|
Report No. : |
326162 |
|
Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDAH KIAT PULP & PAPER TBK |
|
|
|
|
Formerly Known as : |
P.T. INDAH KIAT PULP and
PAPER CORPORATION |
|
|
|
|
Registered Office : |
Sinar Mas Land Plaza, Menara 2, 7th Floor, Jalan M.H.Thamrin No. 51, Jakarta Pusat 10350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.12.1976 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-31757 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Engaged in wood processing
to pulp and paper as well as processing of water paper
to Industry Paper (Packaging & the pulp
is used as Raw Material for Paper and as Indirect Raw Material for Industry
Paper |
|
|
|
|
No of Employees : |
17,200 |
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 : |
Exists |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. INDAH KIAT PULP & PAPER Tbk
Head Office
Sinar
Mas Land Plaza, Menara 2, 7th Floor
Jalan M.H.Thamrin No. 51
Jakarta
Pusat 10350
Indonesia
Phone -
(62-21) 392 9001-3 (Hunting), 2965 0800
Fax - (62-21) 392 8875, 392 6179, 392 7685
E-mail - info@asiapulppaper.com
Website - http://www.asiapulppaper.com
Building Area - 28 storey
Office Space - 2,600 sq. meters
Region - Commercial
Status -
Owned
Factory Unit Serang
Jalan Raya Serang Km 76
Desa Kragilan, Serang 42186
Banten
Province
Indonesia
Phone -
(62-254) 280088, 281988
Fax - (62-254) 401490-91
Building Area - 62,000 sq.
meters
Office Space - 50,600 sq. meters
Region - Industrial
Zone
Status - Owned
Factory Unit
Perawang, Riau
Jalan Raya Minas Km. 26
Perawang, Desa Pinang Sebatang
Siak,
Riau Province
Indonesia
Phone -
(62-761) 91039, 91088
Fax - (62-761) 91373, 91376
Land Area - 210,600 sq.
meters
Building Space - 82,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory Unit
Serpong
Jalan Raya Serpong Km. 8
Tangerang
Banten Provinve
Indonesia
Phone -
(62-21) 53120222
Fax - (62-21) 53120220
Land Area - 120,800 sq.
meters
Building Space - 50,000 sq. meters
Region - Industrial
Zone
Status - Owned
07 December 1976 as P.T. INDAH KIAT PULP and PAPER
CORPORATION, changed its name to P.T. INDAH KIAT PULP & PAPER Tbk, on June
30, 1998.
P.T. Tbk (Perseroan Terbatas Terbuka) or Public
Listed Company
The Ministry of
Law and Human Rights
- No.
Y.A.5/50/2
Dated 9
February 1978
- No.
AHU-72836.AH.01.02.TH.2008
Dated 13
October 2008
- No.
AHU-AH.01.10-12100
Dated 03 August
2009
- No.
AHU-AH.01.10-31757
Dated 30 July 2013
Foreign Investment (PMA) Company
a. The Department of Finance
NPWP No. 01.000.566.8-092.000
b. The President of the Republic of Indonesia
No. B-364/Pres/9/1976
Dated 23
September 1976
c. The Capital Investment Coordinating Board
- No.
115/III/PMA/1987
Dated 15 May 1987
- No.
04/II/PMA/1988
Dated 26 January 1988
- No.
28/II/PMA/1994
Dated 21 February 1994
- No.
80/II/PMA/1994
Dated 10 May 1994
- No.
73/III/PMA/1995
Dated 22 February 1995
- No.
64/II/PMA/1997
Dated 22 April 1997
- No.
111/III/PMA/1999
Dated 22 June 1999
- No.
154/II/PMA/1999
Dated 5 August 1999
- No.
110/II/PMA/2000
Dated 19 May 2000
- No.
176/II/PMA/2001
Dated 27 June 2001
- No.
884/III/PMA/2002
Dated 19 August 2002
- No.
75/II/PMA/2005
Dated 29 March 2005
- No.
560/III/PMA/2006
Dated 4 May 2006
- No.
58/II/PMA/2007
Dated 26 February 2007
- No.
59/II/PMA/2007
Dated 26 February 2007
- No.
438/III/PMA/2007
Dated 2 April 2007
The Department of
Industry
- No.
75/II/PMA/21005
Dated 29
March 2005
- No.
