax - (62-21) 530 8930
E-mail - marketing@capcx.com
Website - http://www.chandra-asri.com
Building Area - 16 storey
Office Space - 300 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya Anyer
Km. 123
Ciwandan, Cilegon
Banten, 42447
Indonesia
Phones -
(62-254) 601501 (Hunting)
Fax - (62-254) 601505
Land Area - 136 hectares
Building Space - 100 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 02 November 1984 as P.T. TRI POLYTA INDONESIA
b. 14 June 1996 as P.T. TRI POLYTA INDONESIA Tbk
c. 28 October 2010 as P.T. CHAANDRA ASRI
PETROCHEMICAL Tbk
Legal Form :
P.T. Tbk
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-1786.HT.01.01.TH.1988
Dated 29 February 1988
- No. AHU-54545.AH.01.02.TH.2010
Dated 22 November 2010
- No. AHU-AH.01.10-24460
Dated 4 July 2012
- No.
AHU-AH.01.10-55584
Dated 20 December 2013
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.062.049.0-092.000
The Capital Investment Coordinating Board
No.
197/I/IP/PMA/2010
Dated 21 October
2010
The Capital Market Supervisory Agency
- No. S-977/PM/1996
Dated 14 June 1996
- No. KEP-06/PM/2000
Dated 13 March 2000
- No. KEP-554/BL/2010
Dated 30 December 2010
Related
Company :
A Member Company
of the BARITO Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
341,030,000.-
Issued Capital : US$
341,030,000.-
Paid up Capital : US$
341,030,000.-
Shareholders/Owners
:
a. P.T. BARITO PACIFIC Tbk - US$ 202,399,000.-
b. SCG CHEMICALS CO., LTD. - US$ 102,523,000.-
c. MARIGOLD RESOURCES PTE, LDT. - US$
18,837,000.-
d. Mr. Prajogo Pangestu - US$
3,300,000.-
e. Mr. Ibrahim Risjad -
US$ 1,522,000.-
f. Mr. Henry Halim -
US$ 203,000.-
g. Mr. Erwin Ciputra -
US$ 103,000.-
h. Public each below 5% - US$
12,143,000.-
Lines of Business :
a. Petrochemical
Industry
b. Investment
Holding
Production Capacity :
a. Ethylene - 600,000
tons p.a.
b. Propylene - 320,000 tons
p.a.
c. Crude
C4 -
220,000 tons p.a.
d. Py-gas - 280,000
tons p.a.
e. Polyethylene - 336,000 tons p.a.
f. Polypropylene - 480,000 tons
p.a.
Total Investment :
a. Equity Capital - US$ 1,614.4 million
b. Loan Capital - US$ 1,701.1 million
c. Total Investment - US$ 3,315.5 million
Started Operation :
March 1992
Brand Name :
Chandra Asri Petrochemical
Technical Assistance :
a. Showa
Denko of Japan
b. Unipol
and Lummus Crest of the USA
Number of Employee :
1,605 persons
Marketing Area :
Local - 100%
Main Customer :
Plastic Industrial Manufacturing
Market Situation :
Very Competitive
Main Competitors :
a. P.T.
HUMPUSS AROMATIC
b. P.T.
TRANS PACIFIC PETROCHEMICAL INDOTAMA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Prof. Dr. Satrio Kav. E4
No. 6
Jakarta
Selatan
Indonesia
c. P.T. Bank
CENTRAL ASIA Tbk
Jalan
Jend. Sudirman Kav. 22-23
Jakarta
Selatan
Indonesia
d. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46-Kota BNI
Jalan Jend. Sudirman
Kav. 1
Jakarta Pusat
Indonesia
e. Bangkok Bank
Ltd.
Jalan M.H. Thamrin No. 3
Jakarta Pusat
Indonesia
Auditor :
Osman Bing Satrio
& Rekan (Deloitte Touche Tohmatsu Ltd)
Litigation :
The Subject was involved in dispute with P.T. KRAKATAU
INDUSTRIAL ESTATE CILEGON recorded on Serang Court No. 27/Pdt.G/2001/PN.Serang
dated 4 July 2002.
