|
Report No. : |
348283 |
|
Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CHAROEN POKPHAND INDONESIA TBK |
|
|
|
|
Registered Office : |
Jalan Ancol VIII No. 1,
Ancol Barat Jakarta Utara 14430 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financial as on : |
30.09.2015 |
|
|
|
|
Date of Incorporation : |
07.01.1972 |
|
|
|
|
Com. Reg. No.: |
AHU-28622.49.22.2914 |
|
|
|
|
Legal Form : |
P.T. Tbk. (Perseroan Terbatas Terbuka) or Public Listed Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
4,605 persons (as
of Dec. 31, 2014) |
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 |
P.T. CHAROEN POKPHAND INDONESIA TBK
Head Office &
Jakarta Factory
Jalan Ancol VIII No. 1, Ancol Barat
Jakarta Utara 14430
Indonesia
P.O. Box -
83 JKT
Phones - (021) 6912501
(hunting), 6902787, 6902538
(021) 6902567, 69005640
Fax. -
(021) 6917325
Cable -
POKPHAND JAKARTA
Telex -
42659 POKPHAND IA
Website - http://www.prokar.com
E-Mail - charoen@idola.net.id
Surabaya Factory
Jalan Raya Surabaya
Mojokerto Km. 19
Desa Beringin
Bendo, Taman Sidoarjo
Surabaya, East Java
Phones -
(031) 782183, 782509
Medan Factory
Jalan Tanjung Morawa Km. 8.5
Medan, North Sumatra
Phones -
(061) 751678
Tangerang Factory
Jalan Raya Serang
Km. 30
Desa Cengkudu
Balaraja, Tangerang
West Java
Warehouse
Jalan Ir. Sutami Km. 8.5 No. 15
Tanjung Karang Timur
Bandar Lampung
Lampung
Phones - (0721) 350041-44
Fax. -
(0721) 350045
a. 7 January 1972
as P.T. CHAROEN POKPHAND INDONESIA ANIMAL FEED MILL CO., LTD.
b. 8 June 1990 as
P.T. CHAROEN POKPHAND INDONESIA
c. February 1997 as
P.T. CHAROEN POKPHAND INDONESIA Tbk
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
The Ministry of
Law and Human Rights
a. No. YA-5/197/21
Dated 8 June 1973
b. No. C-24711.HT.01.04.TH.2000
Dated 29 November 2000
c. No.
AHU-97521.AH.01.02.TH.2008
Dated 18 December 2008
d. No.
AHU-61146.AH.01.02.TH.2010
Dated 31 December 2010
e. No.
AHU-AH.01.10-24242
Dated 17 June 2013
f. No. AHU-28622.49.22.2914
Dated 9 September 2014
Foreign Investment
Company (PMA)
a. The President
of the Republic of Indonesia
No. B-132/Pres/II/1971
Dated 5 November 1971
b. The Capital
Investment Coordinating Board
- No. 383/III/PMA/1991
Dated 17 June 1991
- No. 299/II/PMA/2000
Dated 1 November 2000
- No. 123/II/PMA/2001
Dated 30 April 2001
A Member of the
CHAROEN POKPHAND Group
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Authorized Capital - Rp. 400,000,000,000.-
Issued Capital - Rp. 163,980,000,000.-
Paid up Capital - Rp. 163,980,000,000.-
Shareholders (as of December 31, 2014) :
a. P.T. CENTRAL
AGROMINA - Rp. 91,064,000,000.-
(55.53%)
b. PUBLICS (ownership
below 5% each) - Rp.
72,916,000,000.- (44.47%)
BUSINESS
ACTIVITIES
|
Lines of Business :
a. Animal Feed and Shrimp Feed Milling
b. Plastic Bag Manufacturing
c. Poultry Equipment Manufacturing
d. Investment Holding
Production Capacity :
Initial Plant
a. Animal Feeds - 1,090,000 tons p.a.
b. Shrimp Feeds - 84,000 tons p.a.
c. Plastic Bags
- Outer Bags -
12,500,000 sheet p.a.
- Inner Bags -
12,500,000 sheet p.a.
d. Hanging Feeder Tubes - 900,000 units p.a.
e. Chicks Waters - 750,000 units p.a.
f. Egg trays - 600,000 units p.a.
g. Warehouse *) - 100,000 tons
Expansion (1998)
a. Chick Meet Raw - 4,500 tons p.a.
b. Chick Meet Frozen - 14,400 tons p.a.
c. Chick Meet Processed - 8,544 tons p.a.
