|
|
|
MIRA INFORM REPORT
|
Report No. : |
493162 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FAJAR SURYA WISESA
TBK |
|
|
|
|
Formerly Known As : |
P.T. FAJAR SURYA WISESA |
|
|
|
|
Registered Office : |
Jalan
Abdul Muis No. 30, Jakarta Pusat, 10160 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
30.09.2017 |
|
|
|
|
Date of Incorporation : |
13.06.1987 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.03-0195846 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
a. Industrial Paper
Making b. Investment
Holding |
|
|
|
|
No. of Employees : |
2,774 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial
crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded
Indonesia's credit rating to investment grade in December 2011, Standard &
Poor’s has yet to raise Indonesia’s rating to this status amid several
constraints to foreign direct investment in the country, such as a high level
of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in
July 2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical
power generation capacity. Fuel subsidies were significantly reduced in early
2015, a move which has helped the government redirect its spending to
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 has not yet materialized.
|
Source
: CIA |
BASIC
SEARCH
|
Name
of Company :
P.T.
FAJAR SURYA WISESA TBK
Address
:
Head Office
Jalan
Abdul Muis No. 30
Jakarta
Pusat, 10160
Indonesia
Phones -
(62-21) 3441316 (Hunting)
Fax - (62-21) 3457643
E-mail - contact@fajarpaper.com
Website - http://www.fajarpaper.com
Building Area - 4 storey
Office Space - 1,522 sq. meters
Region - Commercial
Status - Rent
Factory
Kampung
Gardu Sawah RT. 001/1-1
Kalijaya, Cibitung
Cikarang Barat, Bekasi 17520
West
Java
Indonesia
Phones -
(62-21) 8900330, 8900331
Fax - (62-21) 8901126
Land Area - 48.5 hectares
Building Area - 25 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a.
13 June 1987 as P.T. FAJAR SURYA WISESA
b.
29 December 1994 as P.T. FAJAR SURYA WISESA TBK
Legal
Form :
P.T.
Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-1737.HT.01.01.TH.88
Dated 29 February 1988
- No. AHU-43900.AH.01.02.TH.2008
Dated 23 July 2008
- No. AHU-AH.01.10-19560
Dated 31 May 2012
- No. AHU-0935931.AH.01.02.TH.2015
Dated 27 May 2015
- No. AHU-AH.01.03-0935144
Dated 9 May 2017
- No.AHU-AH.01.03-0195846
Dated 29 November 2017
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.326.236.5-092.000
The Capital Investment Coordinating
Board
- No. 425/I/PMDN/1987
Dated 2 October 1987
- No. 12/III/PMDN/1988
Dated 8 January 1988
- No. 451/III/PMDN/1989
Dated 3 July 1989
- No. 40/II/PMDN/1992
Dated 31 March 1992
- No. 412/III/PMDN/1995
Dated 11 September 1995
The Department of Industry
No.
231/T/Industri/1997
Dated
29 May 1997
The Capital Market Supervisory Agency
- No. S-1927/PM/1994
Dated 29 November 1994
- No. Kep-06/PM/2000
Dated 13 March 2000
Related
Companies :
a.
A Member Company of the DIRGAHAYU Group (see attachment)
b.
A Member Company of the GARAMA Group (see attachment)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
2,500,000,000,000.-
Issued
Capital :
Rp. 1,238,944,393,500.-
Paid
up Capital :
Rp. 1,238,944,393,500.-
Shareholders/Owners
:
a. P.T. INTERCIPTA SEMPANA - Rp. 637,802,300,000.- (51.48%)
b. P.T. INTRATATA USAHA MANDIRI - Rp. 358,171,349,500.-
(28.91%)
c. P.T. GARAMA DHANANJAYA - Rp.
72,156,250,000.- ( 5.82%)
d. Mrs. Vilia Sulistyo - Rp. 53,345,083,000.- ( 4.31%)
e. Mr. Winarko Sulistyo - Rp. 51,350,166,500.- ( 4.14%)
f. Publics -
Rp. 66,119,244,500.- ( 5.34%)
BUSINESS
ACTIVITIES
|
Lines of Business :
a. Industrial Paper
Making
b. Investment Holding
Production Capacity :
Industrial Papers - 1,300,000 tons
p.a.
