MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CHEIL JEDANG
INDONESIA |
|
|
|
|
Registered Office : |
Menara
Jamsostek, 21st Floor, Jalan Jend. Gatot
Subroto Kav. 38,
Jakarta Selatan, 12710 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.10.1996 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-25528 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
a.
MSG, Lysine and L-Threonine and Nucleid Acid Manufacturing b.
Investment Holding |
|
|
|
|
No. of Employees |
1,176 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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,
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.
CHEIL JEDANG INDONESIA
A
d d r e s s :
Head
Office
Menara
Jamsostek, 21st Floor
Jalan Jend. Gatot Subroto Kav. 38
Jakarta Selatan, 12710
Indonesia
Phones -
(62-21) 5299 5000 (Hunting), 2525858
Fax - (62-21) 5299 5191-4
Building Area - 28 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Rent
Factory
1
Jalan Raya Brantas Km. 3.5
Desa Jati Gedong, Kecamatan Ploso
Kabupaten
Jombang 61453
East
Java
Indonesia
Phones -
(62-321) 887700 (Hunting)
Fax - (62-321) 887711
Land Area - 320,000 sq.
meters
Building Area - 220,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory
II
Desa Arjosari, Kecamatan Rejoso
Pasuruan 67101
East Java
Indonesia
Phones -
(62-343) 482333 (Hunting), 401333
Fax - (62-343) 482768, 482788
Land Area - 310,600 sq.
meters
Building Area - 180,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
28
October 1996
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C-230871.HT.01.04.TH.2004
Dated
22 December 2004
- No. AHU-54920.AH.01.02.TH.2008
Dated
25 August 2008
- No. AHU-AH.01.10-03817
Dated
16 April 2009
- No. AHU-29907.AH.01.02.TH.2011
Dated 15 June 2011
- No. AHU-43620.AH.01.02.TH.2011
Dated 26 August 2011
- No. AHU-AH.01.10-25528
Dated 13 July 2012
Company Status :
Foreign Investment
(PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.071.816.1-057.000
b. The Capital Investment Coordinating Board
-
No. 739/I/PMA/1996
Dated 2 October 1996
- No. 463/III/PMA/1999
Dated 26 April 1999
- No. 172/II/PMA/2000
Dated 26 July 2000
- No. 1211/III/PMA/2004
Dated 6 December 2004
- No. 120/II/PMA/2005
Dated 11 May 2005
- No. 65/II/PMA/2006
Dated 9 March 2006
Related Companies :
a. P.T. AGROBIS PANCA EKATAMA (Day Old Chicks
Farming)
b. P.T. CHEIL JEDANG SUPERFEED (Animal Feed
Milling)
c. P.T. CJ FEED JOMBANG (Animal Feed Milling)
d. P.T. SUPER UNGGAS JAYA (Poultry)
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized Capital - US$ 107,911,000.-
Issued Capital - US$ 107,911,000.-
Paid up Capital - US$ 107,911,000.-
Shareholders/Owners
:
a. CJ CHEIL JEDANG CORP., of Korea - US$ 107,910,000.- (99,999%)
Address :
12 Floor, CJ Building 500,
5-GA, Namdaemoon-Ro, Ciang-Ku
South Korea
b. CJ CHINA LTD., of China - US$ 1,000.-
( 0.001%)
Address :
Suite 1 R/F New Henry House
10 Ice House Street
China
BUSINESS
ACTIVITIES
Lines
of Business :
a.
MSG, Lysine and L-Threonine and Nucleid Acid Manufacturing
b.
Investment Holding
Production
Capacity :
a.
MSG/GA - 20,000 tons p.a.
b.
L-lysine HCL -
140,000 tons p.a.
c.
Liquid Organic Fertilizers -
594,090 tons p.a.
d.
Solid Organic Fertilizers -
279,000 tons p.a.
e.
Cell Protein - 30,000 tons p.a.
f.
Gypsums - 8,600 tons p.a.
g.
Humus - 4,000 tons p.a.
h.
L-Threonine - 40,000 tons p.a.
i.
Food Seasoning - 1,500 tons p.a.
j.
Guanosine Monophosphate - 2,500 tons p.a.
k.
Inosine Monophospate - 2,500 tons p.a.
l.
Dextrose (SOD) -
890,000 tons p.a.
m.
Glutamine Acids - 500 tons p.a.
Total
Investment :
a.
Equity Capital -
US$ 107.9 million
b.