Expansion Plant (2000)
Meet processed - 1,500 tons
p.a.
Expansion Plant (2001)
Fish Feeds -
108,000 tons p.a.
Total Investment :
Initial Unit
a. Owned
Capital - Rp 60.0 billion
b. Reinvested Profit - Rp
1.7 billion
c. Loan Capital -
Rp 100.8 billion
d. Total Investment -
Rp 162.5 billion
Expansion Unit
(1998)
a. Equity Capital -
Rp 48.6 billion
b. Loan Capital -
Rp 179.5 billion
c. Total Investment -
Rp 228.1 billion
Expansion Unit
(2000)
a. Equity Capital -
Rp --- billion
b. Loan Capital -
Rp 6.2 billion
c. Total Investment -
Rp 6.2 billion
Expansion Unit
(2001)
a. Equity Capital -
Rp --- billion
b. Loan Capital -
Rp 2.3 billion
c. Total Investment -
Rp 2.3 billion
Started Operation :
1972
Brand Name :
CHAROEN POKPHAND
Technical Assistance :
The CHAROEN
POKPHAND Group
Number of Employee :
4,605 persons (as
of Dec. 31, 2014)
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. SUMBER
TERNAK PRATAMA
b. P.T. MITRA SINAR
JAYA
c. P.T. CEMERLANG
UNGGAS LESTARI
d. P.T. SEMESTA
MITRA SEJAHTERA
e. P.T. CITRA
KALIMANTAN SEJAHTERA
f. P.T. TIARA
TUNGGAL MANDIRI
g. P.T. SURYA
UNGGAS MANDIRI
h. P.T. MULTI
SARANA PAKANINDO
i. P.T. SINAR INTI
MUSTIKA
j. P.T. BINTANG
SEJAHTERA BERSAMA
k. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. METRO FEED
INDONESIA
b. P.T. JAPFA
COMFEED INDONESIA
c. P.T. MULTI DARANA PAKANINDO
d. P.T. MITRA MANGGALINDO
e. P.T. FEEDMILL INDONESIA
f. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Wisma Bank
MANDIRI
Jalan Gatot Subroto Kav. 36-38
Jakarta Barat
b. P.T. Bank PERMATA Tbk
Wisma Bank PERMATA
Jalan Jend. Sudirman
Kav. 27
Jakarta Selatan
c. CITIBANK N.A.
CITIBANK Building
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan
Auditor :
Purwantono,
Suherman & Surya (a member of Ernst & Young)
Litigation :
No litigation
record in our database
FINANCIAL
FIGURE
|
Annual Net Sales :
2011 – Rp. 17,958.0
billion
2012 – Rp. 21,310.9
billion
2013 – Rp. 25,663.0
billion
2014 – Rp. 29,150.3
billion
2015 – Rp. 22,516.0
billion (as of 30 September 2015)
Net Profit (Loss) :
2011 – Rp. 2,362.5
billion
2012 – Rp. 2,680.9
billion
2013 – Rp. 2,528.7
billion
2014 – Rp. 1,746.6
billion
2015 – Rp. 1,249.5
billion (as of 30 September 2015)
Total Assets :
2011 – Rp. 8,848.2 billion
2012 – Rp. 12,348.6
billion
2013 – Rp. 15,704.5
billion
2014 – Rp. 20,841.9
billion
2015 – Rp. 23,146.2
billion (as of 30 September 2015)
Payment Manner :
Average
Financial Comments :
Strong and sound
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Rusmin Ryadi
Vice Pres.
Directors - a. Mr. Peraphon Prayooravong
b. Mr.
Vinai Rakphongphairoj
Directors -
a. Mrs. Ong Mei Sian
b. Mr. Jemmy
c. Mr. Eddy Dharmawan Mansjoer
d. Mr. Ferdiansyah Gunawan Tjoe
Board of Director :
President Commissioner -
Mr. Hadi Gunawan Tjoe
Vice Pres.
Commissioners - a. Mr. Jiacipto Jiaravanon
b. Mr. Jialipto
Jiaravanon
c.
Mr. Tjiu Thomas Effendy
Independent
Commissioners - a. Mr. Herman
Sugianto
b.
Mr. Suparman Sastrodimedjo
Signatories :
President Director (Mr. Rusmin Ryadi) or one of Vice Pres. Directors
(Mr. Peraphon Prayooravong and Mr. Vinai Rakphongphairoj) or one of directors
(Mrs. Ong Mei Sian, Mr. Jemmy, Mr. Eddy Dharmawan Mansjoer or Mr. Feerdiansyah
Gunawan Tjoe) which must be approved by Board of Commissioners.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Initially named P.T.