Total Investment :
a. Equity Capital - Rp. 1,239.0
billion
b. Loan Capital -
None___________
c. Total Investment - Rp. 1,239.0 billion
Started Operation :
1989
Brand Name :
Fajarpaper
Technical Assistance
:
None
Number of Employee :
2,774 persons
Marketing Area :
Local -
94%
Export - 6%
Main Customers :
a. P.T. ANEKA KARTON
ELOK
b. P.T. GURU INDONESIA
c. P.T. MEKABOX
d. P.T. SINAR RAPI ASRI
e. P.T. WIRA MUSTIKA AGUNG (Distributor)
f. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDAH KIAT PULP & PAPER Tbk
b. P.T. PABRIK KERTAS INDONESIA
c P.T. PELITA CENGKARENG PAPER
d. P.T. PURINUSA EKA PERSADA
e. P.T. SUPARMA Tbk
f. P.T. SURYA KERTAS
Business
Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. JP MORGAN CHASE Bank
Jakarta Branch
Jalan Medan
Merdeka Barat No. 6
Jakarta Pusat
Indonesia
b. P.T. Bank RABO BANK INTERNATIONAL
Jalan Abdul
Muis
Jakarta Pusat
Indonesia
c.
P.T. Bank MANDIRI Tbk
Jalan P. Suroso No. 2-4
Jakarta Pusat
Indonesia
Auditor
:
Osman
Bing Eny & Rekan (Delotte Touche Tohmatsu)
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales :
2014
– Rp. 5,456.9 billion
2015
– Rp. 4,960.0 billion
2016
– Rp. 5,874.7 billion
2017
– Rp. 4,913.0 billion (as per 30 September)
Net
Profit (Loss) :
2014
– Rp. 82.3 billion
2015
– Rp. 866.4 billion
2016
– Rp. 772.6 billion
2017
– Rp. 278.8 billion (as per 30 September)
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Yustinus Yusuf Kusumah
Directors -
a. Mr. Roy Teguh
b. Mr. Wimba Wibawa Wanadiardja
c. Mr. Drs. Sentot Eko Junianto
d. Mr. Arif Razif
e. Mrs. Vilia Sulistyo
Board of Commissioners :
President Commissioner - Mr. Sudarmanto
Commissioners - a. Mrs. Lila Notopradono
b. Mr. Tony Tjandra
c. Mr. Winarko Sulistyo
Signatories :
President
Director (Mr. Yustinus Yusuf Kusumah) or one of the Directors (Mr. Roy Teguh,
Mr. Wimba Wibawa Wanadiardja, Mr. Sentot Eko Junianto, Mr. Arif Razif or Mrs.
Vilia Sulistyo) which must be approved by Board of Commissioner.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Originally named P.T. FAJAR SURYA WISESA established in June
1987 in Jakarta with an authorized capital of Rp. 2,500,000,000 issued capital
of Rp. 1,000,000,000 was fully paid up. The founders and shareholders of the
company are Mr. Winarko Sulistyo AKA Tio Tjhen Hwa and Mrs. Ratna Notopradono,
both are Indonesian business persons of Chinese origin. The company notarial
deed was converted for several times. Its authorized capital was raised to Rp.
40,000,000,000 and the issued capital to Rp. 25,000,000,000 the wholly paid up.
In the meantime Mrs. Ratna Notopradono pulled out and replaced by Mr. Ir.
Airlangga, an indigenous businessman and a son of Mr. Dr. Hartarto, the former
Coordinating Minister for Industry, Trade and Distribution. In December 1994,
P.T. FAJAR SURYA WISESA went public by floating its 21.17% shares to the public
through Indonesia Stock Exchange (IEJ) and its authorized capital had
concurrently increased to Rp. 500,000,000,000 issued capital to Rp.
222,000,000,000 entirely paid-up and behind the company name, Tbk was added,
became P.T. FAJAR SURYA WISESA Tbk. (P.T. FSWT). In December 1995 the issued
capital was increased to Rp. 225,262,617,000 entirely paid up. In June 2000 the
authorized capital was raised to Rp. 2,500,000,000,000 issued and paid up
capital to Rp. 1,238,944,393,500.
According to financial statement per 31 December 2016 the
company’s latest shareholders are P.T. INTERCIPTA SEMPANA (51.17%), P.T.
