|
Report No. : |
333545 |
|
Report Date : |
27.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SORINI AGRO ASIA
CORPORINDO Tbk |
|
|
|
|
Registered Office : |
Jalan
Raya Surabaya – Malang Km. 43, Gempol, Beji, Pasuruan, 67155, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.05.2014 |
|
|
|
|
Date of Incorporation : |
05.06.2007 |
|
|
|
|
Com. Reg. No.: |
AHU-08915.AH.01.02.TH.2013 |
|
|
|
|
Legal Form : |
Publicly Listed
Company |
|
|
|
|
Line of Business : |
· Industrial Chemical Processing · Investment Holding (Note: We tried to confirm obtain the details activity but the same is not available from any source.) |
|
|
|
|
No. of Employees : |
775 |
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 – 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 |
Name
of Company :
P.T. SORINI AGRO ASIA CORPORINDO Tbk
A
d d r e s s :
Head
Office & Sweetener Factory
Jalan
Raya Surabaya – Malang Km. 43
Gempol,
Beji
Pasuruan,
67155
East
Java
Indonesia
Phones -
(62-343) 631 776 (Hunting)
Fax - (62-343) 631 779
E-mail - info@sorini.co.id
Website - http://www.sorini.co.id
Land Area - 48,664 sq.
meters
Building Space - 38,000 sq. meters
Region - Industrial
Zone
Status - Owned
Representative
Office
Wisma
46 – Kota BNI 24th Floor
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat, 10220
Indonesia
Phones -
(62-21) 2924 0100 (Hunting)
Fax - (62-21) 2924 0127
Building Area - 32storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Ponorogo
Starch Factory
Desa
Tajug, Kecamatan Siman
Ponorogo,
63471
East
Java
Indonesia
Phones -
(62-352) 461 600 (Hunting)
Fax - (62-352) 461 533
Land Area - 20,500 sq.
meters
Building Space - 13,000 sq. meters
Region - Industrial
Zone
Status - Owned
Lampung Way Bungur
Starch Factory
Jalan Lintas Timur
Lampung
Desa Tambah Subur
Way Bungur, Lampung
Timur
Lampung, 34192
Lampung Province
Indonesia
Phones -
(62-725) 752 3002 (Hunting)
Fax
- (62-725) 752 3011
Land Area -
35,000 sq. meters
Building Space - 18,000 sq. meters
Region -
Industrial Zone
Status -
Owned
Lampung Unit II
Starch Factory
Desa Banjar Dewa,
Banjar Agung
Tulang Bawang, 34595
Lampung Province
Indonesia
Phone -
(62-726) 757 4004
Fax
- (62-726) 757 4004
Land Area -
35,000 sq. meters
Building Space - 15,000 sq. meters
Region -
Industrial Zone
Status -
Owned
Date of Incorporation :
a. 7 February 1983 as P.T. SORBITOL INTI MURNI
CORPORATION
b. 20 March 1997 as P.T. SORBITOL INTI MURNI
CORPORATION Tbk
c. 5 June 2007 as P.T. SORINI AGRO ASIA
CORPORINDO Tbk
Legal Form :
P.T. Tbk (Perseroan
Terbatas Terbuka) or Publicly Listed Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. C2-6815.HT.01.01.TH.1985
Dated 25 October 1985
- No. AHU-AH.01.10-11850
Dated 14 May 2010
- No. AHU-AH.01.10-23421
Dated 27 June 2012
- No. AHU-08915.AH.01.02.TH.2013
Dated 26 February 2013
Company Status :
National Private and
Domestic Investment (PMDN) Company
Permit
by the Government Department :
The
Department of Finance
NPWP
No. 01.083.286.3-052.000
The
Capital Investment Coordinating Board
- No. 263/I/PMDN/1983
Dated
16 December 1983
- No. 152/III/PMDN/1986
Dated 16 April 1986
- No. 227/III/PMDN/1987
Dated 06 May 1987
- No. 89/II/PMDN/1988
Dated 05 May 1988
- No. 525/II.A/PMDN/1992
Dated 04 June 1990
- No. 38/II/PMDN/1992
Dated 21 March 1992
- No. 544/III/PMDN/1992
Dated 22 June 1992
- No. 943/III/PMDN/1992
Dated 18 December 1992
- No. 327/II/PMDN/1994
Dated 07 November 1994
- No. 154/III/PMDN/1995
Dated 6 April 1995
- No. 559/III/PMDN/1995
Dated 11 December 1995
- No. 38/II/PMDN/2001
Dated 2 July 2001
- No. 4/1/IU/IV/PMDN/Industri/2012
Dated 31 May 2012
The
Department of Industry
No.