CHAROEN POKPHAND INDONESIA ANIMAL FEED MILL Co., Ltd., the company was set up
in 1972 with an authorized capital of US$ 1,000,000.- and issued capital of US$
300,000.- of which US$ 30,000.- was paid up. The founders and original
shareholders are Mr. Sumet Jiaravanon, Mr. Jaran Chiaravanont, Mr. Montri
Chiaravanont (the three are Thai businessmen of Chinese extraction) and Mr.
Johannes Purnama Sudarma SH (an Indonesian businessman of Chinese origin). The
Deed of establishment was approved by the Ministry of Justice of the Republic
Indonesia in its Decision Letter No. Y.A.5/197/21 dated June 8, 1973. In 1990 the company was renamed to P.T.
CHAROEN POKPHAND INDONESIA. In February 1991 the company sold out 25% of its
shares to the public through the Jakarta Stock Exchange (BEJ). Its articles of
association have subsequently been changed for several times. In February 1997,
the authorized capital was increased to Rp. 400,000,000,000.- issued capital to Rp. 140,766,917,500.-
entirely paid-up and concurrently a word Terbuka (Tbk) was added behind its
name to comply with new law on publicly listed company to P.T. CHAROEN POKPHAND
INDONESIA Tbk., is abbreviated P.T. CPIT.
Pursuant to annual
report of the company, as of 31 December 2009 the issued capital was raised to
Rp. 164,228,000,000.- and fully paid up.
Then, as of 31 December 2011, the issued capital was declined to Rp.
163,980,000,000.- The shareholders of the company are P.T. CENTRAL AGROMINA
(55.53%) and Publics (44.47%). The
latest amendment to Articles of Association was approved by the Ministry of Law
and Human Right with the Decision Letter No. AHU-28622.49.22.2914 dated
September 9, 2014. Since then, no changes have been effected in term of its
shareholding composition and capital structures to date.
We observed that
P.T. CENTRAL AGROMINA is a private company whose majority business stakes is
controlled by Mr. Slamet Jiaravanon and his family members. Mr. Jiaravanon is
also founder and majority business stakes owner of the CHAROEN POKPHAND Group,
the largest business group in Indonesia in animal feed milling and
distribution.
P.T. CPIT (“the
Company”) is a Foreign Capital Investment (PMA) company dealing with animal
feed milling by managing a plant originally located at Jalan Ancol VIII/1,
Ancol Barat (North Jakarta). Its operation has been expanding rapidly by
establishing two other factories respectively in Surabaya (East Java) and Medan
(North Sumatra). Furthermore, they also operate the same plant in Tangerang
(West Java). P.T. CPIT has several
business segments with different characteristics. Today, the Company is focused
on agro-business activities that encompass the entire spectrum of the poultry
business, from the production of superior feed products, to the breeding of
fast-growing, disease-resistant poultry stock and to the creation of high
quality processed poultry products.
The Company is also
the dominant force in the production and supply of poultry breeding stock for
layer and boiler chicken in Indonesia. As with poultry feed, the Company is the
large producer of high quality DOC for Indonesian farmers thanks to an
extensive network of breeding facilities across Java, Kalimantan, Bali,
Sulawesi and Sumatra.
While poultry feed and
poultry breeding activities have historically been the main agro-business
focus, the Company has also responded to the rising poultry consumption by
expanding into poultry processing and production of high value-added poultry
products. This is carried out at the Company’s own slaughterhouse and
processing plant in Cikande (West Java), Salatiga (Central Java) and Surabaya
(East Java).
In the year ended
December 31, 2014, the Company posted a recorded level of sales, which reached
Rp. 29,150.3 billion or higher than the Rp 25,663.0 billion realized in 2013
and Rp. 21,310.9 billion in 2012 and Rp. 21,310.9 billion in 2011.
