|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GAJAH TUNGGAL TBK |
|
|
|
|
Registered Office : |
Wisma Hayam Wuruk, 10th Floor, Jalan Hayam Wuruk No. 8, Jakarta 10120 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.08.1951 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-22673 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Subject is engaged in a. Tire Manufacturing b. Nylon Tire Cord Manufacturing c. Styrene Butadiene Rubber Industry d. Investment Holding |
|
|
|
|
No of Employees : |
13,363 person |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
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 |
BASIC
SEARCH
|
Name of Company :
P.T. GAJAH TUNGGAL
Tbk
Address :
Head Office
Wisma Hayam Wuruk, 10th Floor
Jalan Hayam Wuruk No. 8
Jakarta 10120
Indonesia
Phones -
(62-21) 3459302, 3459431, 3805916-20
Fax - (62-21) 3804908, 3845896
Email - export@gt-tire.com
Website - http://www.gt-tire.com
Building Area - 18 storey
Office Space - 2,500 sq. meters
Region - Commercial
Status - Rent
Factories
a.
Kampung
Pasir, Desa Gembor
Kec.
Curug, Tangerang,
Banten, Indonesia
Phones -
(62-21) 5524640-2
Fax. -
(62-21) 5524915
b.
Desa
Pasir Jaya
Kec.
Jatiuwung, Tangerang
Banten, Indonesia
Phones -
(62-21) 5452141-4
Fax. -
(62-21) 5452145
c.
Desa
Mangunreja
Bojonegara,
Serang
Banten, Indonesia
Phones -
(62-21) 500931
Fax. -
(62-21) 500929
Date of Incorporation :
a. 23 August 1951 as N.V. Perusahaan Pabrik
Karet HOK THAY HIN
b. 02 May 1961 as P.T. GADJAH TUNGGAL
c. 24 September 1996 as P.T. GAJAH TUNGGAL
Tbk
Legal Form :
P.T. Tbk. (Perseroan Terbatas Terbuka) or
Public Listed Company
Company Reg. No. :
The Ministry of Laws
and Human Rights
a. No. C2-15658.HT.01.04.TH.99
Dated
30 August 1999
b. No. C-06556.HT.01.04.TH.2007
Dated
13 December 2007
c. No. AHU-AH.01.10-18257
Dated
18 July 2008
d. No. AHU-AH.01.10-22673
Dated
21 June 2012
Company Status :
Domestic Investment Company (PMDN)
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.003.009.6-092.000
The Capital
Investment Coordinating Board
a.
No.
45/II/PMDN/1981
Dated
4 August 1981
b.
No.
18?II/PMDN/1987
Dated
16 February 1987
c.
No.
180/II/PMDN/1991
Dated 18 September 1991
d.
No.
14/II/PMDN/1994
Dated 12 January 1994
Subsidiary Companies :
a. P.T. POLYCHEM INDONESIA Tbk., (Manufacturing of
Ethylene Glycol & Ethoxylate, Polyester
Filament
and Polyester Staple Fiber)
b. P.T. PRIMA SENTRA MEGAH (Distributor of tire
Cord and Synthetic Rubber)
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Authorized Capital - Rp. 6,000,000,000,000.-
Issued Capital - Rp. 1,742,400,000,000.-
Paid up Capital - Rp. 1,742,400,000,000.-
Shareholders/Owners :
a. DENHAM PTE
LIMITED of Singapore -
Rp. 865,936,000,000.- (49.70%)
b. COMPAGNIE
FINANCIERE MICHELIN of Switzerland - Rp. 174,240,000,000.- (10.00%)
c. Cooperatives -
Rp. 1,925,000,000.- ( 0.11%)
d. Mr. Christopher
Chan Siew Choong (Pres. Director) -
Rp. 1,398,000,000.- ( 0.08%)
e. Mrs. Irene Chan
(Director) -
Rp. 58,000,000.- ( 0.00%)
f. General Public
(below 5% each) -
Rp. 698,843,000,000.- (40.11%)
BUSINESS
ACTIVITIES
|
Lines of Business :
a. Tire Manufacturing
b. Nylon Tire Cord Manufacturing
c. Styrene Butadiene Rubber Industry
d. Investment Holding
Production Capacity :
a. Bicycle Tires & Tubes - 6,784,000 units p.a.
