MIRA INFORM REPORT
|
Report No. : |
337918 |
|
Report Date : |
25.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FAJAR SURYA WISESA
TBK |
|
|
|
|
Formerly Known As : |
P.T. FAJAR SURYA WISESA |
|
|
|
|
Registered Office : |
Jalan
Abul Muis No. 30, Jakarta Pusat, 10160 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
2014 |
|
|
|
|
Date of Incorporation : |
13.06.1987 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
·
Industrial Paper Making ·
Investment
Holding |
|
|
|
|
No. of Employee : |
2,652 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
Source
: CIA
Identification
details
Name
of Company :
P.T. FAJAR SURYA WISESA TBK
Address :
Head Office
Jalan
Abul Muis No. 30
Jakarta
Pusat, 10160
Indonesia
Phones - (62-21) 3441316 (Hunting)
Fax - (62-21) 3457643
E-mail - contact@fajarpaper.com
Website - http://www.fajarpaper.com
Building Area - 4 storey
Office Space - 1,522 sq. meters
Region - Commercial
Status - Rent
Factory
Kampung
Gardu Sawah RT. 001/1-1
Kalijaya, Cibitung
Cikarang Barat, Bekasi 17520
West
Java
Indonesia
Phones - (62-21) 8900330, 8900331
Fax - (62-21) 8901126
Land Area - 48.5 hectares
Building Area - 25 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a.
13 June 1987 as P.T. FAJAR SURYA WISESA
b.
29 December 1994 as P.T. FAJAR SURYA WISESA Tbk
Legal
Form :
P.T.
Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Company
Reg. No. :
The
Ministry of Law and Human Rights
-
No. C2-1737.HT.01.01.TH.88
Dated 29 February 1988
- No. AHU-43900.AH.01.02.TH.2008
Dated 23 July 2008
-
No. AHU-AH.01.10-19560
Dated 31 May 2012
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
The
Department of Finance
NPWP
No. 01.326.236.5-431.000
The Capital Investment Coordinating
Board
-
No. 425/I/PMDN/1987
Dated 2 October 1987
-
No. 12/III/PMDN/1988
Dated 8 January 1988
- No. 451/III/PMDN/1989
Dated 3 July 1989
- No. 40/II/PMDN/1992
Dated 31 March 1992
- No. 412/III/PMDN/1995
Dated 11 September 1995
The Department of Industry
No.
231/T/Industri/1997
Dated
29 May 1997
The Capital Market Supervisory Agency
- No. S-1927/PM/1994
Dated 29 November 1994
- No. Kep-06/PM/2000
Dated 13 March 2000
Related
Companies :
a.
A Member Company of the DIRGAHAYU Group (see attachment)
b.
A Member Company of the GARAMA Group (see attachment)
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
2,500,000,000,000.-
Issued
Capital :
Rp. 1,238,944,393,500.-
Paid
up Capital :
Rp. 1,238,944,393,500.-
Shareholders/Owners
:
a.
P.T. INTERCIPTA SEMPANA -
Rp. 633,937,500,000.-
b.
P.T. INTRATATA USAHA MANDIRI -
Rp. 219,848,750,000.-
c.
P.T. GARAMA DHANANJAYA -
Rp. 72,156,250,000.-
d.
Publics -
Rp. 313,001,893,500.-
BUSINESS
ACTIVITIES
Lines of Business :
a. Industrial Paper
Making
b. Investment Holding
Production Capacity :
Industrial Papers - 1,200,000 tons
p.a.