From the
perspective of consolidated net sales, the biggest contribution was from the
poultry feed segment, followed by DOC, processed chicken and others, which
consist of poultry equipment, packaging and others at amounts to immaterial to
be included in the analysis. The details
of net sales based on business segments 2011 – 2014 (in million Rupiah) are as
follows:
|
Products |
Sales Value |
|||
|
2014 |
2013 |
2012 |
2011 |
|
|
Poultry Feed |
22,261,499 |
18,651,805 |
16,047,021 |
13,822,389 |
|
Day Old Chicks
(DOC) |
3,259,752 |
3,868,560 |
3,116,761 |
2,404,605 |
|
Processed Chicken |
2,857,266 |
2,312,072 |
1,898,367 |
1,579,060 |
|
Poultry Equipment |
-- |
-- |
-- |
-- |
|
Packaging |
-- |
-- |
-- |
-- |
|
Others |
771,758 |
830,555 |
248,776 |
151,918 |
|
TOTAL |
29,150,275 |
25,662,992 |
21,310,925 |
17,957,972 |
Pursuant to Annual Report
of the Company, in the year ended December 31, 2014, P.T. CPIT has ownership
interest of more than 50% shares directly and indirectly in the following
subsidiaries which are engaged in poultry farming, trading and processed
chicken, production and distribution of poultry feed, chicken feather meal and
others. The table of P.T. CPIT’s subsidiary companies shall be as follows:
(In Rp million)
|
Name of Subsidiary |
Lines of Business |
Year of Incorporation |
% of Ownership |
Total Assets (31 Dec. 2014) |
|
Direct ownership |
|
|
|
|
|
PT. Charoen
Pokphand Jaya Farm |
Poultry farming |
1972 |
99.99 |
7,254,653 |
|
PT. Primafood
International |
Trading and
processed chicken |
2000 |
99.96 |
413,622 |
|
PT. Vista Grain |
Production and
distribution of poultry feed |
1980 |
99.92 |
13,808 |
|
PT. Poly
Packaging Industry |
Production of
plastic product |
2003 |
99.99 |
103,360 |
|
PT. Feprotama
Pertiwi |
Production and
distribution of chicken feather meal |
1992 |
99.32 |
30,068 |
|
PT. Agrico
International |
Trading |
2008 |
99.99 |
390,330 |
|
PT. Sarana
Farmindo Utama |
Poultry farming |
2013 |
99.97 |
1,188,726 |
|
PT. Singa Mas
Internasional |
Beverage industry |
2012 |
99.99 |
241,189 |
|
PT. Prima Ritel
Internasional |
Trading of
processed chicken |
2014 |
99.96 |
24,845 |
|
PT. Prima Persada
Propertindo |
Trading of
processed chicken |
2014 |
99.92 |
12,516 |
|
|
|
|
|
|
|
Indirect ownership through CPJF |
|
|
|
|
|
PT. Centralavian
Pertiwi |
Poultry farming |
1991 |
99.99 |
500,205 |
|
PT. Satwa Utama
Raya |
Poultry farming |
1980 |
99.99 |
487,775 |
|
PT. Vista Agung
kencana |
Poultry farming |
1980 |
99.99 |
254,549 |
|
PT. Istana Satwa
Borneo |
Poultry farming |
1983 |
99.96 |
55,603 |
|
PT. Cipta Khatulistiwa
Mandiri |
Poultry farming |
1983 |
50.00 |
40,586 |
|
PT. Cipendawa
Agriindustri |
Poultry farming |
2009 |
99.98 |
67,649 |
|
PT. Satwa
Primaindo |
Poultry farming |
2013 |
99.99 |
53,172 |
|
|
|
|
|
|
|
Indirect ownership through SMI |
|
|
|
|
|
PT. Singa Mas
Indonesia |
Beverage industry |
2014 |
99.99 |
204,383 |
|
|
|
|
|
|
|
Indirect ownership through SFU |
|
|
|
|
|
PT. Gizindo
Sejahtera Jaya |
Trading of
processed chicken |
2012 |
99.97 |
244,911 |
|
PT. Sarana
Proteindo Utama |
Poultry farming |
2012 |
99.99 |
915,916 |
|
PT. Sarana
Mitratama Sejati |
Poultry farming |
2014 |
99.97 |
37,492 |
|
|
|
|
|
|
|
Indirect ownership through SPU |
|
|
|
|
|
PT. Proteindo
Primajaya |
Poultry farming |
2012 |
99.96 |
27,545 |
|
PT. Proteindo
Sumber Sejahtera |
Poultry farming |
2012 |
99.96 |
24,872 |
|
PT. Proteindo
Sinar Sejahtera |
Poultry farming |
2012 |
99.96 |
26,841 |
|
PT. Proteindo
Sarana Utama |
Poultry farming |
2012 |
99.96 |
49,405 |
|
PT. Hamparan
Proteindo Utama |
Poultry farming |
2012 |
99.96 |
32,239 |
|
PT. Kharisma
Proteindo Utama |
Poultry farming |
2012 |
99.99 |
149,975 |
|
PT. Sumber
Proteindo Sejahtera |
Poultry farming |
2013 |
99.97 |
23,876 |
|
PT. Prima
Proteindo Utama |
Poultry farming |
2014 |
99.97 |
4,481 |
According to
financial statement the total sales turnover of P.T. CPIT in 2009 amounted to
Rp 14,569.3 billion with a net profit of Rp 1,612.7.0 billion, increased to Rp
15,077.8 billion with a net profit of Rp 2,219.9 billion in 2010 rose again to Rp
17,598.0 billion with a net profit of Rp 2,362.5 billion in 2011 to Rp.
