|
Report Date : |
19.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDAH KIAT PULP & PAPER Tbk |
|
|
|
|
Formerly Known as: |
P.T. INDAH KIAT PULP and PAPER CORPORATION |
|
|
|
|
Registered Office : |
Plaza
BII Menara II, 7th Floor, Jalan
M.H.Thamrin No. 51, Jakarta
Pusat, 10350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
30.09.2013 (Unaudited) |
|
|
|
|
Date of Incorporation : |
07.12.1976 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-12100 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
· Engaged in integrated paper making and pulp processing · Engaged in investment holding |
|
|
|
|
No. of Employees |
17,119 employees(as of December 31, 2012) |
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 : |
Exists |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6% annually in
2010-12. The government made economic advances under the first administration
of President YUDHOYONO (2004-09), introducing significant reforms in the
financial sector, including tax and customs reforms, the use of Treasury bills,
and capital market development and supervision. During the global financial
crisis, Indonesia outperformed its regional neighbors and joined China and
India as the only G20 members posting growth in 2009. The government has
promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of
less than 25%, a fiscal deficit below 3%, 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 in
2013 faces the ongoing challenge of improving Indonesia''s insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of high oil prices.
|
Source : CIA |
P.T. INDAH KIAT PULP & PAPER Tbk
Head Office
Plaza
BII Menara II, 7th Floor
Jalan M.H.Thamrin No. 51
Jakarta
Pusat, 10350
Indonesia
Phone -
(62-21) 3929001-3 (Hunting)
Fax - (62-21) 3928875, 3926179
E-mail - info@asiapulppaper.com
Website - http://www.asiapuppaper.com
Building Area - 28 storey
Office Space - 2,600 sq. meters
Region - Commercial
Building
Status -
Owned
Factory Unit Serang
Jalan Raya Serang Km 76
Desa Kragilan, Serang 42186
Banten
Province
Indonesia
Phone -
(62-254) 280088, 281988
Fax - (62-254) 401490-91
Building Area - 62,000 sq.
meters
Office Space - 50,600 sq. meters
Region - Industrial
Zone
Status - Owned
Factory Unit
Perawang, Riau
Jalan Raya Minas Km. 26
Perawang, Desa Pinang Sebatang
Siak,
Riau Province
Indonesia
Phone -
(62-761) 91039, 91088
Fax - (62-761) 91373, 91376
Land Area - 210,600 sq.
meters
Building Space - 82,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory
Unit Serpong
Jalan Raya Serpong Km. 8
Tangerang
Banten Provinve
Indonesia
Phone -
(62-21) 53120222
Fax - (62-21) 53120220
Land Area - 120,800 sq.
meters
Building Space - 50,000 sq. meters
Region - Industrial
Zone
Status - Owned
07 December 1976 as P.T. INDAH KIAT PULP and PAPER
CORPORATION, changed its name to P.T. INDAH KIAT PULP & PAPER Tbk, on June
30, 1998.
P.T. Tbk (Perseroan Terbatas Terbuka) or Public
Listed Company
The Ministry of
Law and Human Rights
- No.
Y.A.5/50/2
Dated 9
February 1978
- No.
AHU-72836.AH.01.02.TH.2008
Dated 13
October 2008
- No.
AHU-AH.01.10-12100
Dated 03 August
2009
Foreign Investment (PMA) Company
The Department of
Finance
NPWP No. 01.000.566.8-092.000
The President of
the Republic of Indonesia
No. B-364/Pres/9/1976
Dated 23 September 1976
The Capital
Investment Coordinating Board
- No. 115/III/PMA/1987
Dated 15 May
1987
- No. 04/II/PMA/1988
Dated 26
January 1988
- No. 28/II/PMA/1994
Dated 21
February 1994
- No. 80/II/PMA/1994
Dated 10 May
1994
- No. 73/III/PMA/1995
Dated 22
February 1995
- No. 64/II/PMA/1997
Dated 22
April 1997
- No. 111/III/PMA/1999
Dated 22
June 1999
- No. 154/II/PMA/1999
Dated 5
August 1999
- No. 110/II/PMA/2000
Dated 19 May
2000
- No. 176/II/PMA/2001
Dated 27
June 2001
- No. 884/III/PMA/2002
Dated 19
August 2002
- No. 75/II/PMA/2005
Dated 29
March 2005
- No. 560/III/PMA/2006
Dated 4 May
2006
- No. 58/II/PMA/2007
Dated 26
February 2007
- No. 59/II/PMA/2007
Dated 26
February 2007
- No. 438/III/PMA/2007
Dated 2
April 2007
The Department of
Industry
- No.