Annual Sales :
2010 – US$
1,858.2 million
2011 – US$
2,197.5 million
2012 – US$
2,285.1 million
2013 – US$
2,506.4 million
Net Profit
(loss):
2010 – (US$ 51.1
million)
2011 – US$ 8.0
million
2012 – (US$ 87.3
million)
2013 – US$ 8.3
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Erwin Ciputra
Vice President Directors -
a. Mr. Raymond Budhin
b. Mr. Paramate Nisahomsen
Directors -
a. Mr. Terry Lim Chong Thian
b. Mr. Paisan Lekskulchai
c. Mr. Baritono Prajogo Pangestu
d. Mr. Suryandi
Board of Commissioners :
President Commissioner -
Mr. Goerge Allister Lefroy
Vice President Commissioner -
Mr. Tan Ek Kia
Commissioners -
a. Mr. Hanadi Rahardja
b. Mr. Agus Salim Pangestu
c. Mr. Loeki Sundjaja Putera
d. Mr. Chaovalit Ekabut
e. Mr. Cholanat Yanaranop
Signatories :
President Director (Mr.
Erwin Ciputra) or one of the Vice President Directors (Mr. Raymond Budhin, Mr.
Paramate Nisagomsen) or one of the Directors (Mr. Terry Lim Chong Thian, Mr.
Paisan Lekshulchai, Mr. Baritono Prajogo Pangestu, or Mr. Suryandi) which must
be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Originally named P.T. TRI POLYTA INDONESIA was established in November
1984 with an authorized capital of Rp. 500,000,000 fully issued and paid up.
The founding shareholders of the company are Mr. Henry Pribadi AKA (also known
as) Liem Oen Hauw, Mr. Henry Liem AKA Liem Sien Tjay, Mr. Andry Pribadi AKA
Liem Liek Mien, Mr. Wilson Pribadi AKA Liem Oen Djoe (all being Indonesian
businessmen of Chinese extraction) and Mr. Ibrahim Risjad, an indigenous
businessman. On July 25, 1994, the Company made a public offering of 6,500,000
American Depository Shares (ADS), representing 65,000,000 shares of common
stock of the Company to foreign investors and was made outside Indonesia. One
ADS represents 10 shares of common stock with a nominal value of Rp 1,000 per
share and was offered at a price of US$ 21 per ADS. In relation to the ADS
offering, the Company granted the underwriters a “greenshoe” option, which was
fully exercised, so that the total number of ADS increased to 7,475,000 (equal
to 74,750,000 shares).
The ADS were listed on the National Association of Securities Dealer
Automated Quotation (NASDAQ). On March 14, 1996, the ADS’s listing was
transferred from NASDAQ to the New York Stock Exchange (NYSE). On May 6, 1996,
the founding stockholders of the Company sold their shares at a price of Rp.
2,840 per share, based on the Company’s ADS price at NYSE on May 3, 1996 of US$
12,125 (US$ 1 : Rp 2,343) to 400 employees. Each employee purchased at least
500 shares totaling 200,000 shares. Trading of the Company’s common stock on
the NYSE was suspended effective on March 23, 2000. By virtue of Bapepam
(currently Bapepam-LK) letter No. S-977/PM/1996 dated June 14, 1996, the
Company’s registration statement as a public company was declared effective.
In June 1996 the company was renamed P.T. TRI POLYTA INDONESIA Tbk or
public listed company. It is the first national private company listed on
overseas capital and money market. In August 1998, the authorized capital was
raised to Rp. 1,030,000,000,000 issued and paid up capital to Rp.
257,500,000,000. In 2006, the issued capital was raised to Rp. 728,401,000,000
fully paid up. On 27 October 2010, P.T. CHANDRA ASRI PETROCHEMICAL CENTRE
merged into P.T. TRI POLYTA INDONESIA Tbk (surviving company). After merged, on
28 October 2010 P.T. TRI POLYTA INDONESIA Tbk changed to P.T. CHANDRA ASRI
PETROCHEMICAL Tbk (P.T. CAP). On the same occasion the authorized capital was
increased to US$ 341,030,000 wholly issued and paid up. With this time the
composition of its shareholders has been changed to become P.T. BARITO PACIFIC
Tbk (66.48%), APLETON INVESTMENTS LTD (22.87%), MARIGOLD RESOURCES PTE LTD
(5.51%), Mr. Prajogo Pangestu (0.97%), Mr. Ibrahim Risjad (0.45%), Mr. Henry
Halim (0.06%), Mr. Erwin Ciputra (0.01%) and Public (3.65%).