167/T/Industri/1992
Dated
04 June 1992
The
Indonesian Financial Authority
No.
S-12482/BL/2011
Dated
18 November 2011
Related
Companies :
a. P.T. CARGILL FOODS INDONESIA (Investment
Holding)
b. P.T. CARGILL INDONESIA (Animal Feed Mills)
c. P.T. CARGILL LESTARI AGROSENTRA (Oil Palm
Plantation and Palm Oil Refinery)
d. P.T. HARAPAN SAWIT LESTARI (Oil Palm
Plantation and Palm Oil Refinery)
e. P.T. HINDOLI (Oil Palm Plantation and Palm
Oil Refinery)
f. P.T. INDO SAWIT KEKAL (Oil Palm Plantation
and Palm Oil Refinery)
g. P.T. SORINI AGRO ASIA CORPORINDO Tbk (Liquid
and Powder Sorbitol Manufacturing)
h. P.T.
SORINI TOWA BERLIAN CORPORINDO (Sorbitol and Other Polyols Manufacturing)
i. P.T. VIC INDONESIA SEMESTA (Investment
Holding)
Capital
Structure :
Authorized
Capital : Rp.
360,000,000,000.-
Issued
Capital :
Rp. 92,521,000,000.-
Paid
up Capital :
Rp. 92,521,000,000.-
Shareholders/Owners
:
a.
P.T. CARGILL FOODS INDONESIA - Rp. 90,634,179,000.-
b.
Publics -
Rp. 1,224,446,000.-
c.
Treasury Stock -
Rp. 662,500,000.-
Lines of Business :
a. Industrial Chemical Processing
b. Investment Holding
Production Capacity :
a. Sorbitol Powders -
49,940 tons p.a.
b. Dextrose Monohydrates - 6,500 tons
p.a.
c. Maltodextrines -
2,000 tons p.a.
d. High Maltose Syrups - 40,000
tons p.a.
e. Dextrose Liquids (Syrups) -
30,000 tons p.a.
f. Starch & Sweeteners - 428,265 tons p.a.
Total Investment :
a. Equity Capital - Rp.
92.5 billion
b. Loan Capital -
Rp. 83.9 billion
c. Total Investment - Rp. 176.4 billion
Started Operation :
1987
Brand Name :
Sorini Agro Asia
Corporindo
Technical Assistance
:
None
Number of Employee :
775 persons
Marketing Area :
Export - 60%
Local - 60%
Main Customer :
Buyers in Japan, Hong
Kong, Singapore, Malaysia, Taiwan, RRC, New Zealand, Australia, the USA,
Denmark, Nigeria and European Union.
Market
Situation :
Very
Competitive
Main
Competitors :
a. P.T. BUDI KIMIA
RAYA
b. P.T. SAMA SATRIA
PASIFIK
c. P.T. SORINI TOWA
BERLIAN CORPORINDO
Business
Trend :
Growing
B
a n k e r s :
a. CITIBANK N.A.
Jalan Dr. Sutomo No. 38
Surabaya, East Java
Indonesia
b. ABN AMRO Bank N.V.