b. Nylon Tire Cord Manufacturing - 10,500,000 units p.a.
c. Bias Tires & Tubs -
4,900,000 units p.a.
d. Radial Tires - 8,700,000 units p.a.
e. Nylon tire Cords -
28,000 tons p.a.
f. Styrene Butadiene Rubbers -
60,000 tons p.a.
Total Investment :
a. Owned Capital - Rp.
474.0 billion
b. Loan Capital - Rp. 573.4 billion
c. Reinvestment Profit - Rp.
26.0 billion
c. Total Investment - Rp. 1,073.4 billion
Started Operation :
1953 when it was named NV. Perusahaan Pabrik Karet HOK THAY HIN
Brand Name :
GT Radial, IRC, NITTO and PIRELLI
Technical Assistances :
a.
YOKOHAMA
Technology of Japan
b.
INOUE
RUBBER Co. Ltd., of Japan
c.
NITTO
TIRE Co. Ltd., of Japan
d.
PIRELLI
TIRE Corp., of the USA
Number of Employee :
13,363 persons
Marketing Area :
a. Domestic
(Local) - 46%
b. Overseas (Export) - 54%
Main Customers :
a. Motorcar and Motorcycle Assemblers
b. Agents and Distributors of Motorcar and
Motorcycle Tire
c. Exported to 82 countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRIDGESTONE TIRE INDONESIA
b. P.T. GOOD YEAR INDONESIA
d. P.T. INDUSTRI KARET
DELI
e. P.T. MEGA SAFE TYRE INDUSTRY
f.
P.T. INTIRUB, etc.
Business Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
|
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Lapangan Stasiun I
Jakarta Barat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jend. Sudirman Kav. 1
Jakarta Selatan
Indonesia
Auditor :
Osman Bing Satrio & Eny (a member of
Deloitte)
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Net Sales/Turnover :
2009 – Rp.
7,936.4 billion
2010 – Rp.
9,853.9 billion
2011 – Rp. 11,841.4 billion
2012 – Rp. 12,578.6 billion
2013 – Rp. 12,352.9 billion
Net Profit (Loss) :
2009 – Rp.
905.3 billion
2010 – Rp.
830.6 billion
2011 – Rp.
684.6 billion
2012 – Rp. 1,132.2 billion
2013 – Rp.
120.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President
Director - Mr. Christopher Chan AKA Chan Siew
Choong
Vice
President Director -
Mr. Budhi Santosa Tanasaleh
Directors - a.
Mr. Tan Enk Ee
b. Mrs. Irene Chan
c. Mrs. Catharina Widjaja
d. Mr. Hendra Soerijadi
d. Mr. Kisyuwono
e. Mr. Ferry Lawrentius Hollen
f. Mr.
Michel Dube
g. Mr. Lei Huai Chin
Independent
Director - Mr. Lin
Jong Jeng
Board of Commissioner :
President
Commissioner - Mr.
Sutanto
Vice
President Commissioner - Mrs.
Mulyati Gozali
Commissioners - a. Mr. Gautama
Hartarto
b. Mr. Benny Gozali
c. Mr. Sean gustav Standish Hughes
Independent
Commissioner - a. Mr. Sang
Nyoman suwisma
b. Mr. Drs. Sunaria Tadjuddin
Signatories
:
President Director (Mr. Christopher Chan) or Vice
President Director (Mr. Budhi Santosa Tanasaleh) or one of Directors (Mr. Tan
Enk Ee, Mrs. Irene Chan, Mrs. Catharina Widjaja, Mr. Hendra Soerijadi, Mr.