Total Investment :
a. Equity Capital - Rp. 1,239.0
billion
b. Loan Capital - None__________
c. Total Investment - Rp. 1,239.0 billion
Started Operation :
1989
Brand Name :
Fajarpaper
Technical Assistance
:
None
Number of Employee :
2,652 persons
Marketing Area :
Local -
40%
Export - 60%
Main Customers :
a. P.T. ANEKA KANRTON
ELOK
b. P.T. GURU INDONESIA
c. P.T. MEKABOX
d. P.T. SINAR RAPI ASRI
e. P.T. WIRA MUSTIKA AGUNG (Distributor)
f. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDAH KIAT PULP & PAPER Tbk
b. P.T. PABRIK KERTAS INDONESIA
c P.T. PELITA CENGKARENG PAPER
d. P.T. PURINUSA EKA PERSADA
e. P.T. SUPARMA Tbk
f. P.T. SURYA KERTAS
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers :
a. JP MORGAN CHASE Bank
Jakarta Branch
Jalan Medan
Merdeka Barat No. 6
Jakarta Pusat
Indonesia
b. P.T. Bank RABO BANK INTERNATIONAL
Jalan Abdul
Muis
Jakarta Pusat
Indonesia
c.
P.T. Bank MANDIRI Tbk
Jalan P. Suroso No. 2-4
Jakarta Pusat
Indonesia
Auditor
:
Osman
Bing Satrio & Rekan (Delotte Touche Tohmatsu)
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales :
2011
– Rp. 4,123.7 billion
2012
– Rp. 3,987.8 billion
2013
– Rp. 4,960.8 billion
2014
– Rp. 5,456.9 billion
Net
Profit (Loss):
2011
– Rp. 132.3 billion
2012
– Rp. 5.3 billion
2013
– (Rp. 249.0 billion)
2014
– Rp. 86.7 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Yustinus Yusuf Kusumah
Directors -
a. Mr. Roy Teguh
b. Mr.
Wimba Wibawa Wanadiardja
c. Mr. Sentot Eko Junianto
d. Mr. Arif Razif
e. Mrs. Vilia Sulistyo
Board of Commissioners :
President Commissioner - Mr. Ir. Airlangga Hartarto,
MMT, MBA
Commissioners - a. Mrs. Lila Notopradono
b. Mr. Tony Tjandra
c. Mr. Winarko Sulistyo
d. Mr. Hadi Rebowo Ongkowidjojo
Signatories :
President
Director (Mr. Yustinus Yusuf Kusumah) or one of the Directors (Mr. Roy Teguh,
Mr. Wimba Wibawa Wanadiardja, Mr. Sentot Eko Junianto, Mr. Arif Razif or Mrs.
Vilia Sulistyo) which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
Originally named P.T. FAJAR SURYA WISESA established in
June 1987 in Jakarta with an authorized capital of Rp. 2,500,000,000 issued
capital of Rp. 1,000,000,000 was fully paid up. The founders and shareholders
of the company are Mr. Winarko Sulistyo AKA Tio Tjhen Hwa and Mrs. Ratna
Notopradono, both are Indonesian business persons of Chinese origin. The
company notarial deed was converted for several times. Its authorized capital
was raised to Rp. 40,000,000,000 and the issued capital to Rp. 25,000,000,000
the wholly paid up. In the meantime Mrs. Ratna Notopradono pulled out and
replaced by Mr. Ir. Airlangga, an indigenous businessman and a son of Mr. Dr.
Hartarto, the former Coordinating Minister for Industry, Trade and
Distribution. In December 1994, P.T. FAJAR SURYA WISESA went public by floating
its 21.17% shares to the public through Indonesia Stock Exchange (IEJ) and its
authorized capital had concurrently increased to Rp. 500,000,000,000 issued
capital to Rp. 222,000,000,000 entirely paid-up and behind the company name,
Tbk was added, became P.T. FAJAR SURYA WISESA Tbk. (P.T. FSWT). In December
1995 the issued capital was increased to Rp. 225,262,617,000 entirely paid up.
In June 2000 the authorized capital was raised to Rp. 2,500,000,000,000 issued
and paid up capital to Rp. 1,238,944,393,500. The notary deed of incorporation
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-19560 dated May 31, 2012. According to financial statement per 31
December 2014 the company’s latest shareholders are P.T. INTERCIPTA SEMPANA
(51.17%), P.T. INTRATATA USAHA MANDIRI (17.75%), P.T. GARAMA DHANANJAYA (5.82%)
and Publics (25.26%).