75/II/PMA/21005
Dated 29
March 2005
- No.
560/III/2006
Dated 4 May
2006
- No.
92/T/INDUSTRI/2007
Dated 26
February 2007
A member of the SINAR MAS Group
Capital
Structure :
Authorized Capital -
Rp. 20,000,000,000,000.-
Issued Capital -
Rp. 5,470,982,941,000.-
Paid up Capital -
Rp. 5,470,982,941,000.-
Shareholders/Owners
:
a.
P.T. PURINUSA EKAPERSADA of Indonesia -
Rp. 2,884,302,206,500.- (52.72%)
b.
Publics -
Rp. 2,586,680,734,500.- (47.28%)
Lines
of Business :
a. Integrated Paper Making and Pulp Processing
b. Investment Holding
Production
Capacity :
A. Initial Plant
a. Cultural Papers - 49,500 tons p.a.
b. Pulps - 100,000 tons p.a.
c. Wood Chips - 200,000 tons p.a.
d. Soda Ashes - 10,000 tons p.a.
e. Chlorines - 8,800 tons p.a.
f. Oxygen -
1,814,400 tons p.a.
B. Expansion Plant
Expansion Units Serang and Units Serpong
a. Test Liner/
Fluiting
Medium/ Corrugated/Medium
Core Paper/ Wrapping Kraft
Paper/ Uncoated Duplex/
White
Lined Kraft/ White
Lined Chipboards -
380,000 tons p.a.
b. Duplex/ Manila/
Ivory
Art Board/ Solid
Bleached Boards -
420,000 tons p.a.
c. CPT Computer
Paper/HVS
Writing Paper/ PPC Copy
Paper/ Web Off Set Pig-
mentized/ LWC Wood
Containing Papers -
253,000 tons p.a.
d. Chipboard/
Carton/
White Lined Chipboard/
White Lined Test-Liners -
84,000 tons p.a.
e. Printed
Packaging
Products - 125,000 tons p.a.
f. Flexible Packaging
Products - 50,000
tons p.a.
g. Display
Packaging
Products - 50,000
toms p.a.
h. Cups From T.D.
Pulp
Boards - 25,000
tons p.a.
i. HVS Paper/Woodfree - 40,000 tons p.a.
Expansion Unit Bengkalis, Siak, Riau
a. Woodfree Paper,
Photocopy
Paper, Computer Print Out
Continous Business Form,
HVS, HPS & Film Coated
Offset Pigmentireds -
2,560,000 tons p.a.
b.
Chipboard/Carton,
Wrapping Paper and
Core Paperboards - 380,000 tons p.a.
c. Component and
Equipment of
Pulp and Paper Machines - 6,000 units p.a.
d. Pulps -
1,400,000 tons p.a.
e. Caustic
Soda -
109,000 tons p.a.
f. Caustic Soda Flakes - 36,000
tons p.a.
g. Chlorines - 95,000 tons p.a.
h. Polyaluminium
Chlorides - 351,000 tons p.a.
i. Acid
Chlorides -
188,000 tons p.a.
j. Sulfur
Dioxides -
7,000 tons p.a.
k. Oxygen - 43,000 tons p.a.
l. Nitrogen - 64,000 tons p.a.
m. Argons - 650 tons p.a.
n. Sulfuric
Acid -
59,000 tons p.a.
o. Calcium Carbonates - 280,000 tons p.a.
p. Hydrogen
Peroxides - 43,000
tons p.a.
q. Chlorine
Dioxides -
40,000 tons p.a.
r. Ozones - 7,000 tons p.a.
s.