Later according to financial statement as per 31 March 2013 the
composition of its shareholders has been changed to become P.T. BARITO PACIFIC
Tbk (59.35%), SCG CHEMICALS CO., LTD., (30.06%), MARIGOLD RESOURCES PTE., LTD.,
(5.52%), Mr. Prajogo Pangestu (0.97%), Mr. Ibrahim Risjad (0.45%), Mr. Henry
Halim (0.06%) Mr. Erwin Ciputra (0.03%) and Public (3.56%). Then according to the revision of notary deed
Mr. Fathiah Helmi, SH., no. 29 dated 16 December 2013 the company board of
director and the board of commissioner had been restructured to lead and runs
of the company’s operation. The deed of amendments was approved by the Ministry
of Low and Human Rights in its decision letter No. AHU-AH.01.10-55584 dated
December 13, 2013.
We observe that majority shareholder P.T. BARITO PACIFIC Tbk., is a
public listed company a member of the BARITO PACIFIC Group, a large-sized
business group headed by Mr. Prajogo Pangestu AKA Phang Djun Phen.
P.T. CAP was obtained a Foreign Capital Investment (PMA) facility issued
by the Capital Investment Coordinating Board (BKPM) to deal with petrochemical
industry. P.T. CAP is the leading suppliers of petrochemical product to various
Indonesian manufacturing industries. The plant located at Ciwandan, Cilegon in
Banten Province on 136 hectares is Indonesia's premier petrochemical plant
incorporating world class, state-of-the-art technology and supporting
facilities. The Company’s polypropylene resins comprise of homopolymer, random
copolymer and impact copolymer. Homopolymer products are mainly used to
manufacture a wide range of consumer products such as food packaging, plastic
house wares, cigarette wraps, woven sacks, carpet layers and other
applications. Whereas random copolymer products are mainly used to produce
plastic bottle containers such as cooking oil containers, toiletries bottles
and other liquid containers. Impact copolymer products are mainly used to
manufacture automotive parts, electronic appliances and other applications. The
Company markets its products under the brand name Trilene®, primarily for
Indonesia domestic markets.
P.T. CAP started its commercial operations in 1992 with two production
trains and a combined annual capacity of 160,000 metric tons. At the end of
1993, the Company completed a de-bottlenecking project which increased the
annual production capacity to 215,000 metric tons. The third production train
was completed in 1995. The three trains have a combined annual capacity to
produce around 360,000 metric tons of polypropylene, depending on the production
mix.
The next de-bottlenecking project will increase annual production
capacity from 360,000 metric tons to 480,000 metric tons. It was estimated to
take eighteen months in development and commercial production is scheduled to
begin at the beginning of the second quarter of 2011. The debottlenecking
project will enhance the Company’s competitiveness and capability to meet the
increasing domestic demand.
After merged in October 2010, P.T. CAP produced Ethylene of 600,000
metric ton; Propylene of 320,000 metric ton; Crude C4 of 220,000 metric ton;
Py-gas of 280,000 metric ton; Polyethylene of 320,000 metric ton and
Polypropylene of 480,000 metric ton respectively per annum. At the heart of P.T. CAP lies the Lummus
Naphtha Cracker producing high quality Ethylene, Propylene, Crude C4 and
Pyrolysis Gasoline (Py-gas) for the Indonesian as well as regional export
markets. P.T. CAP's integrated Polyethylene and Polypropylene production
facilities incorporate two world class technologies. Four Unisol reactors are
designed by Union Carbide. One capable in producing both linear low and high
density PE resins while the other 3 are capable to produce a variety of PP
resins.
The fifth reactor is using Showa Denko KK of Japan's revolutionary
bimodal high density polyethylene technology. These two world class
technologies combine to produce a range of resin grades which meet the great
majority of demand for polyethylene in Indonesia. To ensure continuous
production, P.T. CAP has on-site power generation capacity well in excess of
normal production requirement with connection to PLN as a back-up source of
power. The site also incorporate a desalination plant and water treatment
facilities which produce feed water as well as highly purified water for use in
cooling system circulation, tank farm and jetty.
P.T. CAP and sister company P.T. SMI’s products adhere strictly to
internationally quality and environmental standards. Specifically, both their
Polyethylene and Polypropylene resin have received Halal certification from
local governing body. In their integrated Cilegon facilities, we produce the
following products and resins:
1.
Monomers
– All monomers are produced and mainly distributed by pipeline to neighboring customers,
except for Crude C4 Py-gas, where the main market is overseas
a.
Ethylene
b.
Propylene
c.
Crude
C4
d.
Py-gas
2.