560/III/2006
Dated 4 May
2006
- No.
92/T/INDUSTRI/2007
Dated 26
February 2007
A member of the SINAR MAS Group
Capital
Structure :
Authorized Capital -
Rp. 20,000,000,000,000.-
Issued Capital -
Rp. 5,470,982,941,000.-
Paid up Capital -
Rp. 5,470,982,941,000.-
Shareholders/Owners
:
a. P.T.
PURINUSA EKAPERSADA of Indonesia - Rp.
2,884,470,498,000.- (52.72%)
b. Asia Pulp
& Paper Company of Singapore -
Rp. 230,000,000,000.- (
4.20%)
c. Mayfield
Investment of Tortola, BVI - Rp. 122,509,198,000.- (
2.24%)
d. Public -
Rp. 2,234,003,245,000.- (40.84%)
Lines
of Business :
a. Integrated Paper Making and Pulp Processing
b. Investment Holding
Production
Capacity :
A. Initial Plant
a. Cultural Papers - 49,500 tons p.a.
b. Pulps - 100,000 tons p.a.
c. Wood Chips - 200,000 tons p.a.
d. Soda Ashes - 10,000 tons p.a.
e. Chlorines - 8,800 tons p.a.
f. Oxygen -
1,814,400 tons p.a.
B. Expansion Plant
Expansion Units
Serang and Units Serpong
a. Test Liner/
Fluiting
Medium/ Corrugated/Medium
Core Paper/ Wrapping Kraft
Paper/ Uncoated Duplex/
White
Lined Kraft/ White
Lined Chipboards -
380,000 tons p.a.
b. Duplex/ Manila/
Ivory
Art Board/ Solid
Bleached Boards -
420,000 tons p.a.
c. CPT Computer
Paper/HVS
Writing Paper/ PPC Copy
Paper/ Web Off Set Pig-
mentized/ LWC Wood
Containing Papers -
253,000 tons p.a.
d. Chipboard/
Carton/
White Lined Chipboard/
White Lined Test-Liners -
84,000 tons p.a.
e. Printed
Packaging
Products - 125,000 tons p.a.
f. Flexible Packaging
Products - 50,000
tons p.a.
g. Display
Packaging
Products
- 50,000 toms p.a.
h. Cups From T.D.
Pulp
Boards - 25,000
tons p.a.
i. HVS Paper/Woodfree - 40,000 tons p.a.
Expansion Unit Bengkalis, Siak, Riau
a. Woodfree Paper,
Photocopy
Paper, Computer Print Out
Continous Business Form,
HVS, HPS & Film Coated
Offset Pigmentireds -
2,560,000 tons p.a.
b.
Chipboard/Carton,
Wrapping Paper and
Core Paperboards - 380,000 tons p.a.
c. Component and
Equipment of
Pulp and Paper Machines - 6,000 units p.a.
d. Pulps -
1,400,000 tons p.a.
e. Caustic
Soda -
109,000 tons p.a.
f. Caustic Soda Flakes - 36,000
tons p.a.
g. Chlorines - 95,000 tons p.a.
h. Polyaluminium
Chlorides - 351,000 tons p.a.
i. Acid
Chlorides -
188,000 tons p.a.
j. Sulfur
Dioxides -
7,000 tons p.a.
k. Oxygen - 43,000 tons p.a.
l. Nitrogen - 64,000 tons p.a.
m. Argons - 650 tons p.a.
n. Sulfuric
Acid -
59,000 tons p.a.
o. Calcium Carbonates - 280,000 tons p.a.
p. Hydrogen
Peroxides - 43,000
tons p.a.
q. Chlorine
Dioxides -
40,000 tons p.a.
r. Ozones - 7,000 tons p.a.
s.
Chloroparaffins - 14,000 tons p.a.
t. Sodium
Chlorates -
73,000 tons p.a.
u. Methanols - 7,500 tons p.a.
v. Sodium
Sulfates -
22,000 tons p.a.
w. High Strength
Hypochlorides/
Bleacing Powders - 36,000 tons p.a.
x. Crate - 400,000 pcs p.a.
y.
Testliner/Corrugated Medium - 700,000 tons p.a.