Jalan Pemuda No. 54
Surabaya, East Java
Indonesia
c. P.T. Bank CIMB NIAGA Tbk
Graha Bank Niaga
Jalan Jend. Sudirman Kav. 58
Jakarta
Selatan, 12920
Indonesia
Auditor
:
Siddharta
& Widjaja (KPMG)
Litigation
:
No
litigation record in our database
Annual
Sales (as per 31 May):
2012
– Rp. 1,720.5 billion
2013
– Rp. 2,048.0 billion
2014
– Rp. 2,132.1 billion
Net
Profit :
2012
– (Rp. 44.7 billion)
2013
– Rp. 127.9 billion
2014
– Rp. 177.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Gerrit Jan Nicolaas Hueting
Directors -
a. Mrs. Lucy Tjahjadi
b. Mr. Sunit Kumar Dhoka
c. Mr. Ivan Kupin
Board of Commissioners :
President Commissioner - Mr. Abraham Cornelis
Klaeijsen
Commissioners - a. Mr. Jeral Sylvester D’Souza
b. Mr. I Nyoman Tjager
Signatories :
President
Director (Mr. Gerrit Jan Nicolaas Hueting) or one of the Directors (Mrs. Lucy
Tjahjadi, Mr. Sunit Kumar Dhoka or Mr. Ivan Kupin) which must be approved by
Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Originally the company named P.T. SORBITOL INTIMURNI
CORPORATION was established in Surabaya, East Java, on February 7, 1983 with an
authorized capital of Rp. 1,500,000,000, issued and paid up capital of Rp.
300,000,000. The original founding shareholders were Mr. Soegiarto Adikoesoemo
AKA Ang Giok Eng and Mr. Soeharno, both are Chinese origins Indonesian
businessmen. Its article of association had been changed a couple of times and
in August 1992 the company sold 23.33% of its shares to public through the Jakarta
Stock Exchange (BEJ) and Surabaya Stock Exchange (BES). In 1994 the authorized
capital was raised again to Rp. 360,000,000,000 issued and paid up capital to
Rp. 40,000,000,000. By the same time the company has been taking right issue I
through BEJ and BES. Then in 1996 the company took a stock-split and the issued
capital was raised to Rp. 90,000,000,000 entirely paid up. With that time the
shareholders of the company are P.T. ARTHAKENCANA RAYATAMA (58.24%), P.T.
GARAMA PANCAMURNI (6.89%) and Publics (34.87%). On March 20, 1997 the company
renamed to P.T. SORINI CORPORATION Tbk. Later on 5 June 2007 the company
renamed P.T. SORINI AGRO ASIA CORPORINDO Tbk (P.T. SAAC). On 18 November 2011
P.T. BUMI TAPIOKA JAYA and P.T. SARITANAM PRATAMA merged to P.T. SORINI AGRO
ASIA CORPORINDO Tbk (Surviving Company).
On 28
January 2011, PT Cargill Foods Indonesia completed acquisition of majority
stake in Sorini. With the completion of this transaction, Sorini became a
subsidiary of Cargill. The
Board of Commissioners' Decision on 20 June 2012 (notarized by deed of notary
public Vidi Andito, SH, No. 19 dated 20 June 2012) resolved to approve the
increase in the Company's issued and paid-up capital as a result of the share
options. (MSOP) exercised amounting to Rp 30. Accordingly, the issued and paid
up capital of the Company increased from Rp. 92,491,000,000 to Rp.
92,521,125,000 entirely paid up. Further amendment was effected by deed of
notary public Vidi Andito, SH. No. 5 dated 5 December 2012 regarding the addition
of the Company's operation activities to include business management consulting
services and fee-based or contract-based large-scale trading. The deed was
approved by Minister of Law and Human Rights under No.
AHU-08915.AH.01.02.TH.2013 on 26 February 2013. According to Financial
Statement as 31 May 2014 the composition of its shareholders are P.T. CARGILL
FOODS INDONESIA (98.67%) and Public (1.33%).
P.T.
Sorini Agro Asia Corporindo Tbk (Sorini) is one of the leading producers of
sorbitol in the world. The Company operates one starch sweetener factories and
three starch plants across the East Java and Lampung provinces in Indonesia. In accordance with
article 3 of its Articles of Association, the Company is engaged in sorbitol,
dextrose monohydrate, maltodextrine, maltose and hydrogen industry and, in
connection thereof, to provide facilities for production, processing and any
other facilities in connection with similar activities, to sell its industrial
products to local and international markets, and to provide business management
consulting services. The Company has an office and factory domiciled in Desa
Ngerong, Kecamatan Gempol, Kabupaten Daerah Tingkat II Pasuruan, East Java and
also has starch plants located in Lampung and Ponorogo.
Sorini’s
lineup of products companies starch and starch derivatives products such as
sorbitol syrup and powder, maltitol, dextrose monohydrate, maltose syrup,
maltodextrine, and fructose syrup which are essential raw materials in the
production of consumer goods, ranging from food and beverage to cosmetics and
pharmaceuticals.