INTRATATA USAHA MANDIRI (17.75%), P.T. GARAMA DHANANJAYA (5.82%) and Publics
(25.26%). Then according to revision of notary deed Mr. M. Nova Faisal, SH.,
no. 20 dated 8 May 2017 the shareholders approved changes the board of director
and commissioner of the Company. Lastly based on revision notary deed Mr.
Mochamad Nova Faisal, SH., no. 53 dated 29 November 2017 Mrs. Vilia Sulistyo
and Mr. Winarko Sulistyo entered into the company as new shareholders. With
this time the composition of its shareholders has been changed to become P.T.
INTERCIPTA SEMPANA (51.48%), P.T. INTRATATA USAHA MANDIRI (28.91%), P.T. GARAMA
DHANANJAJA (5.82%), Mrs. Vilia Sulistyo (4.31%), Mr. Winarko Sulistyo (4.14%)
and Public (5.34%). The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.03-0195846 dated November
29, 2017.
We observe the majority shareholders namely P.T.
INTERCIPTA SEMPANA, P.T. TATACITA SWADAYA ABADI and P.T. INTRATATA USAHA
MANDIRI are the private national company members of the DIRGAHAYU Group, a
quite big company group which based in
East Java region. The group has presently expanded its business to
Jakarta, West Java and other regions in Indonesia. Meanwhile P.T. GARAMA
DHANANJAYA, a private national company dealing with investment holding and
majority shareholder is held by Mr. Ir. Airlangga Hartarto, MMT, MBA. He also
founder and majority business stakes owners of the GARAMA Group, a medium size
business group in the country.
P.T. FSWT is dealing with industrial paper making by
managing a plant located in Cibitung region, Bekasi, West Java. P.T. FSWT is a
leading packaging paper manufacturer in Indonesia with an installed capacity of
1,300,000 metric tons per year and a range of products which includes
linerboard and corrugated medium paper to create carton box packaging, and
coated duplex board for display packaging. The Company started commercial
operations in 1989 and is presently producing industrial paper, such as sack
kraft, containerboard (liner and corrugating medium) and boxboard, for use in
the packaging of consumer and industrial goods. The company had been commercial
operations commenced in 1989, using Paper Machine 2 (PM2) to produce
linerboard. In 1990, Paper Machine 1 (PM1) began producing coated duplex board
and a third paper machine (PM3) began operations in 1995, manufacturing
corrugated medium.
In the same year the Company installed its first power
plant (Cogen1) with a capacity of 32.5 megawatts. A fourth paper machine, PM7,
producing containerboard (corrugated medium and linerboard was completed in
2006 and upgraded in 2012. A second power plant (Cogen2) with a capacity of 35
MW was installed. A fifth paper machine (PM5) commended operations in December
2010. The numbering of our paper machines is not sequential, and as of the date
of this annual report, we do not own, or have owned, PM4 and PM6.
In addition, FajarPaper is also connected to the
state-owned electricity company grid with access to capacity of 50 MW that
serves as a backup power supply. The Company’s products are sold to domestic
customers and exported to other Asian countries, Africa and the USA. The percentages
of domestic and export sales to net sales in 30 September 2017 were 94% and 6%,
respectively.
P.T. FSWT Products are:
Coated Duplex
Board
Coated duplex board is a paper with a white, glossy-coated,
top layer finish and a grey bottom layer. Coated duplex board is ideal for
light-weight packaging materials that require high quality printing,
particularly effective for pharmaceutical products, shoes, household goods,
processed foods and consumer electronics
Container Boards
High quality brown packaging paper used for the outer
layers of corrugated sheets. It provides effective protection for contents and
a smooth surface that facilitates high quality printing.
High performance fluting paper used in the construction
of carton boxes. It is made from 100% recycled paper. It superb characteristics
provide good protection during transportation and for use in display stacks.
The combination of Fajar Liner and Fajar Medium ensures excellent runn ability
on corrugator machines.
P.T. FSWT or Fajar Paper is a leading packaging paper
manufacturer in Indonesia with an installed capacity of 1,300,000 metric tons
per year and a range of products which include linerboard and corrugated medium
paper for carton box packaging and coated duplex board for display packaging.