Chloroparaffins - 14,000 tons p.a.
t. Sodium
Chlorates -
73,000 tons p.a.
u. Methanols - 7,500 tons p.a.
v. Sodium
Sulfates -
22,000 tons p.a.
w. High Strength Hypochlorides/
Bleacing Powders - 36,000 tons p.a.
x. Crate - 400,000 pcs p.a.
y.
Testliner/Corrugated Medium - 700,000 tons p.a.
Total
Investment :
A. Initial Plant
a. Equity Capital - US$ 29.0 million
b. Loan Capital - US$ 70.0 million
c. Total Investment
- US$ 99.0 million
B. Expansion Plant
a. Equity Capital - Rp. 2,214.5 billion
b. Reinvested
Profit - Rp. 816.0 billion
c. Loan Capital - Rp. 7,780.5 billion
d. Total Investment
- Rp. 10,810.8 billion
Expansion Plant
a. Equity Capital - None
b. Reinvested
Profit - Rp. 1,841.5 billion
c. Loan Capital - Rp. 8,997.5 billion
d. Total Investment
- Rp. 10,839.0 billion
Started
Operation :
1978
Brand
Name :
Bola Dunia, Anchor Brand, Betet, Clean Coated Board,
Evergreen, Globe Brand, Golden Art,
Golden Coin, Golden Star, King
Kong, Logo, Lumba-Lumba, Linex, Pigeon, Etc
Technical
Assistance :
None
Number
of Employee :
17,119 persons (as of December 31, 2012)
Marketing
Area :
Domestic - 51%
Export - 49%
Main
Customer :
P.T. SINAR DUNIA MAKMUR (Distributor)
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KERTAS NUSANTARA
b. P.T. RIAU ANDALAN KERTAS
c. P.T. TANJUNG ENIM LESTARI PULP AND PAPER
d. P.T. TOBA PULP LESTARI Tbk, Etc
Business
Trend :
Fluctuating
Bankers :
a. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Wisma BII
Jalan
M.H. Thamrin 50
Jakarta
Pusat, Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Graha
Niaga
Jalan
Jend. Sudirman Kav. 58
Jakarta
Selatan, Indonesia
c. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
d. P.T. Bank PERMATA Tbk
Plaza
Bank Permata
Jalan
Jend. Sudirman Kav. 27
Jakarta Pusat
Indonesia
e. P.T. Bank SINARMAS Tbk
Wisma Bank Sinarmas, 1st & 2nd
Floor
Jalan M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
Auditor
:
Tjiendradjaja & Handoko Tomo (Mazars)
Litigation
:
The Subject was involved in litigation and
claims (see litigation and claims)
Annual
Sales :
2008 – US$
2,277.0 million
2009 – US$ 1,773.4 million
2010 – US$ 2,509.6 million
2011 – US$ 2,559.9 million
2012 – US$ 2,518.1 million
2013 – US$ 1,995.8 million (as of 30 September 2013)
Net
Profit (Loss) :
2008 – US$
202.4 million
2009 – (US$ 158.5 million)
2010 – US$
13.0 million
2011 – US$
16.0 million
2012 – US$
49.7 million
2013 – US$
144.9 million (as of 30 September 2013)
Payment
Manner :
Sometimes delay
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr.
Yudi Setiawan Lin
Vice President
Director - a. Mrs.
Linda Suryasari Wijaya Limantara
b. Mr. Hendra Jaya Kosasih
c. Mr. Suresh Kilam
Directors - a.