Total
Investment :
A. Initial Plant
a. Equity Capital - US$ 29.0 million
b. Loan Capital - US$ 70.0 million
c. Total Investment
- US$ 99.0 million
B. Expansion Plant
a. Equity Capital - Rp. 2,214.5 billion
b. Reinvested
Profit - Rp. 816.0 billion
c. Loan Capital - Rp. 7,780.5 billion
d. Total Investment
- Rp. 10,810.8 billion
Expansion Plant
a. Equity Capital - None
b. Reinvested
Profit - Rp. 1,841.5 billion
c. Loan Capital - Rp. 8,997.5 billion
d. Total Investment
- Rp. 10,839.0 billion
Started
Operation :
1978
Brand
Name :
Bola Dunia, Anchor Brand, Betet, Clean Coated Board,
Evergreen, Globe Brand, Golden Art,
Golden Coin, Golden Star, King
Kong, Logo, Lumba-Lumba, Linex, Pigeon, Etc
Technical
Assistance :
None
Number
of Employee :
17,200 persons
Marketing
Area :
Domestic - 51%
Export - 49%
Main
Customer :
P.T. SINAR DUNIA MAKMUR (Distributor)
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KERTAS NUSANTARA
b. P.T. RIAU ANDALAN KERTAS
c. P.T. TANJUNG ENIM LESTARI PULP AND PAPER
d. P.T. TOBA PULP LESTARI Tbk, Etc
Business
Trend :
Fluctuating
Bankers :
a. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Wisma BII
Jalan
M.H. Thamrin 50
Jakarta
Pusat, Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Graha
Niaga
Jalan
Jend. Sudirman Kav. 58
Jakarta
Selatan, Indonesia
c. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
d. P.T. Bank PERMATA Tbk
Plaza
Bank Permata
Jalan
Jend. Sudirman Kav. 27
Jakarta Pusat
Indonesia
e. P.T. Bank SINARMAS Tbk
Wisma Bank Sinarmas, 1st & 2nd
Floor
Jalan M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
Auditor
:
Tjiendradjaja & Handoko Tomo (Mazars)
Litigation
:
The Subject was involved in litigation and claims
(see litigation and claims)
Annual
Sales :
2009 – US$ 1,773.4 million
2010 – US$ 2,509.6 million
2011 – US$ 2,559.9 million
2012 – US$ 2,518.1 million
2013 – US$ 2,651.5 million
2014 – US$ 2,780.0 million (estimated)
Net
Profit (Loss) :
2009 – (US$ 158.5 million)
2010 –
US$ 13.0 million
2011 –
US$ 16.0 million
2012 –
US$ 49.7 million
2013 – US$
221.2 million
2014 – US$
232.0 million (estimated)
Payment
Manner :
Slow but Correct
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr.
Lan Cheng Ting
Vice President
Director - a. Mrs.
Linda Suryasari Wijaya Limantara
b. Mr. Hendra Jaya Kosasih
c. Mr. Suresh Kilam
Directors - a.
Mr. Didi Harsa
b. Mr. Kurniawan Yuwono
c. Mr. Suhendra Wiriadinata
d. Mr. Lieo Djohan AKA Djohan Gunawan
Director &
Corporate Secretary - Mr. Agustian
Rachmansjah Partawidjaja
Board of Commissioners :
President
Commissioner - Mr. Teguh
Ganda Wijaya
Vice Pres.
Commissioner - Mr. Ir.
Gandi Sulistyanto Suherman
Commissioners - a. Mrs. Indah
Suryasari Wijaya Limantara
b. Mr. Arthur Tahya
c. Mr. Frenky Loa
Independent
Commissioners - a. DR. Ramelan,
SH, MH
b. DR. Ir. Deddy Saleh
c. Mr. Drs. Pande Putu Raka, MA
d. Mr. Letjend. TNI (Retired) Soetedjo
Signatories :
President Director (Mr. Lan Cheng Ting) or one of
Vice President Directors (Mrs. Linda Suryasari Wijaya Limatara, Mr. Hendra Jaya
Kosasih or Mr. Suresh Kilam) or one of the Directors (Mr. Didi Harsa, Mr.
Kurniawan Yuwono, Mr. Suhendra Wiriadinata, Mr. Lioe Djohan AKA Djohan Gunawan
or Mr. Agustian R. Partawidjaja) which must be approved by the Board of
Commissioners.