Loan Capital -
US$ 298.5 million
c.
Total Investment -
US$ 406.4 million
Started
Operation :
May
1998
Brand
Name :
Cheil
Jedang Indonesia (CJI)
Technical Assistance
:
CHEIL JEDANG
CORPORATION of South Korea
Number of Employee :
1,176 persons
Marketing Area :
Export - 90%
Local -
10%
Main Customers :
Buyers in Asia
Pacific, Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AJINOMOTO
INDONESIA
b. P.T. AJINEX INDONESIA
c. P.T. MIWON INDONESIA
d. P.T. SASA INTERNATIONAL
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B
a n k e r s :
a.
P.T. Bank WOORI INDONESIA
Jalan Jenderal
Sudirman Kav. 52-53
Jakarta
Selatan
Indonesia
b.
P.T. Bank DANAMON INDONESIA Tbk
Jalan Raya
Darmo No. 59
Surabaya,
East Java
Indonesia
c. P.T. Bank KEB INDONESIA
Jalan Jend.
Sudirman No. 28
Jakarta Pusat
Indonesia
Auditor
:
Tanudiredja,
Wibisana & Rekan (a member of PWC)
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales :
2009
– US$. 801.4 million
2010
– US$. 1,344.3 million
2011
– US$. 1,550.0 million (Estimated)
2012
– US$. 1,740.0 million (Estimated)
2013
– US$. 1,785.0 million (Estimated)
Net
Profit (Loss) :
2009
– US$. 41.0 million
2010
– US$. 72.7 million
2011
– US$. 83.0 million (Estimated)
2012
– US$. 92.5 million (Estimated)
2013
– US$. 107.0 million (Estimated)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Son Young
Vice President Directors - Mr. Lee Dong Hyuk
Directors -
a. Mr. Kim Hansu
b. Mr. Kim Wonyoung
c. Mr. Kim Bong Joo
d. Mr. Kim Hak Yun
e. Mr. Shin Hee Sung
f. Mr.
Agus Sutijono
Board of Commissioners :
President Commissioner - Mr. Kim Chul Ha
Commissioners - a. Mr. Lee Jay Hyun
b. Mrs. Man Jo Kim
c. Mr. Admiral (Retired) Bernard Kent Sondakh
d. Mr. Ha Dae Joong
Signatories :
President
Director (Mr. Son Young) or Vice President Directors (Mr. Lee Dong Hyuk) or one
of the Directors (Mr. Kim Hansu, Mr. Kim Wonyoung, Mr. Kim Bong Joo, Mr. Kim
Hak Yun, Mr. Shin Hee Sung or Mr. Agus Sutjijono) which must be approved by
President Commissioner (Mr. Kim Chul Ha) and one of the Commissioners (Mr. Lee
Jay Hyun, Mrs. Man Jo Kim, Mr. Bernard Kent Sondakh or Mr. Ha Dae Joong)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate
amount
OVERALL
PERFORMANCE
P.T.
CHEIL JEDANG INDONESIA (P.T. CJI) was established in Surabaya, East Java on 28
October 1996 with the authorized capital of US$ 15,000,000 entirely issued and
paid up. The founding shareholders are CHEIL JEDANG CORPORATION (90%) of South
Korea and P.T. CHEIL SAMSUNG INDONESIA (10%). The articles of association of
the company have frequently been revised. In December 2004, its holding company
P.T. CHEIL SAMSUNG INDONESIA was merged into P.T. CHEIL JEDANG INDONESIA
(Survival Company) and concurrently the authorized capital of the company was
raised to US$ 102,225,000 wholly issued and paid up. Since the merging of P.T.
CHEIL SAMSUNG INDONESIA into P.T. CJI, whole properties, assets, liabilities,
employees and businesses of P.T. CHEIL SAMSUNG INDONESIA ware taken over by
P.T. CHEIL JEDANG INDONESIA and since that time P.T. CHEIL SAMSUNG INDONESIA
was dispersed by law without prior liquidation. At the same time, whole shares
of the company were controlled by CHEIL JEDANG CORPORATION of South Korea
(99.99%) and CHEIL JEDANG CHINA LIMITED of China (0.01%).
