|
Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PABRIK KERTAS TJIWI KIMIA TBK |
|
|
|
|
Formerly Known
as: |
P.T. Pabrik Kertas TJIWI KIMIA |
|
|
|
|
Registered Office : |
Plaza BII, Tower II, 7th & 9th
Floor, Jalan M.H. Thamrin No. 51,
Gondangdia, Menteng, Jakarta Pusat 10350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.10.1972 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-26833 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
·
producer
of industrial and cultural papers, corrugated papers, kraft papers, computer and
telex papers, NRC, Coated and Fine Papers, Lining and Tissue Papers, Duplex
Coated Papers, HVS and Writing papers, Cast Coating papers and others such as
stationery and packaging · Subject also produces paper chemicals including caustic soda, calcium hypocloride, liquid calcium hypochloride and calcium oxide ·
Investment Holding |
|
|
|
|
No. of Employees : |
12,482 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but Correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
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, 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. Pabrik Kertas TJIWI
KIMIA Tbk
Head Office &
Factory
Plaza BII, Tower II,
7th & 9th Floor
Jalan M.H. Thamrin No. 51
Gondangdia, Menteng
Jakarta Pusat 10350
Phones - (021) 392966-69
Fax - (021) 3927685
E-mail - app_investors@app.co.id
Website - http://www.tjiwi.co.id
Factory/Mills
Jl. Raya Surabaya-Mojokerto Km. 44
Desa Kramat Temanggung
Kecamatan Tarik,
Sidoarjo, East Java
Indonesia
Phones -
(0321) 361552, 361574-77
Fax -
(0321) 361615
Telex -
31094 TJIWI MR
P.O. Box - 115 MOJOKERTO
Land Area - 36.0 hectares
Building Space - 4.5 hectares
Region - Industrial
Zone
Status - Owned
Branches
a. Singapore Office
Room 1609, 16th Floor, SHENTON HOUSE
3 Shenton Way
Singapore
Phones
- (65) 2209166-69
b. Surabaya Office
Jalan Rajawali No. 31-33
Surabaya
East Java
Phones
- (031) 3530520, 33524130,
3524133
Fax
- (031) 3525409
a. 02 October 1972 as P.T. Pabrik Kertas
TJIWI KIMIA
b. 08 July 1996 as P.T. Pabrik Kertas TJIWI
KIMIA Tbk
P.T. Tbk. (Perseroan Terbatas Terbuka) or Public Listed Company
The Ministry of
Law and Human Rights
a. No. Y.A. 5/439/25 (initial permit)
Dated 22 December
1975
b. No.
AHU-42925.AH.01.02.Tahun 2009
Dated 01
September 2009
c. No.
AHU-AH.01.10-26833
Dated 23 July
2013
Domestic Investment (PMDN) Company
a. The Department of Finance
NPWP No. 01.109.421.6-092.000
b. The Department of Industry
No. 2040/St-J/XII/1974
Dated 14 December 1974
c. The Capital Investment Coordinating Board
- No. 564/III/PMDN/1987
Dated 11 November 1987
- No. 212/III/PMDN/1996
Dated 31 May 1996
A Member of the SINAR MAS Group
Capital Structure
:
Authorized Capital - Rp. 5,000,000,000,000 (US$.2,010,813,237)
Issued Capital - Rp. 1,335,702,240,000 (US$. 537,169,549)
Paid up Capital - Rp. 1,335,702,240,000 (US$. 537,169,549)
Shareholders/Owners
:
a. P.T. PURINUSA
EKAPERSADA - Rp 796,179,367,000 (59.6%)
b. MAYFIELD
INVESTMENT LIMITED - Rp. 47,794,114,000 ( 3.6%)
c. The Public -
Rp 491,728,759,000 (36.8%)
Lines of Business
:
a. Cultural
and Industrial Paper Manufacturing
b. Caustic
Soda Manufacturing
c. Investment
Holding
Production
Capacity :
a. Industrial
and Cultural Papers - 194,000 tons p.a.
b. Corrugated
Paper Boxes - 98,300 tons p.a.