Running with current 5 paper machines, Fajar Paper produces around 1 million
tons of packaging papers per year ranging from Coated Duplex Board, Kraft Liner
Board and Corrugated Medium Paper.
|
Paper Machine |
Year Built |
Capacity
(ton/year) |
Products |
|
PM1 |
1990 |
150,000 |
|
|
PM2 |
1989 |
150,000 |
|
|
|
|||
|
PM3 |
1995 |
150,000 |
|
|
PM7 |
2006 |
300,000 |
|
|
|
|||
|
PM5 |
2010 |
250,000 |
|
|
Total |
|
1,000,000 |
|
|
PM8 |
2017 |
300,000 |
|
|
Total |
|
1,300,000 |
The Company’s products are sold to domestic customers and
exported to other Asian countries, USA and the Africa. The percentages of domestic
and export sales to net sales for the nine-month period ended September 30,
2017 were 94% and 6%, respectively. The Company has a production capacity of
1,250,000 tons per year.
In investment holding P.T. FSWT controls 100% shares of
FSW INTERNATIONAL FINANCE COMPANY BV, dealing with financing service located at
the Netherlands. But since 01 May 2002, FSW INTERNATIONAL FINANCE COMPANY B.V.
had been liquidated as provided in commercial registration Chamber of Commerce
and Industry in Roterdam, the Netherlands.
The Company has a production capacity of 1.000,000 tons
per year. Some 40% of P.T. FSWT's products is still marketed locally through
distributor P.T. WIRA MUSTIKA AGUNG and also supplied to various carton box
manufacturing plants among others are P.T. ANEKA KARTON ELOK, P.T. SINAR RAPI
ASRI, P.T. GURU INDONESIA, P.T. MEKABOX, etc., and the rest is exported to
Malaysia, the People’s Republic of China, Australia, Hong Kong, the UK,
Thailand, etc., and the rest is for domestic consumption. The company operation
is fully backed by P.T. SURABAYA AGUNG INDUSTRI KERTAS (P.T. SURYA KERTAS), a
paper manufacturer processing extensive local and overseas marketing network.
Besides, some of the products supplied to P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T.
DANONE INDONESIA and P.T. NESTLE INDONESIA.
FajarPaper generates the majority of sales revenue from
supplying our products to industrial customers, primarily domestic independent
box-making manufacturers and converters. Export earnings from sales in Asia,
the Middle East, and the Indian sub-continent, are denominated in US Dollars, a
source of foreign currency used to match payables in respect of foreign
currency borrowings, and routine expenditures on raw materials and imported
spare parts to maintain production. Indonesia’s fast growing modern retail
segment is one of the largest paper packaging markets in the region and the
Company’s sales are primarily to meet local market needs. P.T. FSW paper is
used in corrugated boxes, folding cartons, and other packaging products. These
are on-sold to consumer goods companies to be used as packaging for protection
and safe delivery of goods, as well as for display packaging in modern retail
environments.
Typical sectors include food and beverage, household
goods and personal care, footware, toys, pharmaceuticals, electronics, and
stationary. FSW end-user customers include large corporations and multinational
companies such as: Unilever, Indofood, Nestle, Aqua Danone, Mayora, Wings, Kao,
Kalbe Farma, Samsung, Panasonic, LG, Toshiba, Mattel among many other consumer
goods companies.
P.T. FSWT is classified as a medium sized company of
which the operation had been growing stable up to 1996. P.T. FSWT obtained ISO
9002 certificate from SISIR Singapore for the acknowledgement of quality and
management. We observe P.T. FSWT is classified as a large sized company in the
country dealing with industrial paper making of which the operation had been
fluctuating in the last five years.
The national pulp and paper industries will be better in
2015 than in 2014. Market estimates of production and sales will be the norm.
Additional capacity will continue price of pulp is still going up although with
a slower rise in pulp price increases triggered by the low stock of pulp due to
the hard efforts of pulp mills to reduce production, to balance the
supply-demand, and the purchase of pulp on a large scale by China also
triggered a rise in pulp prices. Ir. H. M. Mansur, Chairman of the Presidium
APKI (Association of Indonesian Pulp and Paper) said the increased price of
paper is not as big and as fast as the price of pulp, because the factories are
not as intensive as paper pulp mills to reduce production, so that the paper
stock in the world market is still quite great. Indonesia's pulp paper does not
seem necessary to limit and reduce production because production will be
absorbed by the market-domestic and export markets. Global crisis appears to
have started over, things would be normal, production, consumption and prices
will rise again. Indonesia has very good potential to be leader in the global
pulp and paper industry due to its geographical location.
