|
Report No. : |
301150 |
|
Report Date : |
07.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDO-RAMA SYNTHETICS TBK |
|
|
|
|
Registered Office : |
Jalan Gajah Mada No. 197-198 Desa Kembang Kuning, Ubrug
Jatiluhur,
Purwakarta 41101 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.04.1974 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-01259 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
7,354 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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, 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 |
P.T. INDO-RAMA SYNTHETICS Tbk
Head Office and Factory I (Polyester
and Spun Yarns Division)
Jalan Gajah Mada No. 197-198
Desa Kembang Kuning, Ubrug
Jatiluhur,
Purwakarta 41101
West
Java
Indonesia
Phones -
(62-264) 200235, 200845, 202311
Fax - (62-264) 201431
Land Area - 18.5 hectares
Building Area - 15,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory II (Fabric Division)
Jalan
Raya Batujajar Km. 5.5
Batujajar,
Bandung, 40561
West
Java
Indonesia
Phones -
(62-22) 6866610 - 12
Fax - (62-22) 6865395, 6865317
Land Area - 30,000 sq.
meters
Building Area - 25,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory III (Spun Yarns Division)
Jalan
Raya Subang Km. 6
Cikumpay,
Campaka
Purwakarta,
41181
West
Java
Indonesia
Phones -
(62-264) 210213, 210520
Fax - (62-264) 210514
Land Area - 400,000 sq.
meters
Building Area - 25,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Corporate Office
Graha Irama, 17th
Floor
Jalan H.R. Rasuna
Said X-1 Kav. 1 & 2
Jakarta Selatan,
12950
Indonesia
Phones -
(62-21) 5261555 (Hunting)
Fax -
(62-21) 5261501, 5261502
E-mail - corporate@indorama.com
Website -
http://www.indorama.com
Building Area - 26 storey
Office Space -
2,500 sq. meters
Region -
Commercial
Status -
Owned
Date of Incorporation
:
a. 3 April 1974 as
P.T. INDO-RAMA SYNTHETICS
b. 2 July 1997 as
P.T. INDO-RAMA SYNTHETICS Tbk
Legal Form :
P.T. Tbk (Perseroan
Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. Y.A.5/2/14
Dated 3 January 1975
- No. AHU-17302.AH.01.02.TH.2008
Dated 8 April 2008
- No. AHU-AH.01.10-16680
Dated 2 October 2009
- No. AHU-36314.AH.01.02.TH.2011
Dated 20 July 2011
- No. AHU-AH.01.10-01259
Dated 10 January 2014
Company Status :
Foreign Investment
(PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No.
01.001.680.6-054.000
The President of the Republic of Indonesia
No. B-22/Pres/2/1974
Dated 21 February
1974
The Capital Investment Coordinating Board
- No. 13/II/PMA/1981
Dated 14 May 1981
- No. 21/II/PMA/1987
Dated 22 April 1987
-
No. 34/II/PMA/1987
Dated 20 June 1987
-
No. 130/II/PMA/1993
Dated 12 November 2003
-
No. 715/III/PMA/2003
Dated 30 June 2003
Related
Company :
A
Member Company of the INDORAMA Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
244,849,324.-
Issued
Capital :
US$ 160,217,573.-
Paid
up Capital :
US$ 160,217,753.-
Shareholders/Owners
:
a. P.T. IRAMA INVESTAMA of Indonesia - US$ 78,507,263.-
b. HSBC FUNDS SERVICES CLIENTS - US$ 13,106,540.-
c. INDORAMA HOLDINGS (I) PTE, LTD.,
Singapore - US$ 3,204,273.-
d. Publics (Foreign and Domestic) - US$
65,399,497.-
Lines
of Business :
a.
Integrated textile Industry
b.
Coal Fired Power Plant Development
c.