Kisyuwono, Mr. Ferry Lawrentius Hollen, Mr. Michel Dube or Mr. Lei Huai Chin)
which must be approved by Board of Commissioners.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Initially named N.V. Perusahaan Pabrik Karet
HOK THAY HIN, the company was established in August 1951 by Mr. Lim Li Min or
Lim A King and his younger brother Mr. Adhilukito Himawan AKA Lim Boen Hong. In
May 1961 the company was renamed P.T. GADJAH TUNGGAL and in 1965 Mr. Lim Li Min
or Lim A King pulled out and replaced by his son and daughter in-law Mr.
Sjamsul Nursalim AKA Lim Tek Siong and his wife Mrs. Itjih Sjamsul Nursalim AKA
Go Giok Lian.
In October 1995 some of its shares were sold
to public through local stock exchange. In September 1996 the name was added by
Tbk. (public listed company) to comply with the new law and change the spelling
into P.T. GAJAH TUNGGAL Tbk. (P.T. GTT). In July 1997 the authorized capital
was increased to Rp 6,000,000,000,000.-
issued capital of Rp 1,584,000,000,000.- wholly paid-up. The
shareholders are P.T. GAJAH TUNGGAL MULIA and P.T. GAJAH TUNGGAL SAKTI (both
are national private companies) and the publics.
Later in May 1999, the whole shares of P.T.
GAJAH TUNGGAL MULIA and P.T. GAJAH TUNGGAL SAKTI shifted to its sister company
P.T. TUNAS SEPADAN INVESTAMA is a national private company whose entire shares
are controlled by Mr. Sjamsul Nursalim (99.995%) and P.T. LUMBUNG SARI whose
entire shares are owned by Mr. Sjamsul Nursalim and his wife Mrs. Itjih Sjamsul
Nursalim (0.005%).
We learnt that P.T. TUNAS SEPADAN INVESTAMA
is a business firm established under Master Settlement of Acquisition Agreement
(MSAA) the debt restructuring of P.T. BANK DAGANG NASIONAL INDONESIA. The
bank's majority shares are controlled by Mr. Sjamsul Nursalim and his wife Mrs.
Itjih Sjamsul Nursalim whose business operation had been frozen by the
government. The bank's debt was acquired through emergency liquidity credit
issued by the government to P.T. BANK DAGANG NASIONAL INDONESIA (BDNI). The
bank's debt settlement is being handled by Indonesian Bank Restructuring Agency
(IBRA). In its above MSAA's agreement the shares of P.T. TUNAS SEPADAN INVESTAMA also is
mortgaged to IBRA. Besides that, P.T. TUNAS SEPADAN INVESTAMA also took
over in over 100% shares of P.T.
DIPASENA CITRA DARMAJA dealing with integrated shrimp culture business) and
20.45% shares of P.T. GT PETROCHEM INDUSTRIES Tbk., dealing with tire cord
manufacturing.
In October 2003, IBRA released its
ownership in the
GAJAH TUNGGAL Group members respectively P.T. GTT and P.T. GT PETROCHEM
INDUSTRIES Tbk including account receivables worth of Rp. 11 trillion and transferred to GARIBALDI
VENTURE FUND LTD. As from that time on GARIBALDI VENTURE FUND LTD controls
20.45% shares of P.T. GT PETROCHEM INDUSTRIES Tbk., and 68% shares of P.T.
GTT.
P.T. GT PETROCHEM INDUSTRIES Tbk., is one of
12 members of the GAJAH TUNGGAL Group of which the assets are guaranteed to
P.T. Perusahaan Pengelola Aset (ex Indonesia Bank Restructuring Agency or the
IBRA) in line with total liabilities of Mr. Sjamsul Nursalim in P.T. BDNI worth
Rp. 28.4 trillion as told above. Besides, Mr. Sjamsul Nursalim also paid Rp. 1
trillion in cash. on April 26, 2004,
IBRA stated that Mr. Sjamsul Nursalim has completely paid up all his
liabilities and deserved to get a Paid Up Statement. IBRA had been closed on 30 April 2004, its
entire asset were shifted to P.T. (Persero) PERUSAHAAN PENGELOLA ASET or PPA
(ex. IBRA). Apart from that in July 2004 Indonesian Supreme Court also issued a
letter of discontinuing the investigation (SP3) against Mr. Sjamsul Nursalim.