Mr. Didi Harsa
b. Mr. Kurniawan Yuwono
c. Mr. Suhendra Wiriadinata
d. Mr. Lieo Djohan AKA Djohan Gunawan
Director &
Corporate Secretary - Mr. Agustian
Rachmansjah Partawidjaja
Board of Commissioners :
President
Commissioner - Mr. Teguh
Ganda Wijaya
Vice Pres. Commissioner - Mr. Ir. Gandi Sulistyanto
Suherman
Commissioners - a. Mrs. Indah
Suryasari Wijaya Limantara
b. Mr. Arthur Tahya
c. Mr. Frenky Loa
Independent
Commissioners - a. DR. Ramelan,
SH, MH
b. DR. Ir. Deddy Saleh
c. Mr. Drs. Pande Putu Raka, MA.
d. Mr. Letjend. TNI (Retired) Soetedjo
Signatories :
President Director (Mr. Yudi Setiawan Lin) or one of
Vice President Directors (Mrs. Linda Suryasari Wijaya Limatara, Mr. Hendra Jaya
Kosasih or Mr. Suresh Kilam) or one of the Directors (Mr. Didi Harsa, Mr.
Kurniawan Yuwono, Mr. Suhendra Wiriadinata, Mr. Lioe Djohan AKA Djohan Gunawan
or Mr. Agustian R. Partawidjaja) which must be approved by the Board of
Commissioners.
Management Capability :
Good
Business Morality :
Good
Initially named P.T. INDAH KIAT PULP & PAPER CORPORATION was established in December 1976 with an authorized capital of US$ 17,000,000 entirely was issued and paid up. The original founding shareholders were P.T. BERKAT INDAH AGUNG, a national private company, CHUNG HWA PULP CORPORATION LTD and YUEN FONG YU PAPER MANUFACTURING CO. LTD., both of Taiwan. The company notary deed had been changed a couple of times. In 1990 the authorized capital was converted to Rupiah and raised to Rp. 800,000,000,000 issued and paid up capital to Rp. 458,282,168,000 and the above shareholders have quitted and they were replaced by P.T. PURINUSA EKAPERSADA, a national private company, CHP International BVI Corp., YFY Global Investment BVI Corp., of British Virgin Island. In June 1990 it became a publicly listed company ('go public') in the Jakarta Stock Exchange selling 13.09% shares to public. In June 1998 the company was renamed P.T. INDAH KIAT PULP & PAPER Tbk (P.T. IKPP).
In 2003 the authorized capital was converted to AS dollar again namely US$ 2,189,015,592 entirely issued and fully paid up. By the same time the shareholders had changed and the latest shareholders of company ware P.T. PURINUSA EKAPERSADA of Indonesia (52,72%), CHP INTERNATIONAL BVI Corp., of British Virgin Island (1.94%), YFP GLOBAL INVESTMENT BVI of British Virgin Island (0.74%), YFP H.K. COMPANY Ltd., of Hong Kong (0.05%) and the Publics (44,55%). Lastly, in July 2008 the authorized capital was raised and converted to Rupiah again namely Rp. 20,000,000,000,000.- of which Rp. 5,470,982,941,000.- was issued and fully paid up. Since that time, shareholders of the company are P.T. PURINUSA EKAPERSADA of Indonesia (52.72%) and the publics (47.28%). The latest deed of amendment was made by Mrs. Linda Herawati, SH, a public notary in Jakarta under Company Registration Number AHU-AH.01.10-12100, dated August 03, 2009.
During 1996 and 1997, the Company offered several rights issue whereby the shares were also listed on the same stock exchanges. As of September 30, 2013, there are 5,470,982,941 of the Company’s shares listed on the Indonesian Stock Exchange.
P.T. PURINUSA EKAPERSADA, 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 the largest private business group in the country.
P.T. IKPP has obtained a Foreign Investment
(PMA) facility in integrated paper making and pulp processing and the Company
commenced its commercial operations in 1978. At present the company is managing
three factories, each of which is located at Jalan Raya Serpong Km.8,
Tangerang, and Jalan Raya Serang Km. 76, Desa Kragilan, Serang, both in West
Java, and Jalan Raya Minas Km. 26, Perawang, Desa Pinang Sebatang, Siak,
Bengkalis, Riau Province. The Company’s
business activity begins from wood processing to pulp and paper as well as
processing of waster paper to industry paper (packaging). The pulp is used as raw material for paper
and as indirect raw material for industry paper.