Investment Holding
Production
Capacity :
Ubrug
Factory
a. Polyester Cotton & Rayon Yarns
(92,000 unit
spindels) - 22,000 tons p.a.
b. Polyester Staple Fibre Chip
and Filament
Yams - 64,000 tons p.a.
c. Grey Fabrics -
12,000,000 mtrs p.a.
d. Nitrogen Gas - 5,616,000 cu.meter p.a.
e. PET Resins - 78,840 tons p.a.
f. Polyester and
Spun Yarn - 84,000 tons p.a.
g. Woven Yarns -
26,560 tons p.a.
h. Dyeing Yarns - 6,000 tons p.a.
i. Spinning Yarns - 4,250 tons p.a.
j. Finished
Fabrics -
52,056,000 meters p.a.
k. Special Yarns - 7,800 tons p.a.
l. Power Plant - 2 x 30 MW
Campaka Factory
a.
Spun Yarns (P/C/R/AC) - 26,100 tons p.a.
b.
Polyester Staple Fibre - 10,800 tons p.a.
c.
Polyester Filaments - 36,100 tons p.a.
Bandung Factory
a. Yarns - 8,160 tons p.a
b. Grey Fabrics
-
40,000,000 meters p.a.
c. Textile Fabrics -
39,556,000 meters p.a.
Total
Investment :
a.
Equity Capital -
US$ 160.2 million
b.
Reinvested Profit -
US$ 54.1 million
c.
Loan Capital -
US$ 617.7 million
d.
Total Investment -
US$ 831.9 million
Started
Operation :
1976
Brand
Name :
Indo-Rama
Synthetics
Technical
Assistance :
None
Number
of Employee :
7,354
persons
Marketing
Area :
Local - 65%
Export - 35%
Main
Customers :
a.
Industrial Textiles
b.
Buyers in Singapore, Japan, Australia, Europe Union, the USA, Middle East etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ASIA PACIFIC FIBERS Tbk
b.
P.T. INDONESIA TORAY SYNTHETICS
c.
P.T. INDORAMA POLYSTER INDUSTRY INDONESIA
d.
P.T. INDORAMA VENTURE INDONESIA
e.
P.T. TEIJIN INDONESIA FIBER Tbk
Business
Trend :
Fluctuating
B a n k e r s :
a.
P.T. Bank PAN INDONESIA Tbk
Jalan Jend. Sudirman
Kav. 55
Jakarta Selatan
Indonesia
b.
P.T. Bank INTERNATIONAL INDONESIA Tbk
Plaza BII, Jalan M.H.
Thamrin No. 55
Jakarta Pusat
Indonesia
c. BANGKOK Bank
Jalam M.H. Thamrin No. 3
Jakarta Pusat
Indonesia
d.
AMERICAN EXPRESS Bank
Jalan H.R. Rasuna Said
Kav. X-5
Jakarta
Selatan
Indonesia
Auditor :
Osman Ramli Satrio & Eny
Litigation
:
No
litigation record in our database
Annual
Sales :
2011
– US$ 780.5 million
2012
– US$ 745.0 million
2013
– US$ 758.4 million
2014
– US$ 537.2 million (as per 30 September)
Net
Profit :
2011
– US$ 10.3 million
2012
– US$ 4.8 million
2013
– US$ 4.1 million
2014
– US$ 3.3 million (as per 30 September)
Payment
Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President Director - Mr. Vishnu Swaroop Baldwa
Director -
Mr. Anupam Agrawal
Board
of Commissioner :
President Commissioner - Mr. Sri Prakash Lohia
Vice President Commissioner - a. Mrs. Seema Lohia
b. Mr. Amit Lohia
Commissioners - a. Mr. Humphrey R. Djemat, SH
b. Mr. Ir. Imam Sucipto Umar
Signatories :
President Director (Mr. Vishnu Swaroop Baldwa) or
one of the Directors (Mr. Anupam Agrawal) which must be approved by Board of
Commissioners
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
P.T. INDO-RAMA SYNTHETICS Tbk or abbreviated with trading
style (P.T. INDR) was established in April 1974 in Purwakarta (West Java) with
an authorized capital of US$ 2,000,000 and an issued capital of US$ 400,000 of
which US$ 40,000 was paid up. The founders and original shareholders of the
company were Mr. Lekhoomal Pahoomal Tolani (an Indonesian businessman of Indian
descent), Mr. Budiantoro Hartono (an indigenous businessman) and RAMATEX Ltd.
of Hong Kong. In 1988 the two local partners withdrew and were replaced by P.T.