21,310.9 billion with a net profit of Rp. 2,680.9 billion in 2012 to Rp.
25,663.0 billion with a net profit of Rp. 2,528.7 billion in 2013 and rose
again to Rp. 29,150.3 billion with a net profit of Rp. 1,746.6 billion in
2014. As per 30 September 2015, its
sales turnover was Rp. 22,516.0 billion with a net profit of Rp. 1.249.5
billion. The Company’s consolidated
statements of financial position, in the year ended December 31, 2012, 2013,
2014 and as of 30 September 2015 are attached.
So far, we have never heard that P.T. CPIT has been black listed by Bank
Indonesia (Central Bank) or involved in detrimental cases being settled in the
local court.
The management of P.T.
CPIT is led by Mr. Rusmin Ryadi (67) as president director, a professional
manager of Indonesia. He graduated from
Economy Faculty of Indonesia University in 1985. He started his career the Company in 1977 and
appointed as President Director of the Company since in May 2013 replacing Mr.
Tjiu Thomas Effendy (56). In daily
activities, he is assisted by Mr. Peraphon Prayooravong (61) and Mr. Vinai
Rakphongphairoj (58), both as vice president directors and four directors
namely Mrs. Ong Mei Sian (52), Mr. Jemmy (38), Mr. Eddy Dharmawan (38) and Mr.
Ferdiansyah Gunawan Tjoe (39). The
management reputation is the above business is excellent. The management maintains wide relation with
home and overseas private businessmen. So far, we have never yet heard of the
company’s management having been involved in business malpractices. P.T. CPIT
is sufficiently fairly good for business transaction.
P.T. CPIT is
appraised to be good for business transaction.
However, in view of the economic condition in the country is still
unstable, we recommend to treat prudently in extending any new loan to the
company.
P.T. CHAROEN POKPHAND INDONESIA Tbk, AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
December 31,
2012, 2013, 2014 and as of 30 September
2015
(in million Rp )
|
DESCRIPTION |
30 Sept 2015 |
31 December |
||
|
2014 |
2013 |
2012 |
||
|
1. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
1,442,520 |
884,831 |
1,146,852 |
954,690 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
3,055,161 |
3,021,952 |
2,435,567 |
1,766,767 |
|
* Related Parties |
242,938 |
137,334 |
67,602 |
26,515 |
|
- Other Receivable |
|
|
|
|
|
* Third Parties |
285,429 |
362,923 |
113,781 |
53,294 |
|
* Related Parties |
-- |
-- |
-- |
-- |
|
- Inventories - net |
4,276,987 |
4,333,238 |
4,044,737 |
3,366,317 |
|
- Breeding flocks – net |
1,177,644 |
1,077,653 |
787,843 |
624,710 |
|
- Advances |
165,061 |
126,709 |
166,744 |
325,085 |
|
- Prepaid taxes |
28,140 |
2,687 |
1,210 |
26,710 |
|
- Prepaid expenses |
37,868 |
38,977 |
23,382 |
36,798 |
|
- Current portion of long-term prepaid
rents |
39,901 |
23,366 |
37,182 |
-- |
|
Total Current Assets |
10,751,649 |
10,009,670 |
8,824,900 |
7,180,890 |
|
b. Non-current Assets |
|
|
|
|
|
- Advance for purchase of property, Plant and equipments |
163,714 |
780,780 |
173,728 |
131,924 |
|
- Due from related parties - net |
12,831 |
14,947 |
27,920 |
15,812 |
|
- Deferred tax assets |
513,534 |
354,546 |
62,701 |
92,337 |
|
- Investment in shares of stock |
17,500 |
219 |
-- |
-- |
|
- Property, plant and equipment - net |
10,994,186 |
9,058,302 |
6,389,545 |
4,593,000 |
|
- Claims for tax refund |