c. Kraft
Papers -
186,000 tons p.a.
d. Caustic
Soda - 14,900
tons p.a.
e. Computer
and Telex Papers - 10,800 tons p.a.
f. NRC,
Coated and Cultural Papers - 130,800 tons p.a.
g. Fine
Papers for Laminating - 7,200 tons p.a.
h. Lining
Papers -
7,200 tons p.a.
i. Tissue
Papers -
3,600 tons p.a.
j. Duplex
Coated Papers - 51,600 tons
p.a.
k. Cardboards -
14,600 tons p.a.
l. Pulps
and Baggases - 117,600 tons p.a.
m. Writing
Books - 30 millions pcs.p.a.
n. HVS
and Writing Papers -
210,000 tons p.a.
o. Silicon
Papers - 20,000
tons p.a.
p. Cast
Coating Papers - 10,000 tons p.a.
q. High
Quality Exercise Book, Note
Book,
Computer Continuous Form
Box Stationery -
300,000 tons p.a
r. Calcium Hypochloride - 7,200 tons p.a.
s. Liquid Calcium Hypochloride - 64,000 tons p.a.
t. Calcium
Oxide - 36,000
tons p.a.
Total Investment :
a. Equity
Capital - Rp. 1,335.3 billion
b. Loan
Capital - Rp. 15,295.0 billion
c. Total
Investment - Rp. 16,630.3 billion
Started Operation
:
1977
Brand Name :
Bola Dunia, Anchor Brand, Betet, Clean Coated Board, Evergreen, Globe
Brand, Golden Art, etc
Technical
Assistance :
None
Number of Employee
:
12,482 persons
Marketing Area :
a. Domestic
- 35%
b. Export -
65%
Main Customers :
a. P.T. SURYA JAYA PLACE (Distributor)
b. P.T. PERMATA BIRU INDAH
(Distributor)
c. P.T. SUTIO JAYATAMA
(Distributor)
d. P.T. MARGONO
(Distributor)
e. Buyers in Asia, Middle East, Africa, Europe, USA and Australia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SURABAYA AGUNG KERTAS
b. P.T. RIAU ANDALAN KERTAS
c. P.T. KERTAS LECES
d. P.T. SUPARMA Tbk, etc.
Business Trend :
Fluctuating
Bankers :
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Plaza
BII, Menara II, 7th Floor
Jalan M.H. Thamrin No.
51
Jakarta 10350
b. The
Bank of AMERICA N.T. & S.A.
Gedung Bursa Efek Jakarta, Menara I
Jalan Jend. Sudirman Kav. 52-53
Jakarta Selatan
c. The
LONG-TERM CREDIT Bank of Japan Ltd.
Singapore
d.
DEUTSCHE
Bank, AG
Jalan Imam Bonjol No. 80
Jakarta Pusat
e. P.T.
INDOSUEZ INDONESIA Bank
Jakarta Branch
SUMMITMAS TOWER II, 19th
Floor
Jalan Jend. Sudirman Kav. 61-62
Jakarta Selatan
f.
P.T.
INTERNATIONAL NEDERLANDEN
INDONESIA, Bank
SUMMITMAS TOWER II, 14th
Floor
Jalan Jend. Sudirman Kav. 61-62
Jakarta Selatan
Auditor :
Tjiendradjaja & Handoko Tomo
Litigation :
No litigation record in our database
Annual Sales :
2008 – US$. 1,358.8 million
2009 – US$. 1,174.1 million
2010 – US$. 1,338.8 million
2011 – US$. 1,378.7 million
2012 – US$. 1,321.6 million
Net Profit (Loss)
:
2008 – US$. 51.7 million
2009 – US$. 31.6 million
2010 – US$. 46.6 million
2011 – US$. 70.4 million
2012 – US$. 34.8 million
Payment Manner :
Sometime delay
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Yudi Setiawan Lin
Directors - a. Mrs.
Linda Suryasari Wijaya Limantara
b. Mrs. Indah Suryasari Wijaya Limantara
b. Mr. Hendra Jaya Kosasih
c. Mr. Anton Mailoa
d. Mr. Suresh Kilam
e. Mr. Agustian Rachmansjah Partawidjaja
e. Mr. Suhendra Wiriadinata
f. Mr.