Later
in May 2011, the authorized capital was raised again to US$ 107,911,000
entirely issued and paid up. With this development the composition of its
shareholders has been changed to become CJ CHEIL JEDANG CORPORATION of South
Korea (99.999%) and CJ CHINA LIMITED of China (0.001%). Then according to the
latest revision of notarial deed of Mr. I Gede Buda Gunamanta, SH., No. 61
dated 29 June 2012 the company board of directors and the board of
commissioners had been changed. The amendment to Articles of Association has
been approved by the Minister of Law and Human Rights through Decision Letter
No. AHU-AH.01.10-25528 dated 13 July 2012. Composition of the board of director
and the board of commissioner shall be as follows:
P.T.
CJI obtained a Foreign Capital Investment (PMA) facility issued by the Capital
Investment Coordinating Board (BKPM) to deal with food seasoning and animal
feed processing. P.T. CJI the first CJ Group`s investment in Indonesia has
demonstrated itself as one of the biggest producer of Lysine, MSG and
L-Threonine in the world. Located in Pasuruan, East Java, the area`s abundant
natural resources and good infrastructure add to the growing success of P.T.
CJI, with four times lysine production capacity expansion ended in 1995 and
1998. Located in Jombang of East Jawa region, P.T.CJI is the second largest
manufacturer of nucleic acid in the world. Nucleic acids have put Cheil Jedang
on the globe, and its manufacturing technology has been further refined and
developed in PT.CJI.
The
plant is equipped with the most modern and sophisticated facilities and hopes
to add amino acid, a promising product for the future, to its product
portfolio. Thus, in the near future, it will become CJ Indonesia’s second amino
acids complex, following P.T.CJI in Pasuruan. Currently, P.T.CJI manages a
massive manufacturing complex, armed with latest technology practices and the
most skillful resources. Its plant is located at Jalan Raya Brantas Km. 3.5,
Jati Gedong Village, Ploso, Jombang on a land of 32.0 hectares. According to
its license, the plant has annual production capacity of 1,500 tons of food
seasoning, 2,500 tons of guanosine and 1,000 tons of inosine monophospats. The
plant has been in operation since July 1998 with an investment of US$ 75.4 million
coming from own capital of US$ 15.0 million and the rest from loans. Mr. Heri,
a staff of the company said that the company just produces food seasoning such
as IMP, GMP and I & G.
In
December 2004, since the merging of P.T. CHEIL SAMSUNG INDONESIA into P.T. CJI,
the company operates a plant of P.T. CHEIL SAMSUNG INDONESIA located in
Arjosari Village, Rejoso, Pasuruan, West Java on a land of 31.6 hectares. The
plant has been in commercial operations in 1990 and expanded for a couple of
times to increasing production capacity. The plant produces of 20,000 tons of
monosodium glutamate (MSG)/glutamate acid (GA), 140,000 tons of L-Lysine HCL,
10,000 tons of L-Threonine, 594,000 tons of Liquid Organic Fertilizer, 279,650
tons of Solid Organic Fertilizer, 240,000 tons of chicken feed mill, 30,000
tons of cell protein, 8,600 ton of gypsum and 4,000 ton of humus. The main
products are Lysine, MSG/GA and chicken feed. The company's product in the form
of Lysine uses the L-Lysine HCL brand, its MSG uses the MIPUNG brand for the
local market and MIPOONG for the export market, while its chicken feed uses the
SUPERFEED brand. Some 90% of the company products is exported to Asia, Europe
and the USA using JCITIDE brand and the remaining 10% being marketed in the country.
Meanwhile, chicken feed, liquid and solid organic fertilizer are entirely
marketed in the country.
P.T. CJI products:
ü L-Lysine
The principal component of all living
organism is protein, which mainly composed of some 20 different amino acid.
Some of these amino acids ( non essential amino acids ) are biologically
produce by the body, and other called as essential amino acid, must to be
constantly supplemented from outside.
Lysine is one of the essential amino
acid needed in a comparatively large amount by living organism. It is an
ingredient needed for maximum animal growth, for it is the first limiting amino
acid in swine feed and second limiting amino acid in poultry feed. Most foods
are short of lysine, and should be supplemented for the protein to be balanced
and efficient. In most animal feed in the market, approximately 75% - 86% of
lysine is generally considered available to the animals. Recent research has
shown, however that CJ Lysine successfully performs 100% availability among all
monograstic animals.
ü L-Threonine
Similiar to Lysine, L-Threonine is
important amino acid in the process of protein synthesis of livestock. If
Lysine is usually added into poultry feed, however, L-Threonine is needed in
swine dietary supply. Swine farm add L-Threonine in feeds to boost nutrition
and therefore quality of the swine. L-Threonine not only increase biological
value of the feed protein, but it also decreases nitrogen excretion and reduces
environmental pollution.