Polyethylene
(PE) & Polypropylene (PP) with a range of top quality resins and steady
supply available from P.T. CAP’s warehouses and distribution outlets, plastics
manufacturing customers can plan production based on reliability of supply and
consistency in quality.
a.
PE
Unipol, licensed by Union Carbide Corp., Technology (USA), with production
capacity of 200 KTPA produces both LLDPE and HDPE.
b.
PE
SDK, licensed by Showa Denko K.K. (Japan), with production capacity of 120 KTPA
produces mainly HDPE.
c.
PP
Unipol, licensed by Union Carbide Corp., Technology (USA), with production
capacity of 480 KTPA produces wide range of PP homopolymer, PP random
copolymer, and PP Impact (Block) Copolymer.
3.
Styrene
Monomer – is the raw material for downstream industries manufacturing including
polystyrene, Expanded polystyrene (EPS), Styrene Butadiene Rubber (SBR),
Styrene Butadiene latex (SBL), Styrene Acrylonitrile (SAN), Acrylonitrile
Butadiene Styrene (ABS), and Unsaturated Polyester Resin.
P.T. CAP's entire production had been marketed in the country.
Since September 1995
P.T. CAP had concluded sales contracts expiring in September 2000 with
five primary consumers in the country, namely P.T. TITAN PETROKIMIA
NUSANTARA and P.T. SULFINDO ADI USAHA
(producers of polyethylene), P.T. PRIMA ETHYCOLINDO (a producer of ethylene glycol) and P.T.
STYRINDO MONO INDONESIA (a polystyrene
producer). Besides, some of the products is also sells through distributors
such as P.T. BUKITMEGA MAS ABADI and others.
Besides, P.T. CAP is also engaged in investment holding by holds 99.99%
shares of P.T. STYRINDO MONO INDONESIA engaged in petrochemical. P.T. STYRINDO
MONO INDONESIA (SMI)'s plant located at Puloampel, Serang in Banten Province is
about 40KM from CAP's plant site. The plant produces Styrene Monomer with
nameplate capacity of 340,000 MT per year. There are two units of ethyl benzene
plants designed under license from well known Mobil/Badger and Lummus
Technologies. The two ethyl benzene units are integrated with two units of
styrene monomer plants engineered using Lummus/UOP Technology. P.T. SMI is the
only styrene monomer producer in Indonesia serving both domestic downstream
industries and regional export markets. P.T. CAP is also holds 100% shares of
ALTUS CAPITAL PTE, LTD., Singapore engaged in Finance; 99.67% shares of P.T.
PETROKIMIA BUTADIENE INDONESIA engaged in petrochemical industries and 50.70%
shares of P.T. REDECO PETROLIN UTAMA engaged in storage tank terminal services
and tank lease.
We note that the demand for petrochemicals had been rising by some 6% up
to 8% per year in the five years in line with the fast growth of industries
using petrochemical basic materials like the plastic and plastic product
industries in the country. Since October 2008 the demand for the above
petrochemicals had kept on dropping in line with the decline of plastic and
plastic goods industries as a result of the global economic crisis in October
2008 and the very tight banking liquidity in the country.
The domestic demand for petrochemicals is projected to grow by just 4%
to 6% up to the next two years, in view of the still labile economic condition.
Besides, competition is very heavy from particularly petrochemicals of
Singapore, Malaysia, Thailand, Taiwan and South Korea. Besides, there are now
several companies planning to build petrochemical production centers like P.T.
HUMPUSS AROMATIC of the HUMPUSS Group and P.T. TRANS PACIFIC PETROCHEMICAL
INDOTAMA of the TIRTAMAS MAJUTAMA Group.
The total sales turnover of P.T. CAP in 2010 amounted to US$ 1,858.2
million with a net loss of US$ 51.1 million, increased to US$ 2,197.5 million
with a net profit of US$ 8.0 million in 2011 and rose again to US$ 2,285.1
million with a net loss US$ 87.3 million in 2012 to US$ 2,506.4 million with a
net profit of US$ 8.3 million in 2013. It is projected that total sales
turnover of the company will increase at least 6% in 2014. We observe that P.T.
CAP is supported by financially fairly strong behind it. So far, we did not
hear that the company having been black listed by the Central Bank (Bank
Indonesia). The company usually pays its debts punctually to suppliers. The
financial statement as per 31 December 2010, 2011, 2012 and 2013 is attached.