Arman Sutedja
Corporate
Secretary - Mr.
Agustian Rachmansjah Partawidjaja
Board of Commissioners :
President Commissioner - Mr. Teguh Ganda Widjaja AKA Oei Tie Goan
Vice Pres. Commissioner - Mr. Ir. Gandi Sulistiyanto
Soeherman
Commissioners - a. Drs. John
Ferdinand Pandelaki
b. Mr. Arthur Tahja
c. Drs. Pande Putu Raka, MA
d. Letjen TNI (ret) Soetedjo
e. DR. Ramelan, SH, MH
Signatories :
President Director
(Mr. Yudi Setiawan Lin) or one of the Directors (Mrs. Linda Suryasari Wijaya Limantara, Mrs. Indah Suryasari Wijaya
Limantara, Mr. Hendra Jaya Kosasih, Mr. Anton Mailoa, Mr. Suresh Kilam, Mr.
Agustian Rachmansjah Partawidjaja, Mr. Suhendra Wiriadinata and Mr. Arman
Sutedja) which must be
approved by Presodent Commissioner (Mr. Teguh Ganda Widjaja
AKA Oei Tie Goan)
Management Capability :
Good
Business Morality :
Good
Originally named P.T. Pabrik Kertas TJIWI KIMIA, it was
established in October 1972 with an authorized capital of Rp. 200,000,000.-
issued capital of Rp. 50,000,000.-
wholly paid-up. Founders and original shareholders are Dr. Eka Tjipta Widjaja
AKA Oei Ek Tjhong and the late his son-in-law Mr. Rudy Maeloa AKA Loa Bon Peang
(died on 5 April 1988) Chinese origin Indonesian business family. The Articles
of Association was made by Mr. Ridwan Suselo, SH., a public notary in Jakarta
and it was approved by the Ministry of Justice Republic Indonesia under its
Decision Letter No. Y.A. 5/439/25 dated 22 December 1975.
Its articles of association have subsequently been changed for a couple of times. In April 1990, the company went public by releasing its 6.74% shares to the public through Jakarta Stock Exchange (BEJ) and Surabaya Stock Exchange (BES). In July 1996, the company renamed to P.T. Pabrik Kertas TJIWI KIMIA Tbk. (P.T. PKTKT). Later in June 1997, the authorized capital was increased again to Rp. 5,000,000,000,000.- In July 1997, P.T. PKTKT undertook right issue I and the issued capital has from that time on increased to Rp. 1,321,526,432,000.- Later of July 2008, P.T. PKTKT issued the bonus shares and concurrently the issued and paid-up capital rose again to Rp. 1,335,702,240,000. As of 31 December 2011, the majority business stakes of the company is controlled by P.T. PURINUSA EKAPERSADA (60%) and the rest is owned by Publics (40%). The amendment to Articles of Association has been approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-42925.AH.01.02.TH.2009, dated 01 September 2009.
The latest, based on notarial Deed No. 24 dated 12 June 2012 of Linda Herawati, SH., notary in Jakarta, MAYFIELD INVESTMENT Ltd., of British Virgin Island entered into the company as new shareholder. Since the time, the shareholders of the company are P.T. PURINUSA EKAPERSADA (59.6), MAYFIELD INVESTMENT Ltd., (3.6%) and Public (36.8%). The amendment to Articles of Association has been approved by the Ministry of Law and Human Right of the Republic of Indonesia in its Decision Letter No. AHU-AH.01.10-26833 dated 23 July 2012.
P.T. PURINUSA EKAPERSADA (63.4%), a private company whose majority business stakes is controlled by the Eka Tjipta Widjaja family. Mr. Eka Tjipta Widjaja AKA Oei Ek Tjhong is the founder of the SINAR MAS Group is a very large-size private business group in the country.