We observe the majority shareholders namely P.T.
INTERCIPTA SEMPANA, P.T. TATACITA SWADAYA ABADI and P.T. INTRATATA USAHA
MANDIRI are the private national company members of the DIRGAHAYU Group, a
quite big company group which based in
East Java region. The group has presently expanded its business to
Jakarta, West Java and other regions in Indonesia. Meanwhile P.T. GARAMA
DHANANJAYA, a private national company dealing with investment holding and
majority shareholder is held by Mr. Ir. Airlangga Hartarto, MMT, MBA. He also
founder and majority business stakes owners of the GARAMA Group, a medium size
business group in the country.
P.T. FSWT is dealing with industrial paper making by managing
a plant located in Cibitung region, Bekasi, West Java. P.T. FSWT is a leading
packaging paper manufacturer in Indonesia with an installed capacity of
1,000,000 metric tons per year and a range of products which includes
linerboard and corrugated medium paper to create carton box packaging, and
coated duplex board for display packaging. The Company started commercial
operations in 1989 and is presently producing industrial paper, such as sack
kraft, containerboard (liner and corrugating medium) and boxboard, for use in
the packaging of consumer and industrial goods. P.T. FSW’s commercial
operations commenced in 1989, using Paper Machine 2 (PM2) to produce
linerboard. In 1990, Paper Machine 1 (PM1) began producing coated duplex board
and a third paper machine (PM3) began operations in 1995, manufacturing
corrugated medium. In the same year the Company installed its first power plant
(Cogen1) with a capacity of 32.5 megawatts. A fourth paper machine, PM7,
producing containerboard (corrugated medium and linerboard was completed in
2006 and upgraded in 2012. A second power plant (Cogen2) with a capacity of 35
MW was installed. A fifth paper machine (PM5) commended operations in December
2010. The numbering of our paper machines is not sequential, and as of the date
of this annual report, we do not own, or have owned, PM4 and PM6. In addition,
FajarPaper is also connected to the state-owned electricity company grid with
access to capacity of 50 MW that serves as a backup power supply.
The Company’s products are sold to domestic customers and
exported to other Asian countries, Europe and the Middle East. The percentages
of domestic and export sales to net sales in 2010 were 89% and 11%,
respectively.
P.T.
FSWT Products are:
Coated Duplex Board 
Coated duplex board is a paper with a white, glossy-coated,
top layer finish and a grey bottom layer. Coated duplex board is ideal for
light-weight packaging materials that require high quality printing,
particularly effective for pharmaceutical products, shoes, household goods,
processed foods and consumer electronics
Container Boards 
High quality brown packaging paper used for the outer
layers of corrugated sheets. It provides effective protection for contents and
a smooth surface that facilitates high quality printing.
High performance fluting paper used in the construction
of carton boxes. It is made from 100% recycled paper. It superb characteristics
provide good protection during transportation and for use in display stacks.
The combination of Fajar Liner and Fajar Medium ensures excellent runn ability
on corrugator machines.
P.T. FSWT or Fajar Paper is a leading packaging paper
manufacturer in Indonesia with an installed capacity of 1,000,000 metric tons
per year and a range of products which include linerboard and corrugated medium
paper for carton box packaging and coated duplex board for display packaging.
Running with current 5 paper machines, Fajar Paper produces around 1 million
tons of packaging papers per year ranging from Coated Duplex Board, Kraft Liner
Board and Corrugated Medium Paper.
|
Paper Machine |
year build |
Capacity (ton/year) |
Products |
|
PM1 |
1990 |
150.000 |
|
|
PM2 |
1989 |
150.000 |
|
|
PM3 |
1995 |
200.000 |
|
|
PM7 |
2006 |
200.000 |
|
|
|
|||
|
PM5 |
2010 |
300.000 |
|
|
Total |
|
1.000.000 |
|
|
PM7
modification |
2011 |
130.000* |
|
|
|
|||
|
PM2
modification |
2012 |
120.000* |
|
|
Total |
|
1.250.000 |
|
*Expected additional capacity
In investment holding P.T. FSWT controls 100% shares of
FSW INTERNATIONAL FINANCE COMPANY BV, dealing with financing service located at
the Netherlands. But since 01 May 2002, FSW INTERNATIONAL FINANCE COMPANY B.V.,
had been liquidated as provided in commercial registration Chamber of Commerce
and Industry in Roterdam, the Netherlands.