Litigation Matter
P.T. KRAKATAU INDUSTRIAL ESTATE CILEGON (P.T. KIEC), through its lawyer
Mr. Yulius Usman SH., announced that P.T. KIEC is the only legal owner of a
plot of land located at Desa Gunung Sugih, Sub-district. Ciwandan, Cilegon
City, Banten Province wide 55, 195 sq. mtrs as stated in certificate of Right
of Undertaking No. 1/ Gunung Sugih, in comply with the decision of Serang court
No. 27/ Pdt., G/2001/PN, Seg dated 4 July 2002 juncto with the decision of
Supreme Court of the Republic of Indonesia no. 1003 K/Pdt/2003 dated 30 October
2003 having had permanent legal power.
In accordance the decision of Head of Serang Court No. 03/Pdt. Eks. Pengs/2004/PN.
Sig junto no. 27 April 2004, the release execution on land above had been
performed as stated in Release Minutes dated 29 April 2004. To secure the
implementation of the decision of Serang Court No. 27/Pdt. G/2001/PN. Seg dated
4 July 2002 junto decision of Bandung High Court no. 375/Pdt/22002/PT. Bdg
dated 11 September 2002 junto decision of Supreme Court of the Republic of
Indonesia No. 1003 K/Pdt/2003 dated 30 October 2003, based on decision of Head
of Serang Court No. 07/Pen. Pdt. Sita eks/2004/PN. Sig junto No.
27/Pdt.G./2001/PN.Sig dated 6 May 2004 execution has been performed against a
factory of P.T. CAP (ex P.T. TPIT) located at Jalan Raya Anyer Km. 12.3 Desa
Gunung Sugih, Sub-distriat Ciwandau, Cilegon City, Banten Province including
every things there on as stated in confisticatory minute dated 10 May 2004.
P.T. CAP (ex P.T. TPIT) through its lawyer Mr. Januardi S Haribowo, SH
announced that the company had submitted an rejection on seizing execution to
the court of first instance of Serang under No.
15/Pdt.G.Perlawanan/2004/PN.Srg. Then, the judge examined the case and
postponed all seizing execution of plant/land of P.T. CAP under an intermediate
decision No. 15/Pdt.G.Perlawanan/2004/PN. Srg. dated 17 June 2004 containing
statements to stop any legal action in the form the auction of properties of
the opponent being put a seizing execution on 10 May 2004 No. 07/BA.Pdt.Sita
Eks/PN.Srg jo No. 27.Pdt.G/2001/PN.Srg as requested by the company.
The management of P.T. CAP is led by Mr. Erwin Ciputra (40) a
professional manager with experience in petrochemical industry. Mr. Ciputra
obtained his Bachelor of Economic from Wharton School, University of
Pennsylvania, USA, in 1996. He served as President Director of P.T. Chandra
Asri from November 2007 until the merger and currently serves as the President
Director of the Company. He has nine years of experience in the petrochemical
industry and has been working for the Company for eight years. Before appointed
as President Director of P.T. Chandra Asri, he has been held Vice President of
Finance position from July 2004 to November 2007. Previously, he has also
experienced as an advisor in P.T. Petrokimia Nusantara Interindo. He has six
years of experience in finance while working for JP Morgan Securities, TIAACREF
Asset Management in New York, USA. The company's management is handled by
professional managers in the above business. They have wide relations with
private businessmen within and outside the country. So
far, we did not hear that the management of the company being filed to the
district court for detrimental cases or involved in any business malpractices. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. CHANDRA ASRI PETROCHEMICAL Tbk is sufficiently
fairly good for business transaction.