IRAMA UNGGUL, a national private company. In early 1990 the original foreign
partner pulled out and was replaced by BROOKGRANGE INTERNATIONAL FINANCE Ltd.
of the United Kingdom. In June 1990 P.T. INDR went public selling 23% of its
shares on the Indonesian Stock Exchange (IEJ). In July 1997, the company’s
authorized capital was increased to US$ 244,849,324 with the issued and paid up
capital amounting to US$ 160,217,573 and concurently behind its name the words
Tbk (listed company) is added to comply with regulation.
In June 2003, one of sister companies of P.T. INDR namely
P.T. INDORAMA TECHNOLOGIES merged into P.T. INDO-RAMA SYNTHETICS Tbk (surviving
company). According to financial statement as per 31 December 2013 the latest composition of its shareholders has been changed to become P.T.
IRAMA INVESTAMA (49.00%), HSBC Fund Services Clients (8.18%), INDORAMA HOLDINGS
(I) PTE, LTD., Singapore (2.00%) and Public (Domestic & Foreign) of
(40.82%). Then
according to the latest revision of notary deed Mrs. Novita Puspitarani, SH.,
no. 1 dated 2 January 2014 the company board of director and the board of
commissioner had been restructured. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-01259
dated January 10, 2014. We note that P.T.
INDO-RAMA SYSNTHETICS Tbk is a member of the INDORAMA Group based in India with
its business network extending to South Asia, Asean and Europe.
P.T. INDO-RAMA SYNTHETICS Tbk or INDR operates under
Foreign Invesment (PMA) facilities issued by Capital Investment Coordinating
Board (BKPM) to deal with integrated spinning industry with its mill located on
an 18.5 hectare landsite in Purwakarta. The corporate head office is located in
Jakarta, where central functions are performed, such as procurement, logistics,
finance, and marketing. The Company commenced production in 1976 with a cotton
spinning mill in Purwakarta which steadily diversified and expanded its
spinning business and added manufacturing of Polyester Filament Yarns,
Polyester Staple Fibers, PET Resin, Polyester Chips, and Polyester Filament
Fabrics production for global markets, with plants located in West Java (in
Purwakarta, Campaka and Bandung), Indonesia and in Uzbekistan (of its
subsidiary). The Company has been listed on the Indonesia Stock Exchange since
1990.
Initially, the company just managed two plant located in
Kembang Kuning Village, Ubrug, Jatiluhur, Purwakarta, West Java on a land of
18.5 hectares and at Jalan Raya Batujajar Km. 5.5, Batujajar, Bandung, West
Java. However, since the end 2003 by the merging of its sister company P.T.
INDORAMA TECHNOLOGIES, the company has managed three plants in which one of
which is located at Jalan Raya Subang Km. 6, Cikumpay, Campaka, Purwakarta,
West Java. The three plants has been expanded several times to icnrease their
annual production capacities. P.T. Indo-Rama Synthetics Tbk (INDR) is engaged mainly in
the manufacturing of spun and blended yarns, polyester filament yarns
(including microfilament yarns), polyester staple fibre, pet resin, textile
grade chips and polyester fabrics (grey and finished), acquiring certain
investments and generation of power for captive use.
The above plants has absorbed an investment of US$ 634.6
million coming from owned capital of US$ 32.8 million, reinvested profit of US$
54.1 million and the rest from loans.