Management Capability :
Good
Business Morality :
Good
Initially named P.T. INDAH KIAT PULP &
PAPER CORPORATION was established in December 1976 with an authorized capital
of US$ 17,000,000 entirely was issued and paid up. The original founding
shareholders were P.T. BERKAT INDAH AGUNG, a national private company, CHUNG HWA PULP CORPORATION LTD and
YUEN FONG YU PAPER MANUFACTURING CO. LTD., both of Taiwan. The company notary
deed had been changed a couple of times. In 1990 the authorized capital was
converted to Rupiah and raised to Rp. 800,000,000,000 issued and paid up
capital to Rp. 458,282,168,000 and the above shareholders have quitted and they
were replaced by P.T. PURINUSA EKAPERSADA, a national private company, CHP
International BVI Corp., YFY Global Investment BVI Corp., of British Virgin
Island. In June 1990 it became a publicly listed company ('go public') in the
Jakarta Stock Exchange selling 13.09% shares to public. In June 1998 the
company was renamed P.T. INDAH KIAT PULP & PAPER Tbk (P.T. IKPP).
In 2003 the authorized capital was converted to AS dollar again namely US$ 2,189,015,592 entirely issued and fully paid up. By the same time the shareholders had changed and the latest shareholders of company ware P.T. PURINUSA EKAPERSADA of Indonesia (52,72%), CHP INTERNATIONAL BVI Corp., of British Virgin Island (1.94%), YFP GLOBAL INVESTMENT BVI of British Virgin Island (0.74%), YFP H.K. COMPANY Ltd., of Hong Kong (0.05%) and the Publics (44,55%). Lastly, in July 2008 the authorized capital was raised and converted to Rupiah again namely Rp. 20,000,000,000,000.- of which Rp. 5,470,982,941,000.- was issued and fully paid up. Since that time, shareholders of the company are P.T. PURINUSA EKAPERSADA of Indonesia (52.72%) and the public (47.28%). The Deed of amendment was made by Mrs. Linda Herawati, SH, a public notary in Jakarta under Company Registration Number AHU-AH.01.10-12100, dated August 03, 2009.
During 1996 and 1997, the Company offered several rights
issue whereby the shares were also listed on the same stock exchanges. As of September 30, 2013, there are
5,470,982,941 of the Company’s shares listed on the Indonesian Stock
Exchange. Most recently by notarial Deed
No. 90 dated June 20, 2013 was made by notary Linda Herawati, SH., the
composition shareholders of the company are P.T. PURINUSA EKAPERSADA (52.72%),
ASIA PULP & PAPER COMPANY of Singapore (4.20%), MAYFIELD INVESTMENT of
British Virgin Islands (2.24%) and Public (40.84%). Concurrently, the
composition board of director was changed. The amendment to deed
has been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through its Decree No. AHU-AH.01.10-31757 dated July 30, 2013.
P.T. PURINUSA EKAPERSADA, a private company whose majority business stakes is controlled by the Eka Tjipta Widjaja family. Mr. Eka Tjipta Widjaja AKA Oei Ek Tjhong is the founder of the SINAR MAS Group is the largest private business group in the country.
P.T. IKPP has obtained a Foreign Investment
(PMA) facility in integrated paper making and pulp processing and the Company
commenced its commercial operations in 1978. At present the company is managing
three factories, each of which is located at Jalan Raya Serpong Km.8,
Tangerang, and Jalan Raya Serang Km. 76, Desa Kragilan, Serang, both in West
Java, and Jalan Raya Minas Km. 26, Perawang, Desa Pinang Sebatang, Siak,
Bengkalis, Riau Province. The Company’s
business activity begins from wood processing to pulp and paper as well as
processing of waster paper to industry paper (packaging). The pulp is used as raw material for paper
and as indirect raw material for industry paper.
The Company has production facilities in
Perawang, Riau Province, Serang and Tangerang, Banten Province and the total
annual production capacity in 2012 was 2.4 million tons of pulp, 1.1 million
tons of paper and 1.6 million tons of packaging. Some 51% of the products are marketed
locally and the rest of some 49% is exported to Asia countries, USA, Middle
East, Africa, Europe and Australia.
Below is the Company’s volume production and sales during the years 2009
to 2013.