P.T. CHANDRA ASRI
PETROCHMICAL Tbk
FINANCIAL
STATEMENTS
Per 31 December
2010, 2011, 2012 and 2013
(In
Thousands of US$)
|
DECCRIPTION |
31 December |
|||
|
2013 |
2012 |
2011 |
2010 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
241,873 |
123,393 |
54,703 |
173,212 |
|
- Trade Receivable |
|
|
|
|
|
* Related Parties |
6,791 |
25,603 |
2,326 |
- |
|
* Third Parties |
174,417 |
128,886 |
129,807 |
- |
|
- Other Account
Receivable |
6,901 |
3,117 |
1,821 |
1,474 |
|
- Inventories |
291,898 |
275,744 |
281,079 |
215,993 |
|
- Advances |
6,835 |
12,459 |
23,236 |
11,434 |
|
- Prepaid Expenses |
4,091 |
3,819 |
3,366 |
2,671 |
|
- Prepaid Taxes |
78,877 |
121,828 |
155,469 |
107,636 |
|
Total Current
Assets |
811,683 |
694,849 |
651,807 |
625,180 |
|
b. Non Current Assets |
|
|
|
|
|
- Investment in
Associates |
5,402 |
- |
5,706 |
5,192 |
|
- Advance for
Purchase Property |
39,473 |
3,279 |
2,025 |
25 |
|
- Fixed Assets |
987,560 |
971,833 |
928,200 |
836,732 |
|
- Restricted cash
in banks |
12,981 |
14,323 |
14,854 |
14,838 |
|
-
Derivative Financial Assets |
1,574 |
- |
- |
- |
|
-
Tax Refunds |
41,312 |
93 |
- |
- |
|
- Other non current
assets |
7,453 |
2,738 |
2,330 |
4,530 |
|
Total Non Current
Assets |
1,095,755 |
992,266 |
953,115 |
861,317 |
|
TOTAL ASSETS = LIABILITIES STOCKHOLDERS’ EQUITY |
1,907,438 |
1,687,115 |
1,604,922 |
1,486,497 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Bank Loans |
21,776 |
5,000 |
25,000 |
- |
|
- Trade Account
payables |
|
|
|
|
|
* Related
Parties |
179,387 |
115,644 |
8,026 |
- |
|
* Third Parties |
344,573 |
329,996 |
314,479 |
266,258 |
|
- Other Account
Payables |
14,136 |
3,113 |
3,293 |
1,509 |
|
- Tax Payables |
1,125 |
983 |
1,788 |
4,077 |
|
- Accrued Expenses |
6,440 |
6,852 |
14,210 |
18,332 |
|
- Customer Advances |
3,785 |
2,645 |
3,471 |
1,945 |
|
- Current Maturities
of Long Term Liabilities of Bank Loans |
46,410 |
20,010 |
20,010 |
- |
|
- Finance Lease
Obligation |
67 |
62 |
95 |
82 |
|
Total Current
Liabilities |
617,699 |
484,305 |
370,362 |
292,203 |
|
b. Non Current Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities |
126,590 |
129,541 |
153,094 |
167,106 |
|
- Long term
liabilities – net of current maturities Bank Loans |
289,040 |
331,351 |
62,338 |
- |
|
- Finance Lease
Obligation |
54 |
122 |
2,222 |
2,317 |
|
- Derivative
Financial Instrument |
242 |
1,091 |
- |
951 |
|
- Post employee
benefit obligations |
16,687 |
17,905 |
14,623 |
9,608 |
|
- Decommissioning
Cost |
1,803 |
1,970 |
1,889 |
1,555 |
|
Total Non Current
Liabilities |
434,416 |
481,980 |
436,891 |
399,632 |
|
c. Minority Interest Net Income of
Subsidiaries |
- |
- |
- |
- |
|
d. Stockholders Equity |
|
|
|
|
|
- Share Capital |
359,989 |
341,030 |
341,030 |
81,015 |
|
- Additional paid
up capital |
108,675 |
- |
- |
121,499 |
|
- Other equity component |
(1,438) |
(59) |
- |
591,689 |
|
- Retained Earnings |
378,930 |
369,248 |
456,639 |
2,177 |
|
Total Shareholder
Equity |
855,323 |
720,830 |
797,669 |
794,662 |
|
DECCRIPTION |
|
|
|
|
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – Net
|
2,506,414 |
2,285,158 |
2,197,484 |
1,858,170 |
|
b. Cost of Goods Sold |
2,408,370 |
2,262,369 |
2,092,868 |
1,724,687 |
|
c. Gross Profit |
98,044 |
22,789 |
104,616 |
133,483 |
|
d. Operating Expenses |
66,727 |
62,667 |
58,349 |
45,631 |
|
e. Profit Before Income Tax |
17,079 |
(110,638) |
(2,131) |
43,511 |
|
f. Income Tax |
(6,049) |
23,425 |
10,138 |
(94,653) |
|
g. Net Profit |
8,312 |
(87,329) |
8,007 |
(51,142) |
Notes: 31 December 2010, 2011, 2012 and 2013
audited by Osman Bing Satrio & Eny (Deloitte)
List of the BARITO PACIFIC Group
Members
1.
AGROKARYA
SEKAYU, P.T. (Perennial Crops Plantation)
2.
ALTUS
CAPITAL, PTE, LTD. (Finance)
3.