ü MSG
MSG, also known as Monosodium
Glutamate, is a flavour enhancer in most food products all over the world. It
is a from glutamate, a group of bio chemical used by the human body impulse transmitter.
Made from natural ingredients, such as tapioca starch, sugar beets, sugar cane
or molassses, MSG is the result of careful and meticulous fermentation process,
developed by CJ Group long standing manufacturing knowledge.
ü Nucleotide
Nucleotides, which are abundant in nature,
have been known as flavor enhancers since the early centry. For many years,
monosodium glutamate (MSG) has been the principal flavor enhancer used in soup,
sauce and variety of foods, However, nucleotides have increasingly been
replacing MSG since they were commercially introduces in 1960. Because of its
higher flavor potency. They are producing three kinds of nucleotides: Disodium
inosine 5"-monophosphat (IMP), Disodium guanosine 5"-monophosphate
(GMP) and IMP &GMP (50:50) which we call I&G. Cheil Jedang Group has
been successfully commercializing nucleotide product since 1977 with its own
manufacturing technology.
In 1998 CJ Indonesia established its
second amino acid complex in Indonesia, based on the accumulated technology.
The complex is currently active in manufacturing nucleotides high purity level.
Today, their nucleotide products are used all over the world by major foods
manufactures and our larges sales network reflects the high level of customer
satisfaction.
According
information from the company that 10% of the products marketed locally to various
food processing industries and food seasoning industries among others are:
§ P.T. HEINZ ABC
INDONESIA
§ P.T. INDOFOOD SUKSES
MAKMUR Tbk
§ P.T. INDOFOOD CBP
SUKSES MAKMUR Tbk
§ P.T. P.T. KARUNIA
ALAM SEGAR (WINGS FOOD)
§ P.T. SIANTAR TOP Tbk
§ P.T. UNILEVER INDONESIA
Tbk
§ Etc.
Besides,
most of the raw materials like sugar imported from Thailand and the rest from
locals. Meanwhile molasses is obtained from State Plantation such as:
§ P.T. PERKEBUNAN
NUSANTARA IX
§ P.T. PERKEBUNAN
NUSANTARA X
§ P.T. PERKEBUNAN
NUSANTARA XI
§ P.T. RAJAWALI
NUSANTARA INDONESIA (RNI Group)
P.T.
CJI is also engaged in vestment holding by controlling 99.99% shares of CJ Do
Brasil Industria Commercio de Produtos Alimenticios (Brazil) dealing with
production and sale of foodstufts and other chemical products; 100% shares of
CJ International Asia Pte., Ltd., (Singapore) dealing with trading; 1% shares
of P.T. AGROBIS PANCA EKATAMA dealing with Day Old Chicken farming; 1% shares
of P.T. CJ FEED JOMBANG dealing with animal feed milling; 1% shares of P.T.
CHEIL JEDANG SUPERFED dealing with animal feed milling and 1% shares of P.T.
SUPER UNGGAS JAYA dealing with poultry. P.T. CJI is the second largest producer
of MSG in the country. We observe that P.T. CJI classified as a large sized
company of its kind in the country of which the operation has been growing in
the last three years.
The Chart below
Ownership of P.T. CHEIL JEDANG INDONESIA
Source: Notary
Deed
MSG (monosodium glutamate) or commonly known as MSG is a
flavor enhancer in foods that have been used extensively to provide good taste in
food. D Indonesia, MSG is generally produced from the molasses (molasses). MSG
development is inseparable from the various controversies. According to the
US-FDA, MSG has a risk to human health as it can penetrate the placenta during
pregnancy, penetrate between blood and brain tissue, and infiltrate the five
circum ventricular organs. In 1995, FASEB (Federation of American Societies for
Experimental Biology) proves that foods containing more than 5 grams of MSG can
trigger asthma. However, many food scientists agree that MSG itself is not
harmful to health. Even widely, it plays an important role of MSG in the food
industry as a flavor enhancer. MSG is added to a product or a particular dish
will produce tastes better. MSG in the domestic market had declined in the
early 2000's, as a result of the rise of the proclamation of the negative
impacts of consuming MSG.