Pursuant to latest notary deed of P.T. GTT
(on June 18, 2008), the authorized capital amounted of Rp. 6,000,000,000,000.-
of which Rp. 1,742,400,000,000.- was issued and fully paid up. Concurrently, the shareholders of the company
were DENHAM Pte., Limited (27.90%), LIGHTSPEED RESOURCES
Ltd., (19.85%), COMPAGNIE FINANCIERE MICHELIN (10.00%), GLOBAL UNION FIBER
INVESTMENT Ltd. (7.13%) and PUBLICS (35.12%). The deed of amendment was
made by Mrs. Isyana Wisnuwardhani Sadjarwo, SH., a public notary in Jakarta
under Company Registration Number AHU-AH.01.10-18257, dated 18 July 2008.
Most recently by notarial deed of Hannywati
Gunawan, SH., No. 149 dated 29 May 2012 the company’s board of director and the
board of commissioner had been changed.
As of 31 December 2012, the shareholders of the company are DENHAM Pte.
Ltd., of Singapore (49.70%), COMPAGNIE FINANCIERE MICHELIN of Switherland
(10.00%), Cooperatives (0.11%), Mr. Christopher Chan Siew Choong (0.08%) and
Publics (40.11%). The amendment to Article of Association has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-AH.01.10-22673 dated 21 June 2012. No changes have
been effected in term of its shareholding composition and capital structures to
date.
The Company started commercial operations in
1953. Previously P.T. GTT had a bicycle tires and tubes factory, located at
Jalan Bandengan Utara 73-75, North Jakarta. Since 1972 the company gained.
Domestic Investment (the PMDN) facilities to produce motorbike tubes and tires.
In of 1978, P.T. GTT expanded its plant to produce small-sized car tires and
tubes which is located in new location in Tangerang, West Java. Its above
expansion plant is situated on 50 hectares wide land. The expansion was also
followed by the removal of its existing plants to the new location.
In the early of June 1994, P.T. GTT had been
operating its expansion plant producing types of truck, bus, cars and
increasing production capacity of motorcycle and scooter tires. In the early
1995, P.T. GTT operated its expanded plant to increase production capacity of
various radial tires. Car-tires produced by P.T. GTT are using YOKOHAMA
technology.
The Tire products of P.T. GTT have acquired
a quality certificate ISO 9001 and ISO of 9002, using its owned brands GAJAH
TUNGGAL or GT. Besides it has also used
other brands by license namely IRC license of INOUE RUBBER CO.LTD., and Nitto
Tire of NITTO TIRE CO.LTD., both of Japan. In 1997, P.T. GTT made off take
agreement with PIRELLI TYRE, North America, to produce radial tire for the USA,
Canada market, and with PIRELLI TYRE EUROPE S.A. for European market. The tires
produced by P.T. GTT has passed from quality test E-Mark from the European
Economic Community, TUVCERT of Germany, the Department of Transportation of the
USA, BPS of the Philippines and the government of Brazil.
Since end 2004, P.T. GTT took over fixed
assets of nylon tire cord division of P.T. GT PETROCHEM INDUSTRIES Tbk worth
Rp. 1,044 billion and fixed assets of P.T. SENTRA SINTETIKAJA dealing with
styrene butadiene rubber industry worth Rp. 643.7 billion. The taking over of
the fixed assets above aimed that P.T. GTT fully focuses on tire industry.