Consolidated
Operational Summary
|
Production Volume (In Thousands of Ton) |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Pulp |
1,984 |
2,260 |
2,206 |
2,412 |
2,532 |
|
Paper |
696 |
781 |
844 |
933 |
980 |
|
Packaging |
1,393 |
1,561 |
1,468 |
1,529 |
1,608 |
|
Sales Volume (In Thousands of Ton) |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Pulp |
1,367 |
1,532 |
1,494 |
1,538 |
1,619 |
|
Paper |
693 |
759 |
823 |
926 |
972 |
|
Packaging |
1,243 |
1,373 |
1,253 |
1,321 |
1,387 |
Source: PT. Indah
Kiat Tbk
Beside that P.T. IKPP has ownership interest
of more than 50% in the following subsidiaries which are engaged in real
estate, property, hotel, and information technology business. The table of P.T. IKPP’s subsidiary companies
shall be as follows:
(In thousand US$)
|
Name
of Subsidiary |
Lines
of Business |
Start
of Operations |
% of
Ownership |
Total
Assets (31
Dec. 2013) |
|
- Indah KiatInternational Finance
Company BV |
Financing company |
1994 |
100 |
960,883 |
|
- Indah Kiat Finance Mauritius Limited |
Financing company |
1997 |
100 |
66,929 |
|
- IK Trading Limited |
Distributor |
1997 |
100 |
0.002 |
|
- Indah Kiat Finance (IV) Ltd. |
Financing company |
1998 |
100 |
110,000 |
|
- Indah Kiat Finance (III) Ltd. |
Financing company |
1998 |
100 |
1 |
|
- IK Import & Export Limited |
Distributor |
2000 |
100 |
5,957 |
|
- Indah Kiat Finance (VIII) Ltd. |
Financing company |
2000 |
100 |
1 |
|
- Global Fibre Limited |
Investment |
2004 |
100 |
1 |
|
- Imperial Investment Limited |
Investment |
2004 |
100 |
144,337 |
|
- Indah Kiat Finance BV |
Financing company |
2004 |
100 |
1,550,209 |
|
- PT. Graha Kemasindo Indah |
Trading |
1995 |
99.50 |
2,151 |
|
- PT. Paramitra Abadimas Cemerlang |
Trading |
1988 |
95.16 |
20,221 |
|
- PT. Paramitra Gunakarya Cemerlang |
Manufacturing |
1996 |
99.94 |
20,351 |
Source: PT. Indah
Kiat Tbk
According to financial report audited by
Tjiendradjaja & Handoko Tomo, a Registered Public Accountant, the total sales
turnover of P.T. IKPPT in 2007 amounted to US$ 1,879.4 million with a net
profit of US$ 91.8 million increased to US$ 2,277.0 million with a net profit
of US$ 202.4 million in 2008 and declined to US$ 1,773.4 million with a net
loss of US$ 158.5 million in 2009 rose to US$ 2,509.6 million with a net profit
of US$ 13.0 million in 2010. In 2011,
the company’s sales turnover amounted to US$ 2,559.9 million with a net profit
of US$ 16.0 million, declined to US$ 2,518.1 million with a net profit of US$
49.7 million in 2012 and rose again to US$ 2,651.5 million with a net profit of
US$ 221.2 million in 2013. Up to present, we have yet to gain the statement of
income of P.T. IKPPT in fiscal year of 2014. However, we estimated that net
income of the company in 2014 rose again to US$. 2,780.0 million with a net
profit of US$.232.0 million. Financial
statement as f 31 December 2010, 2011, 2012 and 2013 are attached.
Since
June 2013, the company's management is led by Mr. Lan Cheng Ting (60) of Taiwan
as the President Director. In his daily
activities, he is assisted by three Vice President Directors namely Mrs. Linda
Suryasari Wijaya Limantara (34), Mr. Hendra Jaya Kosasih (55) and Mr. Suresh
Kilam (64), and also five directors namely Mr. Didi Harsa (67), Mr. Kurniawan
Yuwono (46), Mr. Suhendra Wiriadinata (47), Mr. Lioe Djohan Gunawan (47) and
Mr. Agustian Rachmansjah Partawidjaja (63).
But we are sure that prime-mover of the
company is Mr. Teguh Ganda Widjaja AKA Oei Tjie Goan (68), the eldest son of
Dr. Eka Tjipta Widjaja (the head of the SINAR MAS Group). He has held various
positions within the Sinar Mas group of companies including President Director
of the Company (1985-2007), Vice President Director of PT. SMART Tbk (1992-
2002), Vice President Commissioner of PT. Duta Pertiwi Tbk (1994-2001),
President Commissioner of PT. Duta Pertiwi Tbk (2001-2004), Commissioner of PT.