Currently, the Company has production
facilities in Perawang, Riau Province, Serang and Tangerang,Bbanten Province
and the total annual production capacity in 2012 was 2.4 million tons of pulp,
1.1 million tons of paper and 1.6 million tons of packaging. Some 51% of the products are marketed
locally and the rest of some 49% is exported to Asia countries, USA, Middle
East, Africa, Europe and Australia.
Below is the Company’s volume production and sales during the years 2008
to 2012.
Consolidated
Operational Summary
|
Production Volume (In Thousands of Ton) |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Pulp |
2,100 |
1,984 |
2,260 |
2,206 |
2,412 |
|
Paper |
683 |
696 |
781 |
844 |
933 |
|
Packaging |
1,365 |
1,393 |
1,561 |
1,468 |
1,529 |
|
Sales Volume (In Thousands of Ton) |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Pulp |
1,509 |
1,367 |
1,532 |
1,494 |
1,538 |
|
Paper |
670 |
693 |
759 |
823 |
926 |
|
Packaging |
1.147 |
1,243 |
1,373 |
1,253 |
1,321 |
Source: PT. Indah
Kiat Tbk
Beside that P.T. IKPP 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. IKPP’s subsidiary companies
shall be as follows:
(In thousand US$)
|
Name
of Subsidiary |
Lines
of Business |
Start
of Operations |
% of
Ownership |
Total
Assets (30
Sept. 2013) |
|
- Indah KiatInternational Finance
Company BV |
Financing company |
1994 |
100 |
916,781 |
|
- Indah Kiat Finance Mauritius Limited |
Financing company |
1997 |
100 |
66,929 |
|
- IK Trading Limited |
Distributor |
1997 |
100 |
0.002 |
|
- Indah Kiat Finance (IV) Ltd. |
Financing company |
1998 |
100 |
110,000 |
|
- Indah Kiat Finance (III) Ltd. |
Financing company |
1998 |
100 |
1 |
|
- IK Import & Export Limited |
Distributor |
2000 |
100 |
7,169 |
|
- Indah Kiat Finance (VIII) Ltd. |
Financing company |
2000 |
100 |
1 |
|
- Global Fibre Limited |
Investment |
2004 |
100 |
27,001 |
|
- Imperial Investment Limited |
Investment |
2004 |
100 |
144,337 |
|
- Indah Kiat Finance BV |
Financing company |
2004 |
100 |
1,522,947 |
|
- PT. Graha Kemasindo Indah |
Trading |
1995 |
99.50 |
1,402 |
|
- PT. Paramitra Abadimas Cemerlang |
Trading |
1988 |
95.16 |
22,534 |
|
- PT. Paramitra Gunakarya Cemerlang |
Manufacturing |
1996 |
99.94 |
22,482 |
Source: PT. Indah
Kiat Tbk
According to financial report audited by Tjiendradjaja & Handoko Tomo, a Registered Public Accountant, the total sales turnover of P.T. IKPPT in 2007 amounted to US$ 1,879.4 million with a net profit of US$ 91.8 million increased to US$ 2,277.0 million with a net profit of US$ 202.4 million in 2008 and declined to US$ 1,773.4 million with a net loss of US$ 158.5 million in 2009 rose to US$ 2,509.6 million with a net profit of US$ 13.0 million in 2010. In 2011, the company’s sales turnover amounted to US$ 2,559.9 million with a net profit of US$ 16.0 million and declined to Rp 2,518.1 million with a net profit of US$ 49.7 million in 2012. As per 30 September 2013, its sales turnover was US$. 1,995.8 million with a net profit of US$ 144.9 million. Financial statement as f 31 December 2010, 2011, 2012 and as of 30 September 2013 are attached.
The company's management is now headed by Mr. Yudi Setiawan Lin (66) as the president director. He has experienced for more than 26 years in integrated paper making and pulp processing. He obtained his education at the Chinese Culture Academy in Taiwan majoring in Pulp and Paper Technology. He was appointed as President Director of the Company since June 2007.