Ajinomoto,
the world’s largest MSG producer, operates wholly and partly owned plants in
Japan, Brazil, Peru, the United States, France, China, Indonesia, Malaysia, the
Philippines, Thailand and Vietnam. Ajinomoto accounts for approximately
one-fourth of the world capacity for MSG. MSG capacity is largely concentrated
in Asia, where feed stocks and labor are abundant and inexpensive and where demand
is highest. Asian production accounted for approximately 91% of world MSG
production in 2009. In addition to China, Indonesia, Taiwan and Thailand are
other major producing countries in Asia. Asian consumption is also the largest,
accounting for approximately 89% of MSG world consumption in 2009. MSG
consumption in Asia, excluding Japan, is expected to continue to increase
during 2009–2014. Chinese MSG capacity has increased rapidly in recent years.
Overcapacity is expected.
Ingenuity towards innovating firms MSG derivative
products that seem more soft, like seasoning broth, seasoned flour, instant
seasoning, and so quite instrumental in reviving the MSG industry in the
country. Moreover, demand for MSG products in the domestic market has also
increased in the last six years, so the MSG market creeping up again. Besides
HORECA and street vendors, industrial users of MSG as a modern industrial
snacks, instant noodle, crackers, ketchup, frozen food, canned food (especially
vegetables, canned fish and meat), and so on also play an important role in
encouraging domestic demand MSG increasing . MSG export market is also not less
interesting, as the number of overseas industrial MSG closed. MSG Indonesian
export volume reached a peak in 2002 and is now beginning to catch up and
approach the golden age. Competition
is very tight in the MSG business on account of the many brands of this
commodity being available in the domestic market, including Ajinomoto, Sasa,
Miwon, Mikimoto, Indomoto, Intimoto and others.
Besides,
the demand for animal feed, fish meal, fish oil and feather meals had been
rising by 8% to 10% per year in the last five years, in line with the growth of
animal feed industry in the country. We observed that the national poultry
industry in 2007 is having a difficult time as production cost has been
increasing due to the high prices of the basic materials for animal feed
triggered by bad weather conditions and the world crude oil price hike. Beside that the competition is very tight due
to a large number of similar companies operating in the country. The feed
production in Indonesia in 2011 amounted at 11.3 million tons increased to 12.7
million tons in 2012. Increasing demand for meat and eggs has seen driving
domestic feed production. This has encouraged expansion and entry of new
players to feed industry. The business position of P.T. FKSMA is appraised to
be favorable for having established wide marketing networks within and outside
the country. It’s projected the demand for fish meal, fish oil and feather
meals will be rising in the future at least 6% per annum.
Meat and Eggs production, 2010 – 2012
(Million
Metric Tons)
|
Products |
2010 |
2011 |
2012 |
|
Meat |
2,366 |
2,554 |
2,691 |
|
Eggs |
1,366 |
1,456 |
1,541 |
Source: Global Feed Survey
According
to the financial statement of the company being audited by Tanudiredja,
Wibisana & Rekan, a Public Accountant, that sales turnover of the company
in 2009 amounted to US$ 801.4 million with a net profit of US$ 41.0 million
increased to US$ 1,334.3 million with a net profit of US$ 72.7 million in 2010.
The company’s balance sheets and statement of income in fiscal 2009 and 2010
are attached below. Up to present, we have yet to gain the statement of income
of P.T. CJI in fiscal 2011 and 2012. However, we estimated the total sales
turnover in 2011 amounted to US$ 1,550.0 million with a net profit of US$ 83.0
million and rose again to US$. 1,740.0 million with a net profit of US$. 92.5
million in 2012 to US$ 1,785.0 million with a net profit of US$ 107.0 million
in 2013 and projected to go on rising by at least 5% in 2014. We note that P.T.
CJI is supported by a financially strong and healthy foreign partner. So far,
we have never heard of the company having been black listed by the Central Bank
(Central Bank) and registered in the court for detrimental cases. The company
usually pays its debts punctually to suppliers.
The
management of P.T. CJI is headed by Mr. Son Young (50) a professional manager
of South Korea with experienced in MSG, Lysine and L-Threonine and Nucleid Acid
/food seasoning processing and animal feed milling. In daily operation, he is
assisted by Mr. Lee Dong Hyuk (57) as vice president director and six directors
namely Mr. Kim Hansu (45), Mr. Kim Wonyoung (39), Mr. Kim Bong Joo (45), Mr.
Kim Hak Yun (46), Mr. Shin Hee Sung (45), all of South Korea and Mr. Agus
Sutijono (57) of Indonesia. The management is having wide relation with home
and overseas private businessmen as well as with government sectors. So far, we
did not hear that the company’s management involved in a business malpractice
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.