The Company has a production capacity of 1.000,000 tons
per year. Some 40% of P.T. FSWT's products is still marketed locally through distributor
P.T. WIRA MUSTIKA AGUNG and also supplied to various carton box manufacturing
plants among others are P.T. ANEKA KARTON ELOK, P.T. SINAR RAPI ASRI, P.T. GURU
INDONESIA, P.T. MEKABOX, etc., and the rest is exported to Malaysia, the
People’s Republic of China, Australia, Hong Kong, the UK, Thailand, etc., and
the rest is for domestic consumption. The company operation is fully backed by
P.T. SURABAYA AGUNG INDUSTRI KERTAS (P.T. SURYA KERTAS), a paper manufacturer
processing extensive local and overseas marketing network. Besides, some of the
products supplied to P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T. DANONE INDONESIA and
P.T. NESTLE INDONESIA.
FajarPaper generates the majority of sales revenue from
supplying our products to industrial customers, primarily domestic independent
box-making manufacturers and converters. Export earnings from sales in Asia,
the Middle East, and the Indian sub-continent, are denominated in US Dollars, a
source of foreign currency used to match payables in respect of foreign
currency borrowings, and routine expenditures on raw materials and imported
spare parts to maintain production. Indonesia’s fast growing modern retail
segment is one of the largest paper packaging markets in the region and the
Company’s sales are primarily to meet local market needs. P.T. FSW paper is
used in corrugated boxes, folding cartons, and other packaging products. These
are on-sold to consumer goods companies to be used as packaging for protection
and safe delivery of goods, as well as for display packaging in modern retail
environments. Typical sectors include food and beverage, household goods and
personal care, footware, toys, pharmaceuticals, electronics, and stationary.
FSW end-user customers include large corporations and multinational companies
such as: Unilever, Indofood, Nestle, Aqua Danone, Mayora, Wings, Kao, Kalbe
Farma, Samsung, Panasonic, LG, Toshiba, Mattel among many other consumer goods
companies.
P.T. FSWT is classified as a medium sized company of
which the operation had been growing stable up to 1996. P.T. FSWT obtained ISO
9002 certificate from SISIR Singapore for the acknowledgement of quality and
management.
We observe P.T. FSWT is classified as a large sized
company in the country dealing with industrial paper making of which the
operation had been running smoothly in the last five years.
The national pulp and paper industries will be better in
2013 than in 2012. Market estimates of production and sales will be the norm.
Additional capacity will continue price of pulp is still going up although with
a slower rise in pulp price increases triggered by the low stock of pulp due to
the hard efforts of pulp mills to reduce production, to balance the
supply-demand, and the purchase of pulp on a large scale by China also triggered
a rise in pulp prices. Ir. H. M. Mansur, Chairman of the Presidium APKI
(Association of Indonesian Pulp and Paper) said the increased price of paper is
not as big and as fast as the price of pulp, because the factories are not as
intensive as paper pulp mills to reduce production, so that the paper stock in
the world market is still quite great. Indonesia's pulp paper does not seem
necessary to limit and reduce production because production will be absorbed by
the market-domestic and export markets. Global crisis appears to have started
over, things would be normal, production, consumption and prices will rise
again. Indonesia has very good potential to be leader in the global pulp and
paper industry due to its geographical location.