Indonesian Pulp and
Other Paper Export Volume and Value, 2011-2016*
|
Year |
Pulp |
Other Paper |
||
|
Thousand Tons |
Million US Dollar |
Thousand Tons |
Million US Dollar |
|
|
2011 |
2,934.3 |
1,554.8 |
2,325.0 |
2,155.4 |
|
2012 |
3,197.0 |
1,545.8 |
2,397.5 |
2,132.1 |
|
2013 |
3,718.8 |
1,841.8 |
2,289.7 |
1,881.8 |
|
2014 |
3,498.3 |
1,718.7 |
2,442.7 |
1,947.7 |
|
2015 |
3,401.7 |
1,726.7 |
2,368.9 |
1,819.6 |
|
2016* |
3,187.6 |
1,406.5 |
2,227.4 |
1,656.3 |
According to financial report audited by a public
accountant the total sales turnover of P.T. FSWT in 2014 amounted to Rp. 5,456.9
billion with a net profit of Rp. 82.3 billion decreased to Rp. 4,960.0 billion
with a net profit of Rp. 866.4 billion in 2015 increased to Rp. 5,874.7 billion
with a net profit of Rp. 772.6 billion 2016. As per 30 September 2017 the sales
turnover has reached at least Rp. 4,913.0 billion with a net profit of at least
Rp. 278.8 billion. The sales turnover will be increasing by least 5% in 2018.
Besides, some of the machinery printing machine and paper machine 8 (PM8) has
been installed. So far, we did not heard that the company having been black
listed by the Central Bank (Bank Indonesia). Financial statements as of 31
December 2014, 2015, 2016 and as per 30 September 2017 are attached.
The management of P.T. FSWT is led by Mr. Yustinus Yusuf
Kusumah (50) a professional manager with experience in paper making industry
and distribution. Yustinus Y. Kusumah was appointed as a President Directors in
May 2014. Mr. Kusumah has served on the Board of Directors since 1998. Prior to
this, he served as the Marketing Manager for FajarPaper, 1995-1998. He held the
position as Deputy Head of the Department of Corporate Governance & Public
Listed Company Performance Enhancement in the Indonesia Public Listed Companies
Association, 2005-2008. He graduated in Industrial Engineering from the
University of Miami, and gained a Master’s in the same subject from the Georgia
Institute of Technology. Later, he earned an MBA from the State University of
New York, Buffalo. Before joining FajarPaper, he worked with Andersen Consulting.
The management is backed-up by a team of professional,
skillful and well experienced managers. They have wide relation with private
businessmen at home and abroad as well as with government sectors. So far, we
did not hear that the management of the company being filed to the district
court for detrimental cases or involved in any business malpractices. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. FAJAR SURYA WISESA Tbk is sufficiently fairly
good for business cooperation.
Attachment
1:
PT. FAJAR SURYA
WISESA TBK
AND IT’S
SUBSIDIARIES
FINANCIAL
STATEMENTS
Per 31 December
2014, 2015, 2016 and as per 30 September 2017
(In
Million Rupiah)
|
DESCRIPTION |
30 September
2017 |
31 December |
||
|
2016 |
2015 |
2014* |
||
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
222.320 |
223.740 |
63.784 |
60.986 |
|
-
Note
Receivable |
- |
- |
- |
- |
|
- Trade Receivable |
|
|
|
|
|
* Related Parties
|
12.816 |
- |
- |
- |
|
* Third Parties |
1.097.107 |
1.112.720 |
680.663 |
811.094 |
|
- Other Receivable |
6.461 |
514 |
1.758 |
6.834 |
|
- Inventories |
1.085.565 |
768.429 |
905.574 |
829.904 |
|
- Advance Payment |