Sinar Mas Multiartha Tbk (1996-1997), President Director of PT. Pindo Deli Pulp
And Paper Mills (1996-2006) and PT. Lontar Papyrus Pulp & Paper Industry
(2001-2006), President Commissioner of PT. Pabrik Kertas Tjiwi Kimia Tbk since
2002, President Commissioner of PT. Pindo Deli Pulp And Paper Mills and PT.
Lontar Papyrus Pulp & Paper Industry since January 2006. He has been President
Commissioner of the Company since June 2007.
The management of the company is very
experienced in the paper and pulp industry. They have very wide relations with
local and overseas business groups. They also have cultivated close relations
with many high-ranking officials of government institutions in Jakarta, West
Java, Riau and other provinces of Indonesia. In 2007 to 2010 the Company was involved in litigation and
claims (see attachment-2). But after that, 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. We observed that management’s reputation in
said business is fairly good.
P.T. INDAH KIAT PULP AND PAPER Tbk is
sufficiently fairly good for business transaction. However, in view of the
economic condition in the country is still unstable and slowdown, we recommend
to treat prudently in extending a loan to the company.
Attachment 1:
PT. INDAH KIAT
PULP & PAPER Tbk
And Subsidiaries
FINANCIAL
STATEMENTS
Per 31 December
2010, 2011, 2012 and 2013
(In
Thousand US Dollar)
|
DESCRIPTION |
31 December |
|||
|
2013 |
2012 |
2011 |
2010 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
75,107 |
141,194 |
58,898 |
61,615 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
124,920 |
190,617 |
166,795 |
184,848 |
|
* Related
Parties |
73,273 |
119,426 |
176,642 |
145,682 |
|
- Other Receivable |
6,275 |
8,489 |
7,224 |
12,149 |
|
- Inventories |
906,512 |
885,118 |
687,023 |
568,668 |
|
- Advance Purchases |
149,204 |
112,230 |
136,227 |
93,018 |
|
- Prepaid Taxes and Expenses |
65,888 |
32,285 |
18,330 |
6,840 |
|
- Other Current Assets |
373,233 |
187,619 |
216,628 |
18,808 |
|
Total Current
Assets |
1,774,412 |
1,676,978 |
1,467,767 |
1,091,628 |
|
b. Non Current Assets |
|
|
|
|
|
- Deferred Tax Assets - net |
-- |
255 |
236 |
155 |
|
- Due from related parties – net of
accumulated depreciation |
11,860 |
42,225 |
50,341 |
60,944 |
|
- Due to related Parties |
145,721 |
173,299 |
174,537 |
175,661 |
|
- Advance to related parties |
300,639 |
300,639 |
300,639 |
300,639 |
|
- Investment in shares of stock |
3,852 |
3,757 |
3,836 |
3,751 |
|
- Fixed Assets – net of accumulated
depreciation |
4,477,322 |
4,285,392 |
4,208,002 |
4,157,964 |
|
- Advance for Purchases Fixed Assets |
|
|
|
|
|
* Third Parties |
57,893 |
158,671 |
106,975 |
90,463 |
|
* Related
Parties |
-- |
-- |
- |
- |
|
- Other Non-current Assets |
5,495 |
6,284 |
6,502 |
6,670 |
|
Total Non Current
Assets |
5,002,782 |
4,970,522 |
4,851,068 |
4,833,484 |
|
TOTAL LIABILITIES TOTAL ASSETS = &
STOCKHOLDERS’ EQUITY |
6,777,194 |
6,647,500 |
6,318,835 |
5,925,112 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short-Term Loan |
591,875 |
354,464 |
327,646 |
171,430 |
|
- Trade Liabilities |
|
|
|
|
|
* Third Parties |
179,314 |
133,495 |
108,915 |
132,990 |
|
* Related
Parties |
60,003 |
50,100 |
44,634 |
43,781 |
|
- Other Liabilities |
10,384 |
8,793 |
11,344 |
21,392 |
|
- Accrued Expenses |
40,492 |
260,116 |
228,586 |
193,032 |
|