Therefore, P.T. GTT at present manages three plant units entirely located in
Banten Province and concurrently P.T. GTT released its ownership of 51% shares
at P.T. LANGGENG BAJAPRATAMA dealing with steel wire to P.T. GAJAH TUNGGAL
PRAKARSA. The releasing of the shares is caused by the activities of P.T.
LANGGENG BAJA PRATAMA having no relation with tire industry.
In October 2009, P.T. GTT introduced its GT
Radial new Y-rated Asymmetric Ultra Premium High Performance tire called - The
CHAMPIRO HPY at Sentul circuit on October 7th 2009. During this event, dealers,
journalists, and other automotive enthusiasts were invited to feel the tire's
performance and were able to experience the tire by driving the car themselves.
GT Radial's CHAMPIRO HPY will be PT GTT's premium flagship of Ultra Premium
High Performance tire which was designed to fulfill the request for today's top
end luxury cars replacement demand and speed enthusiasts. In brief, developed
using full silica and today's most advanced technology, the CHAMPIRO HPY
ensures superb handling and grip on both wet and dry road surfaces at high
speed
As at the end of 2013, the Company’s
installed production capacity for passenger car radial and bias tires increased
to 50,000 and 14,500 tires per day respectively. The expansion program for bias tires is
hereby completed as additional large investments into this segment would not be
justified as it is expected that demand for bias tires will decline over time
in favor of truck and bus radial tires.
The production capacity for motorcycle tires remained the same
throughout the yar with 90,000 tires per day, as well as the production
capacity for the non-tire products with 75,000 tons and 40,000 tons for
synthetic rubber and tire cord respectively.
Installed Production Capacity
|
Type
of Products |
Year-end
Installed Capacity |
Capacity
Utilization |
||
|
2013 |
2012 |
2013 |
2012 |
|
|
Radial Tire ( pcs / day ) |
50,000 |
45,000 |
58% |
70% |
|
Bias Tire ( pcs / day ) |
14,500 |
13,600 |
89% |
90% |
|
Motorcycle Tire ( pcs / day ) |
90,000 |
90,000 |
76% |
68% |
|
SBR ( ton / year ) |
75,000 |
75,000 |
76% |
64% |
|
Tire Cord ( ton / year ) |
40,000 |
40,000 |
75% |
62% |
The Company’s products are marketed in both
domestic and international market, including USA, Asia, Australia and
Europe. In 2012, P.T. GTT succeeded in
partnering and opening 12 additional Tirezone outlets stores which add up to a
total of 62 Tirezone outlets nationwide.
Aside from the additional Tirezone outlets, P.T. GTT also partners up
and open outlets in 10 Carrefour chains, 2 Lottemarts, 2 Ace Hardware and 2 WTC
Mall.
In 2013, 39.4 million tires were produced,
an increase of 7.4% compared to the 36.7 million tires produced in 2012. The increase in production volumes was
predominately driven by motorcycle tires where a total number of 24.4 million
tires were produced followed by an increased in bias tires with a total
production of 4.5 million tires. Radial
tire production registered a small decline with 10.5 million tires being
produced.
Besides, P.T. GTT is also dealing with
investment holding by controlling 25.6% shares of P.T. POLYCHEM INDONESIA Tbk.,
(Ex. PT. GT Petrochem Industries Tbk.) dealing with Ethylene Glycol &
Ethoxylate, Polyester Filament and Polyester Staple Fiber Industry, and 99.0%
shares of P.T. PRIMA ENTRAL MEGAH dealing with distributor of tire cord and
synthetic rubber. P.T. POLYCHEM
INDONESIA Tbk., is also engaged in investment holding by controlling 92.9%
shares of P.T. FILAMENDO SAKTI dealing with nylon filament industry.
In general, the demand for automotive and
motorcycle tire and component is in line with the progress achieved by Indonesian
automotive manufacturing industry. We observe that motorcar and motorcycles
assembling industries have kept on increasing in the last five years.