Indonesian Pulp and Paper Production, 2007 – 2013
(Tons)
|
Year |
Pulp Production |
Paper Production |
|
2007 |
5,200,000 |
11,000,000 |
|
2008 |
5,900,000 |
9,7000,000 |
|
2009 |
6,500,000 |
12,200,000 |
|
2010 |
7,900,000 |
12,900,000 |
|
2011 |
7,900,000 |
12,900,000 |
|
2012 |
8,216,000 |
13,416,000 |
|
2013 |
7,900,000 |
14,420,000 |
Sources: APKI (Indonesian Pulp and Paper Association
According to financial report audited by a public
accountant the total sales turnover of P.T. FSWT in 2012 amounted to Rp. 3,987.8
billion with a profit of Rp. 5.3 billion increased to Rp. 4,960.0 billion with
a net loss of Rp. 249.0 billion in 2013 rose to Rp. 5,456.9 billion with a net
profit of Rp. 86.7 billion 2014. The sales turnover will be increasing because
the company’s production capacity has been increased of 20% in 2013. Besides,
some of the machinery printing machine and paper machine 7 (PM7) has been
modification. It is projected that total sales turnover of the company will be
higher by at least 6% in 2015. So far, we did not heard that the company having
been black listed by the Central Bank (Bank Indonesia). Financial statements as
of 31 December 2012, 2013, 2014 are attached.
The management of P.T. FSWT is led by Mr. Yustinus Yusuf
Kusumah (47) a professional manager with experience in paper making industry
and distribution. Yustinus J. Kusumah was appointed as a President Directors in
May 2014. Mr. Kusumah has served on the Board of Directors since 1998. Prior to
this, he served as the Marketing Manager for FajarPaper, 1995-1998. He held the
position as Deputy Head of the Department of Corporate Governance & Public
Listed Company Performance Enhancement in the Indonesia Public Listed Companies
Association, 2005-2008. He graduated in Industrial Engineering from the
University of Miami, and gained a Master’s in the same subject from the Georgia
Institute of Technology. Later, he earned an MBA from the State University of
NewYork, Buffalo. Before joining FajarPaper, he worked with Andersen
Consulting.
The management is backed-up by a team of professional,
skillful and well experienced managers. They have wide relation with private
businessmen at home and abroad as well as with government sectors. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. FAJAR SURYA
WISESA Tbk is sufficiently fairly good for business cooperation.
Attachment 1:
PT. FAJAR SURYA
WISESA Tbk
And It’s
Subsidiaries
FINANCIAL
STATEMENTS\
Per 31 December
2011, 2012, 2013 and 2014
(In Million
Rupiah)
|
DESCRIPTION |
31 December |
|||
|
2014 |
2013 |
2012 |
2011 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
60.996 |
80.306 |
72.871 |
42.218 |
|
-
Note
Receivable |
- |
10.000 |
- |
- |
|
- Trade Receivable |
|
|
|
|
|
* Related Parties
|
- |
- |
- |
81.490 |
|
* Third Parties |
811.094 |
887.117 |
878.622 |
255.114 |
|
- Other Receivable |
6.834 |
166.496 |
2.144 |
1.639 |
|
- Inventories |
829.904 |
649.109 |
636.373 |
668.283 |
|
- Advance Payment |
8.113 |
9.260 |
7.965 |
19.260 |
|
- Prepaid taxes |
48.355 |
51.337 |
76.802 |
66.224 |
|
- Prepaid Expenses |
30.336 |
6.214 |
6.175 |
3.633 |
|
Total Current
Assets |
1.795.623 |
1.859.840 |
1.680.952 |
1.137.863 |
|
b. Non Current Assets |
|
|
|
|
|
- Restricted time Deposits |
12.620 |
12.146 |
9.465 |
- |
|
- Fixed Assets |
3.733.099 |
3.795.093 |
3.860.973 |
3.734.449 |
|
- Intangible Assets
- Net |
14.704 |
19.905 |
22.865 |
- |
|
- Advance Payment