Indorama
Synthetics is the maiden company of Indorama, which commenced commercial operations
in 1976. It is one of the largest producers of polyester in Indonesia with a
total manufacturing capacity of 280,000 tons per annum. The Company is listed
on the Indonesia Stock Exchange. Indorama Synthetics is one of Indonesia’s
largest exporters and has been a regular winner of the prestigious Primaniyarta
award for its export performance. The company’s business is all about
delivering superior quality, consistency and reliability with the right service
every time. Indorama Synthetics is involved in the following activities:
·
Polyester
The polyester division accounts for
over 60 percent of the company's revenue. Currently the company has capacity of
65,000 ton of PSF, 100,000 ton of PFY, and 115,000 ton of various grades of
chips.
·
Spun Yarns
The division accounts for over 20
percent of the company's revenue. With capacity of 220,000 spindles and over 50
percent of its output being exported, the company is one of the largest
exporters of spun yarn in Indonesia.
·
Fabrics
The company's currently installed
capacity is 24 million meters per annum of grey fabrics and 42 million meters
per annum of dyed and PFD fabrics.
·
Power Plant
In 2006, Indorama Synthetics set up a
60 MW coal based power plant (2 x 30 MW) to address its power requirements at
its large complex in Purwakarta, Indonesia. Indorama Synthetics has
consistently operated at high level of capacity utilisation, surpassing its
peers both in Asia and globally. Indorama exports its products to over 90
countries covering all the five major continents across the globe. The
facilities and infrastructure at its Purwakarta complex are unparalleled. The
company has also built Rama International School in Purwakarta for children of
its employees and from neighboring companies.
The
corporate head office is located in Jakarta, where central functions are
performed, such as procurement, logistics, finance, and marketing. The
Company’s principal raw materials are PTA, MEG, Cotton, Rayon and Acrylic,
which are sourced from global leaders. PTA and Rayon is principally sourced
domestically with the remaining materials being imported. There is no
constraint on availability of raw materials. The Company achieved its key
targets set for 2012 despite the global uncertainty. The Company’s strong long
term relationships with a large group of banks and financial institutions
ensured availability of capital and its wide network of customers around the
globe allowed it market its products to ensure smooth operations. The Company
focused on operational excellence, market expansion, product development and
cost reduction measures. There has not been any material impediment affecting
the Company’s business.
The
company exports some 65% to premium customers in North America, Europe, South
America, Asia, Australia and the Middle East. A continuous process of
reinvestment and productivity enhancement programs had made Indorama Synthetics
into one of the most competitive producers of polyester worldwide.
Besides, P.T. INDR controls 42% shares of P.T. INDORAMA
PETROCHEMICALS engaged in purified terephthalic acid (PTA) industry; 100%
shares of ISIN INTERNATIONAL PTE. LTD., based in Singapore dealing with
trading; 100% shares of INDORAMA INDUSTRY PTE. LTD., based in Singapore dealing
with investment; and 76.00% shares of JV INDORAMA KOKAND TEXTILE LLC.,
Uzbekistant dealing with spun yarns manufacturing and 99.99% share of P.T.
INDORAMA TRADE AND DEVELOPMENT SERVICES dealing with office and scholl building
management. P.T. INDORAMA TRADE AND DEVELOPMENT SERVICES is engaged in the development
and management of office and school building domiciled in Purwakarta, was
established in 2012, and it is still in development stage.
P.T.
INDR continues to focus on specialty products and services. Its products are
exported to over 75 countries all over the globe and with such a large
diversified market base, the Company is confident to market its output from
existing plant as well as expansions. The Company’s principal products –
Polyesters and Spun Yarns are on a consistent growth path. Global Polyester
fiber demand grew by 7.5 % in 2012 and is projected to continue to increase at
an annual average rate of 7.5 % over the next five years, far ahead of global
GDP growth rates which aptly classifies this industry as a “growing industry”.
The Company will continue to add production capacities at suitable
opportunities in order to match the growing demand of Company’s products.