But we are sure that prime-mover of the company is Mr. Teguh Ganda Widjaja AKA Oei Tjie Goan (67), the eldest son of Dr. Eka Tjipta Widjaja (the head of the SINAR MAS Group). He has held various positions within the Sinar Mas group of companies including President Director of the Company (1985-2007), Vice President Director of PT. SMART Tbk (1992- 2002), Vice President Commissioner of PT. Duta Pertiwi Tbk (1994-2001), President Commissioner of PT. Duta Pertiwi Tbk (2001-2004), Commissioner of PT. Sinar Mas Multiartha Tbk (1996-1997), President Director of PT. Pindo Deli Pulp And Paper Mills (1996-2006) and PT. Lontar Papyrus Pulp & Paper Industry (2001-2006), President Commissioner of PT. Pabrik Kertas Tjiwi Kimia Tbk since 2002, President Commissioner of PT. Pindo Deli Pulp And Paper Mills and PT. Lontar Papyrus Pulp & Paper Industry since January 2006. He has been President Commissioner of the Company since June 2007.
The management of the company is very experienced in the paper and pulp industry. They have very wide relations with local and overseas business groups. They also have cultivated close relations with many high-ranking officials of government institutions in Jakarta, West Java, Riau and other provinces of Indonesia. 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. We observed that management’s reputation in said business is fairly good.
P.T. INDAH KIAT PULP AND PAPER Tbk is
sufficiently fairly good for business transaction. However, in view of the
unstable economic condition in the country we recommend to treat prudently in
extending a loan to the company.
Attachment 1: PT. INDAH KIAT PULP & PAPER Tbk And
Subsidiaries
FINANCIAL
STATEMENTS
Per 31 December
2010, 2011, 2012 and as of 30 September 2013
(In
Thousand US Dollar)
|
DESCRIPTION |
30 Sept. |
31 December |
||
|
2013 |
2012 |
2011 |
2010 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
66,017 |
141,194 |
58,898 |
61,615 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
150,396 |
190,617 |
166,795 |
184,848 |
|
* Related
Parties |
42,699 |
119,426 |
176,642 |
145,682 |
|
- Other Receivable |
5,182 |
8,489 |
7,224 |
12,149 |
|
- Inventories |
946,911 |
885,118 |
687,023 |
568,668 |
|
- Advance Purchases |
155,499 |
112,230 |
136,227 |
93,018 |
|
- Prepaid Taxes and Expenses |
47,745 |
32,285 |
18,330 |
6,840 |
|
- Other Current Assets |
337,193 |
187,619 |
216,628 |
18,808 |
|
Total Current
Assets |
1,751,642 |
1,676,978 |
1,467,767 |
1,091,628 |
|
b. Non
Current Assets |
|
|
|
|
|
- Deferred Tax Assets - net |
255 |
255 |
236 |
155 |
|
- Due from related parties – net of
accumulated depreciation |
19,636 |
42,225 |
50,341 |
60,944 |
|
- Due to related Parties |
172,676 |
173,299 |
174,537 |
175,661 |
|
- Advance to related parties |
300,639 |
300,639 |
300,639 |
300,639 |
|
- Investment in shares of stock |
3,606 |
3,757 |
3,836 |
3,751 |
|
- Fixed Assets – net of accumulated
depreciation |
4,334,281 |
4,285,392 |
4,208,002 |
4,157,964 |
|
- Advance for Purchases Fixed Assets |
|
|
|
|
|
* Third Parties |
165,712 |
158,671 |
106,975 |
90,463 |