- Tax Liabilities |
3,713 |
5,886 |
9,962 |
24,413 |
|
- Lease Liabilities |
465 |
-- |
358 |
592 |
|
- Long Term Bank Loans |
160,293 |
108,263 |
62,142 |
29,140 |
|
- Loans, notes and bonds payable |
83,619 |
78,191 |
594,469 |
465,127 |
|
Total Current
Liabilities |
1,211,787 |
999,308 |
1,388,056 |
1,081,897 |
|
b. Non
Current Liabilities |
|
|
|
|
|
- Payable to Related Parties |
46,011 |
21,384 |
23,536 |
13,367 |
|
- Deferred Tax Liabilities |
125,635 |
140,186 |
157,731 |
150,766 |
|
- Post employment benefit obligation |
66,465 |
74,917 |
69,929 |
61,081 |
|
- Current maturities of long term loan |
|
|
|
|
|
* Lease
liabilities |
1,807 |
-- |
358 |
1,001 |
|
* Bank loans |
603,952 |
559,619 |
279,801 |
78,971 |
|
* Bond payables
|
1,933,808 |
2,046,838 |
2,082,375 |
2,087,019 |
|
* Long term
loans |
738,108 |
918,906 |
950,916 |
936,822 |
|
- Long term liabilities – net of current
maturities |
|
|
|
|
|
* Lease
liabilities |
(465) |
-- |
(358) |
(592) |
|
* Bank loans |
(160,293) |
(108,263) |
(62,142) |
(29,140) |
|
* Bond payables
|
(83,619) |
(78,191) |
(594,469) |
(465,127) |
|
Total Non Current Liabilities |
3,271,409 |
3,575,396 |
2,907,676 |
2,836,168 |
|
Total
Liabilities |
4,483,196 |
4,574,704 |
4,295,732 |
2,007,047 |
|
c. Minority Interest |
-- |
-- |
- |
- |
|
d. Stockholders’ Equity |
|
|
|
|
|
- Issued and Paid Up Capital |
2,189,016 |
2,189,016 |
2,189,016 |
2,189,016 |
|
- Additional Paid-up Capital |
5,808 |
5,808 |
5,808 |
5,808 |
|
- Retained Earnings (Accumulated Losses) |
98,807 |
(122,260) |
(171,868) |
(178,914) |
|
- Non-controlling
interest |
367 |
232 |
147 |
137 |
|
Total Stockholders’
Equity |
2,293,998 |
2,072,796 |
2,023,103 |
2,007,047 |
|
C. INCOME STATEMENTS |
|
|
|
|
|
a.
Sales – Net |
2,651,473 |
2,518,091 |
2,559,942 |
2,509,631 |
|
b. Cost of Goods Sold |
(2,200,863) |
(2,190,321) |
(2,232,099) |
(2.070,391) |
|
c. Gross Profit |
450,610 |
327,770 |
327,843 |
439,240 |
|
d. Operating Expenses |
(277,119) |
(258,182) |
(249,386) |
(248,487) |
|
e. Operating Profit |
173,491 |
69,588 |
78,457 |
190,752 |
|
f. Other Income (Expenses) |
33,415 |
(37,459) |
(55,517) |
(117,372) |
|
g. Profit before Income Tax |
206,906 |
32,129 |
22,940 |
73,381 |
|
h. Income Tax |
14,296 |
17,564 |
(6,884) |
(60,382) |
|
i. Profit Before Minority Interest |
221,202 |
49,693 |
16,046 |
12,999 |
|
j. Minority Interest |
-- |
-- |
10 |
(31) |
|
k.
Net Profit (Loss) |
221,202 |
49,693 |
16,056 |
13,030 |
Note: 31 December 2010, 2011, 2012 and 2013 audited
by Tjiendradjaja & Handoko Tomo
(Member of Mazarsl)
Attachment 2:
Significant
Litigations and Claims:
The following were the significant litigation
and claims directly and indirectly involving the Company:
1. On February 15, 2007, the Company filed
a Notice of Arbitration under the Guarantee for enforcement of the Guarantee
against Crown Andersen. On March 1, 2007, Crown Andersen served a response upon
the notice which denying the Company’s contentions and reserving their right to
file their Statement of Defence. On February 15, 2007, the Company filed a
Notice of Arbitration under the Guarantee for enforcement of the Guarantee
against Crown Andersen. On March 1, 2007, Crown Andersen served a response upon
the notice which denying the Company’s contentions and reserving their right to
file their Statement of Defence.