We
have investigated to the district court and the high court in Indonesia, but
there is no file contained civil or criminal cases involved the company
management. Their litigation record is clean and they have never involved in
civil or criminal cases or politics in the country. Both are not in bankruptcy
condition as their business is running well. They have extensive relations in
national and foreign private business circles and with government authorities
as well. We are convinced P.T. CHEIL JEDANG INDONESIA is considered to be good
for normal business transaction.
Attachment:
PT. CHEIL JEDANG
INDONESIA
And Subsidiaries
Consolidated Statement of Income
Years Ended
December 31, 2010 and 2009
(Expressed in US
Dollars)
(Expressed
in US Dollars)
|
DESCRIPTION |
2010 |
2009 |
|
ASSETS |
|
|
|
Current Assets |
|
|
|
- Cash and cash equivalents |
114,871,878 |
49,593,064 |
|
- Trade receivables |
120,333,483 |
168,283,359 |
|
- Other receivables |
609,193 |
1,263,448 |
|
- Prepaid expenses and advances |
6,139,235 |
9,464,962 |
|
- Inventories |
98,787,648 |
47,902,715 |
|
- Derivative receivables |
220,611 |
1,182,063 |
|
- Prepaid taxes |
26,722,007 |
11,009,390 |
|
- Other current assts |
15,198 |
1,655,738 |
|
Total current
Assets |
367,699,253 |
290,354,739 |
|
Non-current assets |
|
|
|
- Investment |
191,447 |
191,447 |
|
- Prepaid Taxes |
35,058,748 |
35,857,876 |
|
- Fixed assets |
364,419,395 |
344,600,430 |
|
- Refundable deposits |
1,962,424 |
1,873,745 |
|
- Other non-current assets |
1,109,448 |
1,619,060 |
|
Total Non-current
Assets |
402,741,462 |
384,142,558 |
|
TOTAL ASSETS =
TOTAL LIABILITIES AND EQUITY |
770,440,715 |
674,497,297 |
|
LIABILITIES |
|
|
|
Current Liabilities |
|
|
|
- Trade payables |
151,994,532 |
131,776,450 |
|
- Other payables |
8,306,419 |
13,811,082 |
|
- Taxes payables |
20,552,632 |
3,371,638 |
|
- Accrued expenses |
18,386,419 |
26,885,529 |
|
- Derivative payable |
459,505 |
3,517,799 |
|
- Bank loans |
287,782,585 |
191,498,984 |
|
Total Current
Liabilities |
487,482,092 |
370,861,482 |
|
Non-current Liabilities |
|
|
|
- Bank loans |
-- |
93,981,191 |
|
- Deferred tax liabilities, net |
36,851,890 |
34,101,654 |
|
- Derivative payable |
-- |
1,899,402 |
|
- Employee benefits obligation |
1,798,949 |
1,363,017 |
|
Total Non-current
Liabilities |
38,650,839 |
131,345,264 |
|
- Minority Interest |
3,126 |
4,095 |
|
Equity |
|
|
|
- Issued and paid up capital |
107,911,000 |
102,225,000 |
|
- Additional paid-in capital |
7,914,000 |
-- |
|
- Difference from restructuring
transactions |
285,965 |
766,811 |
|
- Foreign exchange translation of
subsidiary’s f.s. |
14,216,000 |
13,252,645 |
|
Retained earnings |
113,977,693 |
56,042,000 |
|
Total Equity |
244,304,658 |
172,286,456 |
|
Income Statement |
|
|
|
- Net Sales/revenue |
1,344,321,762 |
801,386,115 |
|
- Cost of goods sold |
(1,026,112,031) |
(650,471,602) |
|
- Gross profit |
308,209,731 |
150,914,513 |
|
- Operating expenses |
(194,650,533) |
(101,015,027) |
|
- Operating income |
113,559,198 |
49,899,486 |
|
- Other (expenses) income |
(9,723,384) |
12,205,764 |
|
- Profit before income tax |
103,835,814 |
62,105,250 |
|
- Income tax expenses |
(31,113,0569) |
(21,053,863) |
|
- Profit before minority interest |
72,722,745 |
41,051,387 |
|
- Minority interest |
1,110 |
(682) |
|
- Net Profit |
72,723,855 |
41,050,705 |
Audited by
Tanudiredja, Wibisana & Rekan, a public accountant (a member of PWC)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.31 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.