The
Company recorded a production of starches and sweeteners of 428,265 MT in the
financial year ended 31 May 2014, compared to 366,652 MT in the financial year
ended 31 May 2013. Meanwhile, sales volume of our main products (sweeteners)
was at 293,506 MT in the financial year ending 31 May 2014 compared to 274,844
MT in the financial year ended in the same period in 2013. Sorini continued to
improve the factory capacity utilization and its production process, as well as
cost efficiency to maintain cost competitiveness. Efficiency increase in the
starch and sweetener plants has yielded positive results in Sorini’s
achievements this year.
P.T. SORINI products:
þ Sorbitol Syrup
Sorbitol syrup with two-thirds of the calories of sugar, sorbitol is
the most commonly used and economic polyol (sugar alcohol). Used as a
sweetener, this reduced-calorie product, with 60% of the sweetness of sugar,
has also found favor from food manufacturers for its humectant and texturizing
properties, particularly in snack foods and bakery. Sorbitol syrup is a main
ingredient in tooth paste, sugar free chewing gums, personal care products and
diatetic and diabetic foods.
þ Glucoe Syrup
Glucose
syrup is a sweet product obtained through partial hydrolysis of starch. This
clear-white to light-yellow viscous liquid contains dextrose, maltose,
oligosaccharides and water. The product is used extensively in confectioneries
like hard candy and jelly, and in other products such as non-dairy creamers,
condiments and breakfast cereals.
þ Dextrose Monohydrate
Dextrose
is a synonym of D-glucose and refers to the pure, crystalline monosaccharide
obtained after a total hydrolysis of starch. It is a white powder which not only
readily dissolves in water but also metabolizes rapidly in the human body.
Dextrose monohydrate is used in products such as biscuits, cakes, desserts,
ready to drink and instant beverages, as well as confectionery products.
þ Sorbitol Powder
Sorbitol
powder demonstrates effective cooling and humectancy properties while
maintaining high purity levels and thus has a wide range of applications from
oral care and pharmaceuticals to confectioneries and commercial fishery.
þ Maltodextrine
Maltodextrine
is obtained from starch by partial enzymatic hydrolysis followed by spray
drying. It is water soluble, non-sweet powder. Maltodextrine is used in food
products to alter texture, appearance, mouth-feel, sweetness as well as
nutritive value. It is used in products such as milk powder, non-dairy creamer,
ice cream, salad dressings and snacks.
þ Maltitol
Maltitol
is a form of hydrogenated maltose, and is commonly used in food products
consumed by diabetic consumers. It is also utilized in the production of
tooth-friendly and sugar-free products used by health-conscious consumers.
þ High Fructose Syrup
High
Fructose Syrup, usually called fructose syrup, is a liquid sweetener produced
using a multiple enzyme process. Its sweetness and clean, non-masking taste
make it ideal for use in the food and beverage industries. This easy-handling,
stable syrup with 96% combined fructose and dextrose solids may be used to
replace up to 100% of sucrose or invert syrup in many food and beverage
applications.
þ Starch
Starch
is produced from cassava roots through a modern process involving wet
separation and drying. It contains high amount of carbohydrates and low amounts
of fat and protein. Starch is used in a wide range of industries such as food,
paper, sweeteners, textiles, and many more.
All of
the above products are derived from tapioca starch. While Sorini relies heavily
on local farmers for its cassava root requirements, the Company is always open
to source starch directly from other countries and has the flexibility to
switch between starches of different origins. This allows Sorini to remain
competitive in the Indonesian, Southeast Asian and international markets. Initially most of the
products are marketed locally, except sorbitol that some 50%-60% are exported
to Japan, Hong Kong, Singapore, Malaysia, Taiwan, RRC, New Zealand, Australia,
the USA, Denmark, Nigeria and European Union. Aside
from increasing sales in the fast growing Indonesian market, Sorini also
supplies its products to multinational customers in over 70 countries worldwide.
Today, with an extended international network and access to its group company’s
know-how and technical expertise, Sorini continuously aspires to set an example
for practitioners in the industry, focusing on safety and the environment,
community care and good corporate governance. We observe the operation of P.T.
SAAC or Sorini has been growing and developing well in the last three years.