The
2013 outlook looks positive given the overall improvement in the North American
markets and also in the European continent (despite the issue in Cyprus). The
Company has implemented Good Corporate Governance principles with the
appointment of Independent Commissioners, the Audit Committee and the Corporate
Secretary. The Company has set up strong internal control systems and
procedures to ensure that Company policies are complied with. The company has a
team of professional managers to manage the various risks of the business in
which the Company operates. P.T. INDR is classified
as a large size company in the country dealing with textile industry of which
the operation has been running smoothly in the last three years.
Polyester
fiber is the most used synthetic fiber worldwide, with a market share of about
72%. In fact, not only is its production cost reasonably low, but it is also
successfully used in many industrial and textile applications, as well as in
the automotive industry. For many years, the world market for polyester fiber
has enjoyed sustained annual growth rates of 7–9%. However, since mid-2008,
consumption has significantly slowed, mainly as a consequence of the global
economic recession. In 2008, world consumption of polyester fiber was about
1.8% less than in 2007. However, in 2009, world consumption recovered and was
back to the 2007 level again, mainly as a result of Chinese consumption growth.
In Europe, North America and Japan in 2008 and 2009, the market decreased by
more than 15% annually; however, during the same period, consumption in China
increased at a rate of over 4% per year. In the rest of the world, consumption
decreases have mostly occurred, although of variable extent from region to
region.
Year
2013 was a very challenging for the trade and business in general and for
Polyester sector in particular where it undergone very turbulent period. The
Global economic slowdown had an impending and prolonged impact on the demand
that has been further exacerbated by the excessive supply due to over capacity
of PTA, Polyester Fiber and Filament yarn in Asia, mainly led by China. This
has triggered a global down-cycle in the polyester chain, which has been
lasting for an abnormally longer period and where many of the Asian and Global
manufacturers suffered considerably. The product spreads across the polyester
value chain continued to remain depressed due to stiff competition and the
softening trend in cotton and Rayon prices during the year.
Polyester
and Raw material chain apparently reflect the current uncertainty and slow down
of the global economy and the overall growth of polyester production has slowed
down in the past two years 2012 and 2013. With the effective capacity of about
17 million tons added in the last two years, PTA operating dropped to 76% in
2013 from 90.2% and likely to fall below 74% in 2014 with rationalization of
the regional capacities. Polyester polymer production reaching 61.68 million
tons, a growth of 3.2 million tons or 5.5% in the year 2013, marginally
improved from4.6% in 2012 as the global economy recovered in the second half of
2013. Longer-term growth rates are trending better with over 6% look impressive
compared with other major petrochemical related business sectors.
Global
economy is expected to grow by 3.7% in 2014 and 3.9% in 2015, primarily due to
recovery in advanced economies and the emerging economies to expand by 5.10%
and 5.4% respectively. Indonesian economy is projected to grow moderately at
5.3% - 5.5% in 2014 and 2015 and the growth will be primarily driven by strong
domestic consumptions and modest increase in exports to its major trading
partners. The Indonesian rupiah (IDR) is likely to remain under pressure in
early 2014 amid uncertainty over the election results and U.S. Fed tapering.
Domestic environment for manufacturing sectors expect to pass through a tough
phase with the proposed hike in energy and manpower costs. Both Gas prices and
Electricity tariff are slated for a significant increase in 2014 putting
pressure on cost competitiveness of the domestic manufacturers.
Industry is taking
up the matter with the ministry for phasing out the hike over a period of time
instead at one go. With regard to polyester upstream sector, with the
additional capacity of Fiber and Filament yarn going on stream, domestic market
is expected to face a stiff price competition for commodity products. However,
the Company with its strong customer base and with a diversified product mix is
firmly placed to remain competitive and maintain its leadership position. The
delay in finding a solution to its long pending secured debt restructuring
continues to remain a setback to carry out its growth plans. To expedite the
process, the Company has recently submitted an updated restructuring plan with
alternate option to its secured creditors that are under active consideration.