P.T. PKTK is the largest paper making plant in Indonesia whose plant is located in Desa Kramat Temanggung, Kecamatan Tarik, Sidoarjo, East Java operating as from 1977. Its major production is industrial and cultural papers, corrugated papers, kraft papers, computer and telex papers, NRC, Coated and Fine Papers, Lining and Tissue Papers, Duplex Coated Papers, HVS and Writing papers, Cast Coating papers and others such as stationery and packaging. Total annual production capacity in 2012 was 1,277,000 tons of papers, 80,000 tons of packaging and 320,000 tons of stationery.
Besides that, it also produces paper chemicals including
caustic soda, calcium hypocloride, liquid calcium hypochloride and calcium
oxide. Its production is marketed by the
SINAR MAS Group member who has controlled an extensive marketing network in
many countries. Some 35% of the products are marketed locally and the rest of
some 65% is exported to Asia countries (54%), Central East and Africa (24%),
America (10%), Europe (9%) and Australia (3%).
Consolidated
Operational Summary
|
Production Volume (In Thousands of Ton) |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Paper |
1,048 |
1,001 |
1,003 |
961 |
978 |
|
Stationery |
215 |
214 |
212 |
205 |
226 |
|
Packaging |
67 |
58 |
56 |
71 |
73 |
|
Sales Volume (In Thousands of Ton) |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Paper |
1,007 |
996 |
986 |
933 |
946 |
|
Stationery |
198 |
172 |
190 |
183 |
187 |
|
Packaging |
60 |
64 |
66 |
66 |
61 |
Source: PT. Tjiwi
Kimia Tbk
Pursuant to the Company, for the fifth time, in 2012, PT Pabrik Kertas Tjiwi Kimia received the Primaniyarta Award, an award for the best Indonesian exporters. The manufacturer received the award for the Global Brand Development Category. Previously, PT Tjiwi Kimia received several other Primaniyarta awards in 2006, 2007, 2010, 2011 and 2012.
Beside that P.T. PKTK has ownership interest of more than 50% in the following subsidiaries which are engaged in real estate, property, hotel, and information technology business. The table of P.T. PKTK’s subsidiary companies shall be as follows:
(In US$)
|
Name
of Subsidiary |
Lines
of Business |
Start
of Operations |
% of
Ownership |
Total
Assets (31
Dec. 2012) |
|
PT. Mega Kertas Pratama |
Distributor |
1996 |
99.20 |
9 |
|
Tjiwi Kimia Trading III (BVI) |
Distributor |
1996 |
100.00 |
72,040 |
|
Tjiwi Kimia Finance (Mauritius) Ltd. |
Financing Company |
1997 |
100.00 |
40,421 |
|
TK Trading Limited (Cayman Islands) |
Distributor |
1997 |
100.00 |
23,932 |
|
Tjiwi Kimia trading II Limited, Cayman Island |
Distributor |
1998 |
100.00 |
53,897 |
|
TK Import & Export Ltd., BVI |
Distributor |
2001 |
100.00 |
7,139 |
|
Tjiwi Kimia Finance B.V., the Netherlands |
Financing Company |
2004 |
100.00 |
807,168 |
|
Marshall Enterprise Ltd., Malaysia |
Investment |
2004 |
100.00 |
73,968 |
|
PT. Sumalindo Hutani Jaya |
Forestry |
1992 |
99.99 |
25,523 |
Source: PT. Tjiwi
Kimia Tbk
According to financial statement the total sales turnover of P.T. PKTK in 2007 amounted to US$ 1,154.9 million with a net profit of US$ 10.1 million increased to US$ 1,358.8 million with a net profit of US$ 51.7 million in 2008 declined to US$ 1,174.1 million with a net profit of US$ 31.7 million in 2009 rose again to US$ 1,338.8 million with a net profit of US$ 46.6 million in 2010 to US$ 1,378.7 million with a net profit of US$ 70.4 million in 2011 and dropped to US$ 1,321.6 million with a net profit of US$ 34.8 million in 2012. Financial Statement of the Company per 31 December 2009, 2010, 2011 and as of 30 June 2012 are attached.