Generally outlook we find the demand for sorbitol at home
has kept on rising within the last five years, in line with the growth of food,
pharmaceutical and cosmetic industries. Based on the forecast from some
economists, Indonesia’s economic growth in 2015 is still challenging. Bank
Indonesia has decided to maintain the BI Rate at 7.75% based on the evaluation
of the 2015 economic outlook. This is also in line with the efforts to steer
inflation around 4% by 2015, while supporting the control of the current
account deficit to a more healthy level. The Rupiah currency is predicted to be
in the average range of Rp. 12,500 per US dollar until mid 2015. Bank Indonesia
estimates that Indonesia’s economic growth will be around 5.4 to 5.8% in 2015.
The above conditions indicate that in general, Indonesia’s economic condition
is not growing optimally and mainly focuses on maintaining economic stability.
Indonesia National Budget Plans 2015, the government has predicted the
following 2015 global economic challenges which cover; uncertain global economy
triggered by either economic downturn or economic crisis in many countries; the
risk caused by the fluctuating global commodity prices, especially the raw oil
price; commitment to support the ASEAN Economic Community (AEC); and
implementation of the global development agenda post 2015. Meanwhile, the
forecasted 2015 domestic economic challenges will cover: An increase in the
slowing down of economic growth; risk in the domestic financial market;
imbalanced payment balance sheet; and reduced social gap. This condition
potentially impacts both the industry and the market in which P.T. Sorini is
engaged. It is estimated that industrial growth equal to or less compared to the previous year.
According to the financial statement of the company having been audited by public accountant, total revenue of P.T. Sorini Agro Asia Corporindo Tbk which ended 31 May 2012 amounted to Rp. 1,720.5 billion with a net loss of Rp. 44.7 billion increased to Rp. 2,048.0 billion with a net profit of at least Rp. 127.9 billion in 2013 to Rp. 2,132.1 billion with a net profit of at least Rp. 177.5 billion in 2014 and projected to go on rising by at least 6% in 2015. Based on information obtained from some customers, the payment habit of the company is smooth ranging from 1 to 3 months. 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 May 2012, 2013 and 2014 is attached below.
The management of P.T. SAAC or Sorini is led by Mr.
Gerrit Jan Nicolaas Hueting (57) a professional manager with experience in
manufacturing of sorbitol liquid and powder. Besides, Mr. Gerrit also appointed to the Board as the President Director of
P.T. Sorini Towa Berlian Corporindo and was reappointed to a new term at the
AGMS on 25 November 2013, Gerrit Jan Nicolaas Hueting has over 30 years of
experience in business across many regions – including more than 15 years of
experience holding top managerial level positions in starch and sweetener
business in various countries. Gerrit currently serves as Regional Manager of
Cargill’s Starches and Sweetener business in Jakarta based Southeast Asia
office. Gerrit obtained a Bachelor’s degree in Entomology and Phytopathology
from the National College of Tropical Agriculture in Deventer, the Netherlands
in 1982. The
company's management is handled by professional staff in the above business.
They have wide relations with private businessmen within and outside the
country. 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. SORINI AGRO ASIA CORPORINDO Tbk is sufficiently fairly good for business
transaction.
P.T. SORINI AGRO ASIA CORPORINDO Tbk
FINANCIAL
STATEMENTS
Per 31 May 2012,
2013 and 2014
(In Million Rupiah)
|
Descriptions |
31 May |
||||||
|
2014 |
2013 |
2012 |
|||||
|
A. ASSETS |
|
|
|
|
|||
|
a.