2. On October 24, 2007, the Plaintiffs
obtained a Temporary Restraining Order (TRO) from the New York courts
restraining the Defendants from making any further payments to the creditors
under the MRA. As a result of the TRO, the defendants suspended payments to its
creditors under the MRA. The TRO was made permanent by the New York Courts
pursuant to an order of court dated May 16, 2008. Defendants have filed an
appeal from this restraining order. On January 15, 2009, the Appellate Division
affirmed the injunction which prohibits the Defendants from making payments in
accordance with the MRA. The Defendants have 30 days to file a motion for leave
to appeal to the New York Court of Appeals after the Plaintiffs serve the
Notice of Entry of the Appellate Division’s order upon the Defendants. Up to
the date of this report, the Plaintiffs have not served the Notice of Entry
upon the Defendants. On April 8, 2009, certain creditors under the MRA filed a
motion for leave to appeal, but up to the date of this report the court has not
issued a decision on the motion.
3. On or about
September 10, 2008, the Defendants, Oaktree and certain of its affiliates
reached an agreement for a full and final settlement of all litigation and
disputes outstanding between them, including in Indonesia, New York, California
and Singapore. Following the settlement above, on or about April 2, 2009,
Gramercy Advisors, LLC, Gramercy Emerging Markets Funds (Gramercy Parties) and
the Defendants agreed to a full and final global resolution of all litigation
and disputes outstanding, including in the respective jurisdictions listed
above. With respect to the proceedings in New York and California, the original
Plaintiffs have transferred their interests in relation to such proceedings (to
the extent they have such interests) to other companies.
4. On December 22,
2008, Judge Kapnick has signed a turnover order in connection with the second
New York Judgment and the Defendants have 30 days to file a Notice of Appeal
after the Plaintiffs serve the Notice of Entry of the turnover order upon the
Defendants. Up to the date of this report, the Plaintiffs have not served the
Notice of Entry upon the Defendants.
5. Since early
December 2008, EXIM, in its effort to enforce the summary judgment, has
obtained various writs from the court and has sent those writs and/or subpoenas
to various companies. Up to the date of this report, EXIM’s effort to enforce
the summary judgment through such writs and subpoenas is still ongoing.
6. On December 22,
2008, JP Morgan filed a motion for summary judgment against the Company and
Tjiwi Kimia and also a separate motion against the Company. Defense counsel
filed responses to these motions on March 9, 2009, and JP Morgan filed its
reply on April 6, 2009. The Court ruled on JP Morgan’s motions on October 14,
2009.
The Honorable James
F. Holderman granted JP Morgan’s motion against the Company and Tjiwi Kimia,
but indicated that JP Morgan’s motion for summary judgment against the Company
remained under advisement and strongly encouraged the parties to discuss
settlement.
7. On April 21,
2010, The Honorable James F. Holderman has issued the Memorandum Opinion and
Order which granted the Summary Judgment in favor of JP Morgan. In relation to
the summary judgment, the Company, Tjiwi Kimia and APP have filed a notice of
appeal regarding The Honorable Holderman’s orders as to JP Morgan’s motions for
summary judgment.
Gryphon Domestic
VI, LLC, OCM Opportunities Fund II, L.P., OCM Opportunities Fund III, L.P.,
Columbia/ HCA Master Retirement Trust, Gramercy Emerging Markets Fund and General
Electric Capital Corporation (the Plaintiffs) have commenced legal actions
against the Company and certain related companies. A brief description of these
legal actions is set out below:
In the United
States of America State Supreme Court against the Company, Asia Pulp &
Paper Company Ltd. (APP), PT Lontar Papyrus Pulp & Paper Industry (Lontar),
APP International Finance Company B.V. (APP Finance) and Indah Kiat
International Finance Company BV (Indah Kiat BV) (collectively the Defendants)
in respect of certain notes issued by APP Finance (the Lontar Notes) and Indah
Kiat BV (the Indah Kiat 02 and 06 Notes). The claims in respect of the Indah
Kiat 02 and 06 Notes amounted to USD78.8 million and USD92.9 million,
respectively. The claim in respect of the Lontar Notes amounted to USD147
million.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.71.82 |
|
Euro |
1 |
Rs.97.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.