|
* Related
Parties |
-- |
-- |
- |
- |
|
- Other Non-current Assets |
5,583 |
6,284 |
6,502 |
6,670 |
|
Total Non Current Assets |
5,002,388 |
4,970,522 |
4,851,068 |
4,833,484 |
|
TOTAL LIABILITIES TOTAL ASSETS = &
STOCKHOLDERS’
EQUITY |
6,754,030 |
6,647,500 |
6,318,835 |
5,925,112 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short-Term Loan |
546,233 |
354,464 |
327,646 |
171,430 |
|
- Trade Liabilities |
|
|
|
|
|
* Third Parties |
140,148 |
133,495 |
108,915 |
132,990 |
|
* Related
Parties |
53,798 |
50,100 |
44,634 |
43,781 |
|
- Other Liabilities |
101,252 |
8,793 |
11,344 |
21,392 |
|
- Accrued Expenses |
52,194 |
260,116 |
228,586 |
193,032 |
|
- Tax Liabilities |
1,367 |
5,886 |
9,962 |
24,413 |
|
-
Lease Liabilities |
476 |
-- |
358 |
592 |
|
- Long Term Bank Loans |
134,362 |
108,263 |
62,142 |
29,140 |
|
- Loans, notes and bonds payable |
121,356 |
78,191 |
594,469 |
465,127 |
|
Total Current
Liabilities |
1,151,186 |
999,308 |
1,388,056 |
1,081,897 |
|
b. Non Current Liabilities |
|
|
|
|
|
- Payable to Related Parties |
33,851 |
21,384 |
23,536 |
13,367 |
|
- Deferred Tax Liabilities |
142,014 |
140,186 |
157,731 |
150,766 |
|
- Post employment benefit obligation |
70,753 |
74,917 |
69,929 |
61,081 |
|
- Current maturities of long term loan |
|
|
|
|
|
* Lease
liabilities |
2,012 |
-- |
358 |
1,001 |
|
* Bank loans |
559,305 |
559,619 |
279,801 |
78,971 |
|
* Bond payables
|
1,998,012 |
2,046,838 |
2,082,375 |
2,087,019 |
|
* Long term
loans |
835,347 |
918,906 |
950,916 |
936,822 |
|
- Long term liabilities – net of current
maturities |
|
|
|
|
|
* Lease
liabilities |
(476) |
-- |
(358) |
(592) |
|
* Bank loans |
(134,362) |
(108,263) |
(62,142) |
(29,140) |
|
* Bond payables
|
(121,356) |
(78,191) |
(594,469) |
(465,127) |
|
Total Non Current
Liabilities |
3,385,100 |
3,575,396 |
2,907,676 |
2,836,168 |
|
Total
Liabilities |
4,536,286 |
4,574,704 |
4,295,732 |
2,007,047 |
|
c. Minority Interest |
|
-- |
- |
- |
|
d. Stockholders’ Equity |
|
|
|
|
|
- Issued and Paid Up Capital |
2,189,016 |
2,189,016 |
2,189,016 |
2,189,016 |
|
- Additional Paid-up Capital |
5,808 |
5,808 |
5,808 |
5,808 |
|
- Retained Earnings (Accumulated Losses) |
22,554 |
(122,260) |
(171,868) |
(178,914) |
|
- Non-controlling
interest |
366 |
232 |
147 |
137 |
|
Total Stockholders’
Equity |
2,217,744 |
2,072,796 |
2,023,103 |
2,007,047 |
|
C. INCOME STATEMENTS |
|
|
|
|
|
a.
Sales – Net |
1,995,787 |
2,518,091 |
2,559,942 |
2,509,631 |
|
b. Cost of Goods Sold |
(1,651,362) |
(2,190,321) |
(2,232,099) |
(2.070,391) |
|
c. Gross Profit |
344,425 |
327,770 |
327,843 |
439,240 |
|
d. Operating Expenses |
(212,072) |
(258,182) |
(249,386) |
(248,487) |
|
e. Operating Profit |
132,353 |
69,588 |
78,457 |
190,752 |
|
f. Other Income (Expenses) |
14,423 |
(37,459) |
(55,517) |
(117,372) |
|
g. Profit before Income Tax |
146,776 |
32,129 |
22,940 |
73,381 |
|
h. Income Tax |
(1,828) |
17,564 |
(6,884) |
(60,382) |
|
i. Profit Before Minority Interest |
144,948 |
49,693 |
16,046 |
12,999 |
|
j. Minority Interest |
-- |
-- |
10 |
(31) |
|
k.