The management is headed by Mr. Yudi Setiawan Lin AKA Lim Yun Shiang (66) an experienced professional manager in pulp & paper industry and marketing. He graduated from China Culture Academy, Taiwan, ROC, in Pulp & Paper Technology. In daily activities, he is assisted by eight directors namely Mrs. Linda Suryasari Wijaya Limantara (32), Mrs. Indah Suryasari Widjaya Limantara (31), Mr. Hendra Jaya Kosasih (53), Mr. Anton Mailoa (48), Mr. Suresh Kilam (62), Mr. Agustian Rachmansjah Partawidjaja (61), Mr. Suhendra Wiriadinata (45) and Mr. Arman Sutedja (40). The management is supported by the WIDJAJA Family, such as, Mr. Teguh Ganda Widjaja AKA Oei Tjie Goan (67), Mr. Muktar Widjaja AKA Oei Siong Lian (58) and Mr. Franky Oesman Widjaja AKA Oei Jong Nuan (54). The management has maintained a wide business relation among private national and foreign businessmen as well as among government agencies. So far, we did not hear that the company’s management involved in the business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. Pabrik Kertas TJIWI KIMIA Tbk., (P.T. PKTKT) is sufficiently fairly
good for business transaction. However, considering the operation of the
company declined in 2012, we recommend to treat prudently in extending any new
loan to the company.
Attachment:
P.T. Pabrik Kertas TJIWI KIMIA Tbk
FINANCIAL STATEMENTS
Per 31 December
2009, 2010, 2011 and 2012
(In thousand US dollar )
|
DESCRIPTION |
31 December |
|||
|
2012 |
2011 |
2010 |
2009 |
|
|
1. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
|
|
|
|
|
* Third Parties |
180,533 |
174,119 |
141,519 |
89,729 |
|
* Related Parties |
8,738 |
9,533 |
23,452 |
29,671 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
43,009 |
38,881 |
56,383 |
64,885 |
|
* Related Parties |
131,478 |
204,322 |
191,563 |
250,147 |
|
- Other Trade
Receivable – net |
621 |
488 |
506 |
160 |
|
- Inventories |
348,518 |
312,406 |
287,212 |
265,170 |
|
- Advances and prepaid expenses |
170,928 |
188,221 |
110,054 |
110,671 |
|
- Prepaid Taxes |
23,375 |
13,732 |
17,382 |
22,781 |
|
- Other current assets |
|
|
|
|
|
* Third Parties |
274,027 |
152,612 |
25,374 |
42,778 |
|
* Related Parties |
81,324 |
56,675 |
64,254 |
44,809 |
|
Total Current Assets |
1,262,551 |
1,150,989 |
917,699 |
920,801 |
|
b. Non-current Assets |
|
|
|
|
|
- Trade receivables –
related parties |
51,099 |
60,603 |
66,2898 |
80,701 |
|
- Other receivables –
related parties |
155,205 |
152,811 |
148,610 |
159,363 |
|
- Deferred Tax Assets |
1,044 |
534 |
650 |
36 |
|
- Long-term Investment |
1,034 |
1,103 |
1,112 |
1,064 |
|
- Industrial Timber Estate
– net of accumulated
amortization |
167 |
167 |
2,002 |
2,234 |
|
- Industrial Timber
Estate – under development |
22,136 |
17,855 |
9,042 |
6,262 |
|
- Fixed assets – net of
acc. depreciation |
1,179,546 |
1,175,226 |
1,174,173 |
1,176,712 |
|
- Goodwill – net of acc.