ANANGKA
PUNDINUSA, P.T. (Logging and Sawmilling)
4.
ANDROMEDA Bank, P.T. (Banking)
5.
ANDROMEDA
JAVAL, P.T. (Money Changer)
6.
ANEKA MULTI SEKAYU, P.T. (Oil Palm
Plantation)
7.
ARJUNA
PERDANA MAHKOTA PLYWOOD, P.T. (Integrated Woodbased Industries)
8.
ARTA PUSARA, P.T. Bank (Banking)
9.
AYA
TIMBER, P.T. (Logging and Sawmilling)
10.
BARITO
ESTATE INDONESIA, P.T. (Plantation)
11.
BARITO
INDUSTRI, P.T. (Chemicals Processing)
12.
BARITO
INDUSTRIES, P.T. (Investment Holding)
13.
BARITO
KIMIGAS, P.T. (Industrial Gases Industry)
14.
BARITO
NUSANTARA INDAH, P.T. (Logging)
15.
BARITO
PACIFIC LUMBER Co., P.T. (Trading)
16.
BARITO
TIMBER (Pte.) Ltd., Singapore (Trading)
17.
BARITO
PACIFIC Tbk, P.T. (Integrated Woodbased Industry and Investment Holding)
18.
BATONRIN Ltd., Hong Kong (Trading)
19.
BENUA
PERMAI LESTARI, P.T. (Housing Development)
20.
BHAKTI
BARITO AGRATAMA PERSADA, P.T. (Woodbased Industry)
21.
BHAKTI
MARGA NUSANTARA, P.T. (Real Estate Development)
22.
BINAJAYA RODAKARYA, P.T. (Formaldehyde
Resin Industry)
23.
BRAHA
TERNATE, P.T. (Logging)
24.
BUANAMAS
INVESTINDO, P.T. (Securities Services)
25.
BUKITMEGA
MAS ABADI, P.T. (Trading and Distribution of Polypropylene)
26.
BUNUT
HILIR, P.T. (Logging)
27.
CHANDRA
ASR PETROCHEMICAL Tbk, P.T. (Petrochemical/Olefin Centre)
28.
CITRA
BUMI TRISEJATI, P.T. (Integrated Woodbased Industry)
29.
CRANETAMA
MAJU, P.T. (Integrated Woodbased Industry)
30.
DAEKYUNG
INDAH HEAVY INDUSTRY, P.T. (Metal Equipment and Machinery Manufacturing)
31.
DHARMA
SATYA NUSANTARA, P.T. (Logging and Sawmilling)
32.
DELTA
MUSTIKA, P.T. (Investment Holding)
33.
DEXTER KENCANA TIMBER, P.T. (Logging)
34.
DSM
KALTIM MELAMINE, P.T. (Melamine Manufacturing)
35.
DUTA
NUSABIMA LESTARI, P.T. (Property Management)
36.
EDY
TUNGGAL TIMBER, P.T. (Logging)
37.
ENIM
MUSI LESTARI, P.T. (Investment Holding)
38.
FIRST
RACHMAT Trading Co., P.T. (Logging)
39.
GANDAERAH HENDAWA, P.T. (Rubber
Plantation)
40.
GEMPITA KALTENG, P.T. (Logging)
41.
GREEN DELTA, P.T. (Logging)
42.
GRIYA
IDOLA REAL ESTATE, P.T. (Logging and Sawmilling)
43.
HALMAHERA
KAYU, P.T. (Logging)
44.
HARMONI
SARANA KAYU, P.T. (Wooden Furniture Manufacturing)
45.
HIMA
BARITO FOREST PRODUCTS, P.T. (Logging and Sawmilling)
46.
HUTAN MIRAH RAYA, P.T. (Logging)
47.
INTER
BARINDO FURNITURE, P.T. (Wooden Furniture Manufacturing)
48.
INTI
PRONA, P.T. (Logging)
49.
INDOCITRA
GRAHABAWANA, P.T. (Property Management and Development)
50.
JABAR
UTAMA WOOD INDUSTRIES, P.T. (Wooden Furniture Manufacturing)
51.
JAVATEAX
Corp., USA (Textile)
52.
KALPIKA WANATAMA, P.T. (Logging)
53.
KAMPARI
WOOD INDUSTRIES, P.T. (Integrated Woodbased Manufacturing)
54. KENCANAMAS
AGRASETIA, P.T. (Formaldehyde Resin Industry)
55.