for fixed Assets |
16.595 |
1.064 |
60 |
59.955 |
|
- Guarantee
Deposits |
8.359 |
4.012 |
4.018 |
3.826 |
|
Total Non Current
Assets |
3.785.377 |
3.832.220 |
3.897.382 |
3.798.231 |
|
TOTAL ASSETS = LIABILITIES STOCKHOLDERS’
EQUITY |
5.581.001 |
5.692.060 |
5.578.334 |
4.936.094 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current
Liabilities |
|
|
|
|
|
- Bank Loan |
302.219 |
412.586 |
301.673 |
107.698 |
|
- Trade Accounts
payable to third parties |
1.158.295 |
561.319 |
639.631 |
324.129 |
|
- Other Accounts
payable |
64.583 |
29.256 |
45.047 |
60.383 |
|
- Taxes Payable |
4.018 |
10.913 |
20.393 |
1.797 |
|
- Accrued Expenses |
89.105 |
77.064 |
64.609 |
71.249 |
|
- Derivative Financial
Instrument |
185 |
- |
3.033 |
- |
|
- Current maturities
of long term liabilities |
|
|
|
|
|
* Bank |
220.216 |
214.733 |
1.795.726 |
280.982 |
|
- Obligation under finance lease |
31 |
4.310 |
9.207 |
14.960 |
|
Total Current
Liabilities |
1.838.653 |
1.310.180 |
2.879.319 |
861.199 |
|
b. Non Current
Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities |
337.692 |
297.994 |
378.346 |
372.609 |
|
- Long Term Loans |
|
|
|
|
|
* Derivative
financial instrument |
3.017 |
5.975 |
8.199 |
12.797 |
|
* Banks |
1.668.484 |
2.433.603 |
426.891 |
1.810.796 |
|
* Obligation under
finance lease |
- |
31 |
3.445 |
11.020 |
|
- Post-Employee
Benefits obligation |
88.476 |
86.345 |
75.143 |
65.975 |
|
Total Non Current
Liabilities |
2.097.669 |
2.823.948 |
892.025 |
2.273.197 |
|
Total Liabilities |
3.936.323 |
4.134.128 |
3.771.344 |
3.134.396 |
|
c. Stockholders
Equity |
|
|
|
|
|
- Share Capital |
1.238.944 |
1.238.944 |
1.238.944 |
1.238.944 |
|
- Additional Paid up
Capital |
3.561 |
3.561 |
3.561 |
3.561 |
|
- Retained
Earnings |
402.173 |
315.427 |
564.485 |
559.192 |
|
Total Stockholders’
Equity |
1.644.678 |
1.557.932 |
1.806.990 |
1.801.697 |
|
DECCRIPTION |
|
|
|
|
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – Net |
5.456.936 |
4.960.825 |
3.987.783 |
4.123.728 |
|
b. Cost of Goods Sold |
(4.880.425) |
(4.243.133) |
(3.506.341) |
(3.511.918) |
|
c. Gross Profit |
576.510 |
717.692 |
481.442 |
611.810 |
|
d. Operating Expenses |
(472.706) |
(1.071.570) |
(301.571) |
(180.211) |
|
e. Profit Before Income
Tax |
126.444 |
(329.410) |
11.029 |
182.076 |
|
f. Tax Benefit Expenses |
(39.698) |
80.352 |
(5.737) |
(49.737) |
|
g.
Net Profit (Loss) |
86.746 |
(249.058) |
5.292 |
132.339 |
Notes: 31 December
2011, 2012, 2013 and 2014 audited by Osman Bing Satrio & Rekan (Delooitte)
Attachment 2:
List
of the DIRGAHAYU Group Members
1. BAHANA
BUANABOX, P.T. (Corrugated Carton Box Manufacturing)
2. DIRGAHAYU
MANUFACTURING CO., C.V. (Stationery Manufacturing)
3. GENERAL
MAGNETIC INDONESIA, P.T. (Trading)
4. INTAN
TEGUH SEJATI, P.T. (Investment Holding)
5. INTAN
USTRIX, P.T. (Corrugated Carton Box Manufacturing)
6. INTIRAPI
POLANUSA, P.T. (Investment Holding)
7. FAJAR
SURYA WISESA, P.T. (Industrial Paper Making and Investment Holding)
8. PARDIKA
ANARAWATA, P.T. (Investment Holding)
9. POLARONA
PACIFIC, P.T. (Investment Holding)
10. RAPIPACK
ASRITAMA, P.T. (Corrugated Carton Box Manufacturing)
11. SURYA
KERTAS Tbk, P.T. (Paper Board Packaging Industry)
12. SURYA
MANDIRI BUANA, P.T. (Trading and Distribution of Paper, Pulp, Board and
Stationery Products)
13. TIRTA
BAYU SANGKA, P.T. (Investment Holding)
14. WAHANA
MUSTIKA AGUNG, P.T. (Trading and Distributor of Industrial Paper)