Post restructure, the Company will have a sound and healthy financial base with
its debts brought down to sustainable levels. This would in turn enable the
company to raise finance from market to meet its short and long terms
investments to fund its growth plans. All of these efforts will improve the
performance of the Company significantly, and to reposition it to the forefront
of the polyester industry and retain its strategic and leadership position.
National Polyester Production, 2007 – 2012
|
Year |
Polyester Staple Fiber (PSF) |
Polyester Filament Yarns (PFY) |
Nylon Yarns (NY) |
|
2007 2008 2009 2010 2011 2012 |
497715 500,670 505,674 515,680 529,700 556,000 |
715,000 670,000 674,000 680,000 700,000 725,000 |
16,360 17,443 18,556 19,740 21,000 32,000 |
According to
the financial statement of P.T. INDR audited by a public accountant, total
sales turnover of the company in 2010 amounted US$ 616.9 million with a net
profit of US$ 25.9 million increased to US$ 780.5 million with a net profit of
US$ 10.3 million in 2011 decreased to US$ 745.0 million with a net profit of
US$ 4.8 million in 2012 increased to US$ 758.4 million with a net profit of US$
4.1 million in 2013.
As per 30
September 2014 the sales has reached at least US$ 537.2 million with a net
profit of at least US$ 3.3 million. It is projected the sales turnover will be
higher by at least 5% in 2015. The payment habit of 1 to 3 months is running
smoothly. The company has never been black listed by Central Bank (Bank Indonesia)
and registered at the count for determines cases. We observe that P.T. INDR is
supported by the INDORAMA Group, a developing business group with has
financially strong and sound behind it. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia). The
financial statement as per 31 December 2010, 2012, 2013 and as per 30 September
2014 is shown.
The
management of P.T. INDR is led by Mr. Vishnu Swaroop Badlwa (56) a professional
manager with experienced in integrated textile mills. Mr. Vishnu Swaroop Baldwa
serves as President Director of PT Indo-Rama Synthetics Tbk since December 20,
2013. He was Company's Corporate Secretary from 1996 to 2008, and Chief
Financial Officer from 2008 to December 20, 2013. He is an honorary graduate in
Commerce and is a qualified Chartered Accountant and Company Secretary. He has
more than 28 years of experience in corporate finance, legal and commercial
functions in various companies in Malaysia, India and Indonesia.
In
his daily activities, he is assisted by Mr. Anupam Aggarwal (59) as director.
However the prime mover is Mr. Sri Prakash Lohia (63), an Indian businessman
with broad experienced in the above business. Mr. S. P. Lohia has a Bachelor of
Commerce degree from the University of Delhi in 1971. He founded P.T. Indorama
Synthetics along with his father, Mr. M.L. Lohia, in 1976. He has 36 years of
experience in the industry and sits on the boards of various companies of the
Indorama Group. P.T. INDO-RAMA SYNTHETICS Tbk is sufficiently fairly good for
business transaction.
PT. INDO-RAMA
SYNTHETICS Tbk
FINANCIAL
STATEMENTS
Per 31 December
2011, 2012, 2013 and as per 30 September 2014
(In US
Dollar)
|
DESCRIPTION |
30 September
2014 |
31 December |
||
|
2013 |
2012 |
2011 |
||
|
A. ASSETS |
|
|
|
|
|
a.
Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
11,067,552 |
18,555,547 |
17,035,748 |
6,293,834 |
|
- Other financial assets |
44,758,420 |
45,453,837 |
44,847,140 |
61,277,902 |
|
- Trade account
receivable |
|
|
|
|
|
* Third parties |
72,906,827 |
93,179,256 |
90,104,647 |
82,814,483 |
|
* Related parties |
1,885,146 |
1,610,075 |
3,804 |
868,944 |
|
- Other account
receivable |
968,334 |
3,274,617 |
1,247,081 |
5,210,361 |
|
- Inventories |
126,942,654 |
119,595,789 |
111,737,028 |
104,637,692 |
|
- Purchase advances |
6,511,952 |
4,758,289 |
3,267,251 |
9,031,001 |
|
- Prepaid taxes |
26,640,348 |
31,860,904 |
14,527,709 |
8,885,879 |
|
- Prepaid expenses |
1,782,095 |
1,199,669 |
1,628,514 |
1,229,629 |
|
- Derivative assets |
- |
- |
- |
- |
|
Total Current Assets |
293,463,328 |
319,487,983 |
284,398,922 |
280,267,725 |
|
b. Non Current Assets |
|
|
|
|
|
- Investments in
associates |
34,239,375 |
32,258,609 |
43,914,347 |
46,334,878 |
|
- Other financial assets |
547,078 |
253,275 |
448,096 |
193,467 |
|
- Fixed Assets - net |
409,892,852 |
375,944,047 |
349,886,822 |
342,928,068 |
|
- Advance for Assets
Purchase |
8,234,989 |
5,117,824 |
6,311,660 |
1,810,440 |
|
- Guarantee deposits |
1,963,149 |
1,859,147 |
1,953,312 |
2,056,642 |
|
Total Non-current Assets |
454,877,443 |
415,432,902 |
402,514,237 |
393,323,495 |
|
TOTAL ASSETS |
748,340,771 |
734,920,885 |
686,913,159 |
673,591,220 |
|
B. Liabilities &
Stockholder’s Equity |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Trade account payable |
|
|
|
|
|
* Related parties |
5,398,666 |
13,113,604 |
5,609,152 |
2,053,202 |
|
* Third parties |
229,648,757 |
244,676,147 |
227,654,207 |
234,747,751 |
|
- Other account payable |
|
|
|
|
|
* Third parties |
2,108,981 |
2,546,621 |
4,308,446 |
5,648,433 |
|
* Related parties |
- |
- |
28,794 |
23,069 |
|
- Tax payable |
564,059 |
604,242 |
501,477 |
381,590 |
|
- Accrued expenses |
7,955,906 |
6,571,792 |
5,975,260 |
6,682,939 |
|
- Current maturities of
long-term |
|
|
|
|
|
* Bank loans |
3,458,527 |
240,000 |
257,000 |
240,400 |
|
* Finance leases |
13,759,777 |
7,990,674 |
8,557,493 |
2,718,002 |
|
- Derivative liabilities |
1,225,591 |
2,481,230 |
581,763 |
1,192,661 |
|
Total Current Liabilities |
274,830,422 |
285,974,050 |
253,473,592 |
253,688,047 |
|
b. Non Current
Liabilities |
|
|
|
|
|
- Long term liabilities |
|
|
|
|
|
- Deferred Revenue |
1,402,737 |
1,465,236 |
1,548,567 |
1,631,898 |
|
* Bank loans |
126,323,894 |
103,980,401 |
84,371,942 |
84,362,930 |
|
* Finance leases |
4,376,646 |
6,288,511 |
14,217,508 |
4,056,524 |
|
- Deferred tax
liabilities |
29,042,574 |
29,398,101 |
30,883,571 |
32,670,844 |
|
- Post employment
benefits |
10,000,126 |
7,970,560 |
8,419,784 |
5,815,097 |
|
- Long term derivative
liabilities |
1,259,218 |
2,052,731 |
295,118 |
147,014 |
|
- Other payables |
- |
- |
- |
- |
|
Total Non Current Liabilities |
172,405,195 |
151,155,540 |
139,736,490 |
128,684,307 |
|
c. Stockholder’s Equity |
|
|
|
|
|
- Paid up capital |
160,217,573 |
160,217,573 |
160,217,573 |
160,217,573 |
|
- Additional paid-in