According to the Indonesia Car Manufacturers
Association (GAIKINDO) explained that the total of car sales in 2007 amounted
to 434 thousand units increased to 608 thousand units in 2008 and declined to 486 thousand units in
2009. The total of car sales in 2010
rose again to 765 thousand units and to 894 thousand units in 2011 and to 1,116
thousand units in 2012. The growth of
car and motorcycle sales in Indonesia in 2007 to 2012 is pictured on the
following table:
|
Year |
Domestic
Car Sales (‘000
units) |
Domestic
Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
According to consolidated statement of
financial position, the net sales of P.T. GTT in 2010 amounted to Rp 9,853.9 billion
with a net profit of Rp 830.6 billion increased to Rp 11,841.4 billion with a
net profit of Rp 684.6 billion in 2011 to Rp 12,578.6 billion with a net profit
of Rp 1,132.2 billion in 2012 and declined to Rp 12,352.9 billion with a net
profit of Rp 120.3 billion. The company’s consolidated statement of financial
position in 2010, 2011, 2012 and 2013 are attached. So far we did not hear that the P.T. GTT has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
P.T. GTT’s management is led by Mr.
Christopher Chan AKA Chan Siew Choong (54), a professional manager with broad
experience in tire trading and manufacturing. In his day-to-day activities, he
is assisted by Mr. Budhi Santosa Tanasaleh (52)
as vice president director along with seven directors respectively Mr. Tan Enk Ee (45), Mrs. Irene Chan (65),
Mrs. Catharina Widjaja (52), Mr. Hendra Soerijadi (68), Mr. Kisyuwono (53), Mr.
Ferry Lawrentius Hollen (59), Mr. Michel Dube (59), Mr. Lin Jong Jeng (63) and
Mr. Lei Huai Chin (56). The management
is having maintained a wide business relation with private businessmen at home
and abroad and with the government sectors as well. We observed that
management’s reputation in said business is fairly good. So far, we did not
hear that the company’s management involved in a dirty business practice 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. GAJAH TUNGGAL Tbk., is sufficiently
fairly good for business transaction. However, in view of the economic slowdown
and political situation in the country is warming we recommend to treat prudently in extending a loan to the
company.
PT. GAJAH TUNGGAL
Tbk
And Subsidiaries
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
As of 31 December
2010, 2011, 2012 and 2013
(in million Rupiah)
|
DESCRIPTION |
31 December |
|||
|
2013 |
2012 |
2011 |
2010 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and cash
equivalents |
1,998,591 |
904,547 |
586,720 |
843,386 |
|
- Other financial
assets – current |
237,492 |
95,075 |
471,469 |
671,483 |
|
- Trade Receivable |
|
|
|
|
|
* Related Parties |
190,575 |
160,349 |
147,585 |
82,819 |
|
* Third Parties |
1,887,194 |
1,800,172 |
1,451,218 |
1,215,125 |
|
- Other Receivable |
|
|
|
|
|
* Related Parties |
154,139 |
120,252 |
87,246 |
69,069 |
|
* Third Parties |
50,960 |
145,765 |
174,906 |
182,448 |
|
- Inventories |
1,820,112 |
1,478,827 |
1,660,462 |
1,089,211 |
|
- Advances |
157,673 |
209,059 |
256,527 |
262,823 |
|
- Prepaid taxes |
341,724 |
261,127 |
223,487 |
43,727 |
|
- Prepaid expenses |
5,393 |
18,884 |
13,857 |
29,093 |
|
Total Current Assets |
6,843,853 |
5,194,057 |
5,073,477 |