Current Assets |
|
|
|
|
|||
|
- Cash and Cash
Equivalent |
67.062 |
10.460 |
16.706 |
|
|||
|
- Trade Receivable |
|
|
|
|
|||
|
* Third parties |
287.869 |
267.889 |
197.729 |
|
|||
|
* Related parties |
1.660 |
3.462 |
- |
|
|||
|
- Other Receivable |
8.493 |
1.202 |
543 |
|
|||
|
- Derivative financial
instruments |
2.275 |
422 |
1.695 |
|
|||
|
- Tax Receivable |
- |
- |
32.104 |
|
|||
|
- Inventories |
486.323 |
422.504 |
377.596 |
|
|||
|
- Prepaid Tax |
4.203 |
7.533 |
4.507 |
|
|||
|
- Prepayments |
14.185 |
10.620 |
12.118 |
|
|||
|
- Other Current Assets |
- |
79.962 |
23.474 |
|
|||
|
Total Current Assets |
872.070 |
804.054 |
666.472 |
|
|||
|
b. Non Current Assets |
|
|
|
|
|||
|
- Fixed Assets |
589.715 |
463.309 |
486.006 |
|
|||
|
- Advance Payment for
purchase |
42.610 |
10.816 |
- |
|
|||
|
- Estimated claims for
tax refunds |
16.081 |
31.376 |
21.059 |
|
|||
|
- Asset not used in Operations |
17.480 |
18.828 |
106.746 |
|
|||
|
- Deferred Tax Assets,
net |
19.608 |
21.305 |
26.142 |
|
|||
|
- Other non-current
assets |
10.603 |
4.819 |
5.851 |
|
|||
|
Total Non Current Assets |
696.097 |
550.453 |
645.804 |
|
|||
|
TOTAL ASSETS |
1.568.167 |
1.354.507 |
1.312.276 |
|
|||
|
B. Liabilities &
Stockholder’s Equity |
|
|
|
|
|||
|
a. Current Liabilities |
|
|
|
|
|||
|
- Short-term bank loans |
30.187 |
4.971 |
210.047 |
|
|||
|
- Loan from a related
party |
193.957 |
291.775 |
261.515 |
|
|||
|
- Trade payable |
|
|
|
|
|||
|
* Third parties |
153.663 |
91.684 |
38.379 |
|
|||
|
* Related parties |
15.712 |
- |
- |
|
|||
|
- Other payables |
|
|
|
|
|||
|
* Third parties |
15.882 |
8.835 |
3.743 |
|
|||
|
* Related parties |
6.619 |
4.725 |
6.411 |
|
|||
|
- Tax payables |
30.430 |
5.703 |
6.587 |
|
|||
|
- Dividend payables |
275 |
275 |
275 |
|
|||
|
- Accrued expenses |
70.235 |
61.881 |
49.312 |
|
|||
|
- Advance from customers |
4.973 |
13.824 |
3.655 |
|
|||
|
- Current maturities |
75 |
926 |
1.016 |
|
|||
|
Total Short Term
Liabilities |
522.008 |
484.599 |
580.940 |
|
|||
|
b. Non Current
Liabilities |
|
|
|
|
|||
|
- Long-term financial
lease |
20 |
124 |
707 |
|
|||
|
- Employee benefits
obligations |
48.893 |
50.046 |
29.633 |
|
|||
|
- Total non-current liabilities |
48.913 |
50.170 |
30.399 |
|
|||
|
Total Liabilities |
570.921 |
534.769 |
611.339 |
|
|||
|
c. Stockholder’s Equity |
|
|
|
|
|||
|
- Paid up capital |
92.521 |
92.521 |
92.521 |
|
|||
|
- Additional paid-in capital |
1.485 |
10.889 |
10.889 |
|
|||
|
- Retained earnings |
|
|
|
|
|||
|
* Appropriated |
1.075 |
975 |
975 |
|
|||
|
* Unappropriated |
784.488 |
644.299 |
553.629 |
|
|||
|
Total equity |
997.246 |
819.738 |
700.937 |
|
|||
|
C. INCOME STATEMENTS |
|
|
|
|
|||
|
a. Sales – net
|
2.132.090 |
2.048.023 |
1.720.505 |
|
|||
|
b. Cost of sales |
(1.741.779) |
(1.678.138) |
(1.490.917) |
|
|||
|
c. Gross profit |
390.311 |
369.885 |
229.588 |
|
|||
|
d. Operating profit |
222.501 |
172.693 |
(25.938) |
|
|||
|
e. Finance cost |
(2.602) |
(5.074) |
(19.027) |
|
|||
|
f. Profit before income tax |
222.034 |
168.380 |
(44.278) |
|
|||
|
g. Income tax
expense |
(53.977) |
(35.517) |
(467) |
|
|||
|
h.
Total Comprehensive Income |
177.508 |
127.911 |
(44.745) |
|
|||
Notes: 31 May 2012, 2013
and 2014 Audited by Siddharta & Widjaja (KPMG)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.