562,016 |
492,509 |
175,788 |
288,559 |
|
- Goodwill |
-- |
-- |
-- |
-- |
|
- Long-term prepaid rents - net |
40,551 |
52,655 |
723 |
-- |
|
- Other non-current assets |
90,253 |
78,296 |
49,197 |
46,105 |
|
Total Non-Current Assets |
12,394,585 |
10,832,254 |
6,879,602 |
5,167,737 |
|
TOTAL ASSETS = TOTAL LIABILITIES
AND STOCKHOLDERS’ EQUITY |
23,146,234 |
20,841,924 |
15,704,502 |
12,348,627 |
|
2. LIABILITIES |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Short-term bank loans |
1,659,959 |
1,487,338 |
121,890 |
477,575 |
|
- Trade Payables |
|
|
|
|
|
* Third Parties |
861,687 |
1,491,270 |
1,313,284 |
976,662 |
|
* Related Parties |
97,068 |
99,836 |
125,334 |
37,085 |
|
- Other Payables |
|
|
|
|
|
* Third parties |
400,300 |
498,971 |
304,738 |
190,229 |
|
* Related parties |
-- |
-- |
-- |
-- |
|
- Customer advance |
6,729 |
19,676 |
7,156 |
11,647 |
|
- Taxes payable |
189,382 |
365,426 |
343,053 |
209,055 |
|
- Short-term employee benefit
liabilities |
95,853 |
2,035 |
1,836 |
1,715 |
|
- Accrued expenses |
142,099 |
115,936 |
109,757 |
103,833 |
|
- Current portion of long-term debts |
633,984 |
386,752 |
-- |
159,834 |
|
- Finance lease obligations |
-- |
-- |
-- |
18 |
|
Total Current Liabilities |
4,087,061 |
4,467,240 |
2,327,048 |
2,167,652 |
|
b. Non-Current Liabilities |
|
|
|
|
|
- Due to related parties |
408,487 |
268,858 |
252,660 |
329,272 |
|
- Deferred tax liabilities – net |
1,372 |
2,862 |
11,724 |
3,271 |
|
- Long-term debts - net |
6,291,401 |
4,722,759 |
2,768,197 |
1,299,367 |
|
- Finance lease obligations |
-- |
-- |
-- |
-- |
|
- Long-term employees benefits
liabilities |
398,772 |
375,371 |
340,888 |
372,601 |
|
Total
Non-Current Liabilities |
7,100,032 |
5,369,850 |
3,373,469 |
2,004,511 |
|
|
|
|
|
|
|
3. EQUITY |
|
|
|
|
|
- Issued and Paid up Capital |
163,980 |
163,980 |
163,980 |
163,980 |
|
- Additional Paid up Capital |
121,175 |
121,175 |
121,175 |
121,175 |
|
- Difference in value of restructuring
trans- action of entities under common control |
-- |
-- |
-- |
-- |
|
- Retained Earning |
|
|
|
|
|
* Appropriated |
33,000 |
33,000 |
33,000 |
33,000 |
|
* Un-appropriated |
11,624,198 |
10,669,093 |
9,668,146 |
7,838,460 |
|
- Non-controlling interest |
16,788 |
17,586 |
17,684 |
19,849 |
|
Total Equity |
11,959,141 |
11,004,834 |
10,003,985 |
8,176,464 |
|
|
|
|
|
|
|
3. INCOME STATEMENT |
|
|
|
|
|
a.
Net Sales |
22,516,012 |
29,150,275 |
25,662,992 |
21,310,925 |
|
b. Cost of Goods Sold |
(18,694,481) |
(25,016,020) |
(20,513,184) |
(16,819,413) |
|
c. Gross Profit |
3,821,531 |
4,134,255 |
5,149,808 |
4,491,512 |
|
d. Operating Expenses |
(1,901,462) |
(1,766,507) |
(1,571,511) |
(1,032,832) |
|
e. Operating Profit (Loss) |
1,920,069 |
2,367,748 |
3,578,297 |
3,458,680 |
|
f.
Other Income (Expenses) |
(422,009) |
(260,856) |
(126,964) |
(82,181) |
|
g. Profit Before Income Tax |
1,498,060 |
2,106,892 |
3,451,333 |
3,376,499 |
|
h. Income Tax Expanse |
(248,565) |
(360,248) |
(922,643) |
(695,627) |
|
i. Net Profit (Income for the
Year) |
1,249,495 |
1,746,644 |
2,528,690 |
2,680,872 |
Notes: Audited by
Purwantono, Suherman & Surya (a member of Ernst & Young)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.35 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared by
: |
ANK |
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.