15. Etc.
Attachment 3:
List
of the GARAMA Group Members
1. AYUTHAYA
WISESA, P.T. (Development and Management of Hotel and recreational Centre)
2. BASUNANDA
NUSANTARA, P.T. (Steel Plate Machining)
3. BISMA
NARENDRA, P.T. (Manufacturing of Zinc Coated Steel Sheets, Printed coated Steel
Sheet, Galvanils and Galvan)
4. BUKAKA
KUJANG PRIMA, P.T. (Steel Fabricating and Construction)
5. BUMI
MITRA PRATAMA, P.T. (Development and Management of Office building, Luxury
Apartment and Shop-houses)
6. ESSAR
DHANANJAYA, P.T. (Cold Rolled Steel Coils and Sheet Manufacturing)
7. FAJAR
SURYA WISESA, P.T. (Paper Industry)
8. GARAMA
ADIPRATAMA, P.T. (Investment Holding)
9. GARAMA
DHANANJAYA, P.T. (General Trading and Supplier and Investment Holding)
10. GARAMA
DHANANJAYA PRIMA, P.T. (Investment Holding)
11. GARAMA
INTERTRADE - Singapore (General Trading)
12. GARAMA
PANCAMURNI, P.T. (Investment Holding)
13. GARAMA
PERDANA, P.T. (Trading)
14. GARAMA
PROPERTY, P.T. (Modern Office Building Development and management)
15. GRAHA
CURAH NIAGA, P.T. (General Trading, Export and Import Services of urea
Fertilizers, Cements, Coals, Molasses, etc.)
16. GRESIK
GASES INDONESIA, P.T. (Industrial Gases Manufacturing)
17. GRESIK
POWER INDONESIA, P.T. (Electric Power Development and management)
18. GESLO
LIMITED, P.T. (General Trading and Distribution of Shipping equipment, Heavy
Machinery and Logistics)
19.
INDO BAGNA PRIMA, P.T.
(Electrical Equipment Industry)
20. INDOSPEC
ASIA PETROLEUM BANGADUA, P.T. (Oil & Natural Gas Exploration)
21. INSANI
BINAPERKASA, P.T. (Coal Mining)
22. JAKARTA
PRIMA CRANES, P.T. (Trading and Distribution of Crane)
23. LEAR
CORPORATION INDONESIA, P.T. (Automotive Accessories Manufacturing)
24. LEAR
SEATING INDONESIA, P.T. (Automotive Seating Manufacturing)
25. NONGSIN
SEKAR, P.T. (Instant Noodle Processing)
26. PAN
GARAMA PRIMA, P.T. (Garment Manufacturing)
27. PRIMA
ETHYCOLINDO, P.T. (Ethylene Glycol Industry)
28. SRIJAYA
PLASINDO, P.T. (Multivarious Plastic Weaving)
29. SURYA
NARENDRA, P.T. (Investment Holding)
30. TATUNG
BUDI INDONESIA, P.T. (Electrical Equipment Manufacturing)
31. TATSUMI
GRAHA STAR LINE, P.T. (Tanker Services)
32. TELEN
ECO COAL, P.T. (Coal Mining (Planned) )
33. WUJUD
NAWANGWULAN, P.T. (Garment Manufacturing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.51 |
|
|
1 |
Rs.104.01 |
|
Euro |
1 |
Rs.76.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.