amortization |
6,391 |
6,391 |
6,391 |
8,022 |
|
- Other non-current
assets |
2,869 |
3,218 |
3,787 |
2,583 |
|
Total Non-Current Assets |
1,419,491 |
1,417,908 |
1,412,055 |
1,436,976 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND EQUITY |
2,682,042 |
2,568,897 |
2,329,754 |
2,357,777 |
|
2. LIABILITIES
AND EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short term Liabilities |
337,632 |
227,950 |
105,997 |
89,167 |
|
- Trade Payable |
|
|
|
|
|
* Third Payables |
50,511 |
58,091 |
60,164 |
69,106 |
|
* Related Payable |
1,537 |
9,558 |
17,874 |
30,432 |
|
- Other Payables – third
parties |
12,175 |
9,491 |
11,545 |
14,710 |
|
- Advances from customers |
|
|
|
|
|
* Third parties |
19,822 |
20,907 |
8,795 |
5,557 |
|
* Related parties |
258 |
273 |
238 |
267 |
|
- Accrued Expanses |
64,109 |
61,489 |
47,026 |
76,908 |
|
- Taxes Payable |
3,254 |
3,411 |
12,224 |
19,283 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Lease liabilities |
-- |
23 |
138 |
198 |
|
* Bank loan |
6,00 |
12,988 |
8,137 |
7,783 |
|
* Loans, notes payable
and bonds |
29,145 |
194,109 |
146,259 |
75,600 |
|
Total Current Liabilities |
524,443 |
598,290 |
418,397 |
389,011 |
|
|
|
|
|
|
|
b. Non-Current Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities |
50,030 |
52,167 |
53,684 |
68,503 |
|
- Other Payables –
related parties |
14,052 |
16,805 |
8,853 |
991 |
|
- Employee Benefits
Obligation |
47,451 |
45,935 |
41,590 |
36,108 |
|
- Long term liabilities |
|
|
|
|
|
* Lease liabilities |
-- |
23 |
161 |
359 |
|
* Bank loan |
104,324 |
37,534 |
16,274 |
23,349 |
|
* Loans – net |
251,532 |
309,829 |
304,188 |
341,069 |
|
* Notes payable and bonds
|
951,067 |
973,307 |
965,764 |
932,176 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Lease liabilities |
-- |
(23) |
(138) |
(198) |
|
* Bank loan |
(6,00) |
(12,988) |
(8,137) |
(7,783) |
|
* Loans, notes payable and bonds |
(29,145) |
(194,109) |
(146,259) |
(75,000) |
|
Total Non-Current Liabilities |
1,383,311 |
1,228,480 |
1,235,980 |
1,318,974 |
|
3. TOTAL EQUITY |
|
|
|
|
|
- Issued and Paid up Capital |
537,169 |
537,170 |
537,170 |
537,170 |
|
- Additional paid in capital |
30,201 |
30,201 |
30,201 |
30,201 |
|
- Difference arising from
transaction |
(1,986) |
(1,986) |
-- |
-- |
|
- Exchange differences due to
financial statements translation |
1,666 |
831 |
415 |
381 |
|
- Retained Earnings |
207,238 |
175,912 |
107,592 |
82,041 |
|
Total Equity |
774,288 |
742,127 |
675,377 |
649,793 |
|
|
|
|
|
|
|
3. INCOME
STATEMENT |
|
|
|
|
|
a. Total/Net Sales |
1,321,641 |
1,378,740 |
1,338,766 |
1,174,106 |
|
b. Cost of Goods Sold |
(1,105,457) |
(1,145,880) |
(1,117,277) |
(946,075) |
|
c. Gross Profit |
216,184 |
232,860 |
221,489 |
228,031 |
|
d. Operating Expenses |
(130,274) |
(127,463) |
(142,467) |
(108,200) |
|
e. Operating Profit (Loss) |
85,910 |
105,397 |
79,022 |
119,831 |
|
f. Other Income (Expenses) |
(44,283) |
(14,906) |
(16,965) |
(47,423) |
|
g. Profit (Loss) Before
Income Tax |
41,627 |
90,491 |
62,057 |
72,408 |
|
h. Tax Benefit (Expense) - Net |
(6,810) |
(20,079) |
(15,485) |
(40,911) |
|
i. Income Before Pre-Acquisition Loss |
34,627 |
70,412 |
46,572 |
31,497 |
|
j. Pre-acquisition loss |
-- |
-- |
-- |
157 |
|
m. Net Profit (Loss) |
34,817 |
70,412 |
46,572 |
31,654 |
Note: As of 31 Dec. 2009, 2010, 2011 and 2012 is
audited by Tjiendradjaja & Handoko Tomo
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.83.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.