capital |
916,682 |
916,682 |
916,682 |
916,682 |
|
- Retained earnings |
|
|
|
|
|
* Appropriated |
15,475 |
14,475 |
13,475 |
12,475 |
|
* Un appropriated |
122,286,789 |
122,194,426 |
121,433,260 |
122,331,909 |
|
- Other component equity |
13,572,459 |
11,199,615 |
8,746,668 |
4,418,000 |
|
- Non controlling
interest |
4,477,421 |
3,629,769 |
2,803,975 |
3,348,002 |
|
Total equity |
301,105,154 |
297,791,295 |
293,703,077 |
291,218,866 |
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – Net
|
537,255,248 |
758,439,121 |
745,017,744 |
780,555,374 |
|
b. Cost of good sales |
(483,587,006) |
(694,428,420) |
(695,227,997) |
(740,970,549) |
|
c. Gross profit |
53,668,242 |
64,010,701 |
49,791,747 |
39,584,826 |
|
d. Income before tax |
3,127,469 |
4,121,542 |
3,644,873 |
9,838,940 |
|
e. Tax expense-net |
(2,186,502) |
(2,486,430) |
(2,681,696) |
(2,064,033) |
|
f. Other comprehensive income |
2,372,844 |
2,452,947 |
4,328,668 |
2,579,062 |
|
g. Total Comprehensive Income |
3,313,811 |
4,088,059 |
4,761,869 |
10,353,969 |
Notes: 31 December
2011, 2012 and 2013 Audited by Oesman Bing Satrio & Eny
30 September 2014 un audited
List of the INDORAMA Group Members
1.
ASHOK
TEXTILE Industries, Ltd., Nepal (Textile Industry)
2.
AUTUM
INVESTMENT Ltd., Hong Kong (Holding Company)
3.
BANGADUA
PETROLEUM, P.T. (Oil & Natural Gas Exploration)
4.
BROOKGRANGE
INTERNATIONAL FINANCE LTD., The U.K. (Financing Service)
5.
INDOMULIA
MITRAJAYA, P.T. (Shrimp Culture)
6. INDORAMA CHEMICALS
(Thailand) Ltd., Thailand (Chemicals Manufacturing)
7. INDORAMA NETHERLANDS
BV., (Investment Holding)
8. INDORAMA NETHERLANDS
COOPERATIEF U.A. (Investment Holding)
9. INDORAMA
PETROCHEMICALS, P.T. (Purified Terephthalic Acid Manufaccturing)
10. INDORAMA POLYCHEM
INDONESIA, P.T. (Polymerization Resin Industry)
11. INDORAMA POLYESTER
INDUSTRIES INDONESIA, P.T. (Polyester Filament Yarn Industry)
12. INDORAMA PROJECTS AND
SERVICES Ltd., India (Consulting and Investment Holding)
13. INDORAMA SYNTHETICS
(India) Ltd., India (Chemicals Manufacturing)
14. INDORAMA SYNTHETICS
Tbk, P.T. (Spinning Mills and Investment Holding)
15. INDORAMA TRADE AND
DEVELOPMENT SERVICES, P.T. (General Trading)
16. INDORAMA VENTURES
INDONESIA, P.T. (Polyester Filament Yarn and Polyester Resin Industry)
17. INDORAMA VENTURES
PUBLIC LISTED LTD,. Thailand (Polyester Filament Yarn Industry)
19.
IRAMA
DINAMIKA LATEX, P.T. (Latex Goods Manufacturing)
20.
IRAMA
UNGGUL, P.T. (Trading and Investment Holding)
21.
JAKARTA
MAJU PUSAKA, P.T. (Trading and Suppliers)
22.
KARYA
MITRA INDORAMA, P.T. (Health Clinic Services in Purwakarta)
23.
LOHIA
INDUSTRIES PVT.,LTD., India (Investment Holding)
24.
MEDISAFE
TECHNOLOGIES, P.T. (Latex Glove Manufacturing)
25.
MITRABANGUN
GRIYA, P.T. (Office Block Rental Management)
26.
RAMATEX
Ltd., (Hong Kong), (Investment Holding)
27.
SK
WAHANA INTERNATIONAL, P.T. (Textile Industry)
28.
THONBURI
LACE Co. ,Ltd., Thailand (Investment Holding)
29.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.39 |
|
|
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.75.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.