4,488,184 |
|
b. Non Current Assets |
|
|
|
|
|
- Non-trade
receivable from related parties |
648,456 |
648,456 |
718,486 |
710,016 |
|
- Deferred tax assets |
40,050 |
34,269 |
24,702 |
7,414 |
|
- Investment in
associate |
995,149 |
793,213 |
712,866 |
456,492 |
|
- Other non-current
financial assets |
84,277 |
63,540 |
192,014 |
240,456 |
|
- Property, plant and
equipment - net |
6,415,815 |
6,121,783 |
4,588,352 |
4,075,620 |
|
- Deferred charges
fro land-right |
-- |
-- |
6,531 |
-- |
|
- Advances for
purchase of property, plant and equipment |
323,154 |
14,475 |
293,086 |
487,561 |
|
Total Non Current
Assets |
8,506,901 |
7,675,736 |
6,546,037 |
5,977,559 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND
EQUITY |
15,350,754 |
12,869,793 |
11,609,514 |
10,466,743 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current
Liabilities |
|
|
|
|
|
- Bank Loan |
-- |
-- |
12,751 |
-- |
|
- Trade Liabilities |
|
|
|
|
|
* Related Parties |
172,860 |
141,236 |
151,730 |
144,925 |
|
* Third Parties |
1,151,466 |
940,452 |
1,117,434 |
917,343 |
|
- Other accounts
payable |
|
|
|
|
|
* Related Parties |
7,797 |
10,007 |
1,707 |
1,660 |
|
* Third Parties |
167,347 |
127,385 |
124,291 |
129,489 |
|
- Taxes payable |
158,331 |
118,301 |
37,842 |
20,174 |
|
- Dividends
payable |
2,245 |
2,028 |
1,949 |
1,850 |
|
- Accrued expanses |
331,676 |
348,239 |
282,500 |
205,387 |
|
- Sales advances |
12,771 |
178,063 |
187,704 |
244,283 |
|
- Dealers’ guarantee |
959,742 |
952,072 |
885,499 |
884,286 |
|
- Current maturity of
long-term bonds payable |
-- |
202,247 |
96,868 |
97,797 |
|
Total Current
Liabilities |
2,964,235 |
3,020,030 |
2,900,275 |
2,647,194 |
|
b. Non Current
Liabilities |
|
|
|
|
|
- Long-term
Liabilities-net of current maturities |
5,960,737 |
3,768,558 |
3,721,745 |
3,778,626 |
|
- Post Employment
Benefit Obligation |
701,439 |
602,821 |
501,256 |
419,141 |
|
Total Non Current Liabilities |
6,662,176 |
4,371,379 |
4,223,001 |
4,197,767 |
|
c. Stockholders
Equity |
|
|
|
|
|
- Issued and Paid-up
Capital |
1,742,400 |
1,742,400 |
1,742,400 |
1,742,400 |
|
- Additional Paid-up
Capital |
(502,515) |
51,500 |
51,500 |
51,500 |
|
- Difference in value
of restructuring transaction |
-- |
(554,015) |
(494,895) |
(494,895) |
|
- Other comprehensive
income |
688,294 |
468,136 |
514,269 |
292,557 |
|
- Retained Earnings
(Deficit) |
3,796,603 |
3,770,363 |
2,672,964 |
2,030,220 |
|
Total Stockholders
Equity |
5,724,782 |
5,478,384 |
4,486,238 |
3,621,782 |
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – Net |
12,352,917 |
12,578,596 |
11,841,396 |
9,853,904 |
|
b. Cost of Goods Sold |
(10,079,985) |
(10,250,759) |
(10,172,171) |
(7,915,174) |
|
c. Gross Profit |
2,272,932 |
2,327,837 |
1,669,225 |
7,915,174 |
|
d. Operating Expenses |
(2,106,459) |
(979,653) |
(812,611) |
(6,794,734) |
|
e. Income Before Tax |
166,473 |
1,457,400 |
856,614 |
1,120,440 |
|
f. Tax Benefit (Expense) - net |
(46,143) |
(325,153) |
(172,052) |
(289,816) |
|
g. Net Profit |
120,330 |
1,132,247 |
684,562 |
830,624 |
Note: a. 31
December 2009, 2010, 2011and 2012 audited by Osman Bing Satrio & Eny (a
member of Deloitte)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.29 |
|
|
1 |
Rs. 99.34 |
|
Euro |
1 |
Rs. 80.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.