KUNINGAN
NUSA INDAH, P.T. (Modern Office Block Development and Rental)
56.
LANGEN
KRIDHA PRATYANGGA (paper and Cocoa Plantation and Processing)
57.
LESTARI
UNGGUL JAYA, P.T. (Pepper Plantation and Wrapping)
58.
MANGGALA
PACIFIC RAYA, P.T. (Logging)
59.
MANGOLE
TIMBER PRODUCERS,P.T. (Integrated Woodbased Industries and Investment Holding)
60.
MARAGA
DAYA WOOD WORKS, P.T. ( Integrated Timber Industries)
61.
MARUWAI
TIMBER, P.T. (Logging)
62.
MATAKAYU,
P.T. (Logging)
63.
MORITAS
AGROBI, P.T. (Pineapple Plantation and Canning Industry)
64.
MULIA
PERSADA PACIFIC, P.T. (Office Block Rental and Shopping Centre Management)
65.
MUSI
HUTAN PERSADA, P.T. (Integrated Industrial Forestation area Management and
Development)
66.
MUSI
RINDANG WAHANA, P.T. (Perennial Crop Plantation)
67.
MUSI
TUNGGAL PLANTATION, P.T. (Oil Palm Plantation)
68.
NAGA
PACIFIC (Hk.) Ltd., Hong Kong (Trading)
69.
NAGA
MANIS PLANTATIONS, P.T. (Sugar Cane Plantation and Sugar Industry)
70.
NANSARI
PRIMA PLYWOOD, P.T. (Plywood Industry)
71. NITYASA
PRIMA, P.T. (Logging)
72.
PACIFIC
PRIME FURNITURE, P.T. (Wooden Furniture Manufacturing)
73.
PERTIWI
GEMILANG, P.T. (Formaldehyde Resin Manufacturing)
74.
PETROKIMIA
BUTADIENE INDONESIA, P.T. (Petrochemical Industry)
75.
REDECO
PETROLIN UTAMA, P.T. (Tank Storage Services)
76.
RIMBA
MAFIN, P.T. (Logging)
77.
ROKINAN
TIMBER CORP., P.T. (Logging)
78.
SANGKULIRANG,
P.T. (Logging)
79.
SANGKULIRANG
BHAKTI, P.T. (Integrated Woodbased Industry)
80.
SAWIT
ASAHAN INDAH, P.T. (Oil Palm Plantation and Palm Oil Refinery)
81.
SENTRAGRAHA
MAJU, P.T. (Logging)
82.
SAWIT
ROKAN INDAH, P.T. (Oil Palm Plantation and Palm Oil Refinery)
83. STYRINDO
MONO INDONESIA, P.T. (Petrochemical Industry)
84.
SUKARDI
PRAKANCE TIMBER, P.T. (Logging)
85.
SUMALINDO
HUTANI JAYA, P.T. (Industrial Forestation)
86.
SUMALINDO
LESTARI JAYA, P.T. (Integrated Woodbased Industry)
87.
SUPRA
WIRA FINANCE, P.T. (Financial Institution)
88.
SURYA
HUTANI JAYA, P.T. (Oil Palm Plantation)
89.
SURYARAYA
BAHTERA, P.T. (Oil Palm Plantation)
90.
SURYARAYA
WAHAN, P.T. (Industrial Forestation and Integrated Pulp and Paper Industry)
91.
TANJUNGENIM
LESTARI PULP & PAPER, P.T. (Pulp Paper and Rayon Manufacturing)
92.
TRI DHARMA SAKTI INDAH, P.T. (Modern
Office Block Rental Management)
93.
TUNGGAL
AGATHIS INDAH WOOD INDUSTRIES, P.T. (Integrated Industry and Investment
Holding)
94.
TUNGGAL
LUMBER FACTORY, P.T. (Logging)
95.
TUNGGAL
SETIA PRATAMA, P.T. (Investment Holding)
96.
TUNGGAL
YUDI SAWMILL PLYWOOD, P.T. (Integrated Woodbased Industry and Investment
Holding)
97.
WAHA
ADHI GUNA, P.T. (Logging)
98.
WIRA
NUSA TRISATYA, P.T. (Urea Formaldehyde Glue Manufacturing)
99.
YAKINMAKMUR
(YAMA), P.T. Bank (Banking)
100.
YAYANG
INDONESIA, P.T. (Logging and Sawmilling)
101.
YOS
RAYA TIMBER, P.T. (Logging)
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.