Net Profit (Loss) |
144,948 |
49,693 |
16,056 |
13,030 |
Note: 31 December 2010, 2011 and
2012 audited by Tjiendradjaja &
Handoko Tomo (Member of Mazarsl)
30 September 2013 un
audited
Attachment 2:
Significant Litigations and
Claims:
The following were the significant litigation and claims directly and
indirectly involving the Company:
1. On February 15, 2007, the Company filed a Notice of Arbitration under
the Guarantee for enforcement of the Guarantee against Crown Andersen. On March
1, 2007, Crown Andersen served a response upon the notice which denying the
Company’s contentions and reserving their right to file their Statement of
Defence. On February 15, 2007, the Company filed a Notice of Arbitration under
the Guarantee for enforcement of the Guarantee against Crown Andersen. On March
1, 2007, Crown Andersen served a response upon the notice which denying the
Company’s contentions and reserving their right to file their Statement of
Defence.
2. On October 24, 2007, the Plaintiffs obtained a Temporary Restraining
Order (TRO) from the
3. On or about September 10, 2008, the Defendants, Oaktree and certain
of its affiliates reached an agreement for a full and final settlement of all
litigation and disputes outstanding between them, including in
4. On December 22, 2008, Judge Kapnick has signed a turnover order in
connection with the second New York Judgment and the Defendants have 30 days to
file a Notice of Appeal after the Plaintiffs serve the Notice of Entry of the
turnover order upon the Defendants. Up to the date of this report, the
Plaintiffs have not served the Notice of Entry upon the Defendants.
5. Since early December 2008, EXIM, in its effort to enforce the summary
judgment, has obtained various writs from the court and has sent those writs
and/or subpoenas to various companies. Up to the date of this report, EXIM’s
effort to enforce the summary judgment through such writs and subpoenas is
still ongoing.
6. On December 22, 2008, JP Morgan filed a motion for summary judgment
against the Company and Tjiwi Kimia and also a separate motion against the
Company. Defense counsel filed responses to these motions on March 9, 2009, and
JP Morgan filed its reply on April 6, 2009. The Court ruled on JP Morgan’s
motions on October 14, 2009.
The Honorable James F. Holderman granted JP Morgan’s motion against the
Company and Tjiwi Kimia, but indicated that JP Morgan’s motion for summary
judgment against the Company remained under advisement and strongly encouraged
the parties to discuss settlement.
7. On April 21, 2010, The Honorable James F. Holderman has issued the
Memorandum Opinion and Order which granted the Summary Judgment in favor of JP
Morgan. In relation to the summary judgment, the Company, Tjiwi Kimia and APP
have filed a notice of appeal regarding The Honorable Holderman’s orders as to
JP Morgan’s motions for summary judgment.
Gryphon Domestic VI, LLC, OCM Opportunities Fund II, L.P., OCM
Opportunities Fund III, L.P., Columbia/ HCA Master Retirement Trust, Gramercy
Emerging Markets Fund and General Electric Capital Corporation (the Plaintiffs)
have commenced legal actions against the Company and certain related companies.
A brief description of these legal actions is set out below:
In the United States of America State Supreme Court against the Company,
Asia Pulp & Paper Company Ltd. (APP), PT Lontar Papyrus Pulp & Paper
Industry (Lontar), APP International Finance Company B.V. (APP Finance) and
Indah Kiat International Finance Company BV (Indah Kiat BV) (collectively the
Defendants) in respect of certain notes issued by APP Finance (the Lontar
Notes) and Indah Kiat BV (the Indah Kiat 02 and 06 Notes). The claims in
respect of the Indah Kiat 02 and 06 Notes amounted to USD78.8 million and
USD92.9 million, respectively. The claim in respect of the Lontar Notes
amounted to USD147 million.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.95 |
|
UK Pound |
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.89 |
INFORMATION DETAILS
|
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.