16.088 |
13.407 |
10.840 |
8.113 |
|
- Prepaid taxes |
28.770 |
14.623 |
23.910 |
48.355 |
|
- Prepaid Expenses |
51.792 |
20.015 |
30.376 |
30.336 |
|
-
Derivative
Financial Instruments |
4.443 |
13.587 |
1.635 |
- |
|
Total Current
Assets |
2.525.362 |
2.167.035 |
1.718.540 |
1.795.622 |
|
b. Non Current Assets |
|
|
|
|
|
- Restricted time Deposits |
- |
14.003 |
14.249 |
12.620 |
|
- Fixed Assets |
6.337.305 |
6.271.723 |
4.916.098 |
3.733.099 |
|
- Intangible Assets
- Net |
1.893 |
5.261 |
9.426 |
14.704 |
|
- Advance for
purchase property |
63.222 |
33.973 |
292.877 |
16.595 |
|
- Prepaid Expenses |
104.508 |
82.483 |
33.483 |
- |
|
- Guarantee
Deposits |
18.386 |
8.744 |
8.959 |
8.359 |
|
Total Non Current
Assets |
6.525.315 |
6.416.187 |
5.275.092 |
3.774.377 |
|
TOTAL ASSETS = LIABILITIES STOCKHOLDERS’
EQUITY |
9.050.677 |
8.583.222 |
6.993.632 |
5.569.999 |
|
B. LIABILITIES & STOCKHOLDERS’
EQUITY |
|
|
|
|
|
a. Current
Liabilities |
|
|
|
|
|
- Bank Loan |
1.142.370 |
749.015 |
687.677 |
302.219 |
|
- Trade Accounts
payable to third parties |
847.900 |
775.956 |
523.243 |
1.158.295 |
|
- Other Accounts
payable |
81.994 |
122.195 |
47.754 |
64.583 |
|
- Taxes Payable |
16.205 |
15.643 |
4.390 |
4.018 |
|
- Accrued Expenses |
120.727 |
94.978 |
93.915 |
89.105 |
|
- Derivative Financial
Instrument |
2.514 |
4.478 |
6.554 |
185 |
|
- Current maturities
of long term liabilities |
|
|
|
|
|
* Bank |
336.331 |
253.351 |
245.964 |
220.216 |
|
- Obligation under finance lease |
17.509 |
- |
- |
31 |
|
Total Current
Liabilities |
2.565.550 |
2.015.616 |
1.609.497 |
1.838.652 |
|
b. Non Current
Liabilities |
|
|
|
|
|
- Deferred Tax
Liabilities |
295.770 |
222.016 |
233.883 |
328.166 |
|
- Long Term Loans |
|
|
|
|
|
* Derivative
financial instrument |
- |
- |
- |
3.017 |
|
* Banks |
2.853.192 |
3.020.140 |
2.564.533 |
1.668.484 |
|
* Obligation under
finance lease |
26.643 |
- |
- |
- |
|
- Post-Employee Benefits
obligation |
186.984 |
167.009 |
140.374 |
126.578 |
|
Total Non Current
Liabilities |
3.362.589 |
3.409.165 |
2.938.790 |
2.126.245 |
|
Total Liabilities |
5.928.140 |
5.424.781 |
4.548.287 |
3.964.897 |
|
c. Stockholders
Equity |
|
|
|
|
|
- Share Capital |
1.238.944 |
1.238.944 |
1.238.944 |
1.238.944 |
|
- Additional Paid up
Capital |
3.561 |
3.561 |
3.561 |
3.561 |
|
- Gain on revaluation
of property |
1.180.649 |
1.180.649 |
1.176.011 |
|
|
- Retained
Earnings |
752.499 |
780.840 |
62.297 |
408.362 |
|
Total Stockholders’
Equity |
3.122.537 |
3.158.442 |
2.445.347 |
1.650.867 |
|
DECCRIPTION |
|
|
|
|
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – Net |
4.913.032 |
5.874.745 |
4.959.999 |
5.456.936 |
|
b. Cost of Goods Sold |
(4.064.295) |
(4.696.162) |
(4.570.044) |
(4.880.425) |
|
c. Gross Profit |
848.737 |
1.178.583 |
389.955 |
576.510 |
|
d. Operating Expenses |
(440.968) |
(351.853) |
(792.901) |
(472.706) |
|
e. Profit Before Income
Tax |
407.769 |
826.730 |
(402.946) |
132.785 |
|
f. Tax Benefit Expenses |
(121.417) |
(48.717) |
94.050 |
(41.283) |
|
g. Net Profit (Loss) |
286.351 |
778.013 |
(308.897) |
91.502 |
|
h. Total Other Comprehensive Income |
(7.564) |
(5.477) |
1.175.310 |
(9.199) |
|
i. Total Comprehensive Income |
278.787 |
772.566 |
866.413 |
82.303 |
Notes: 31 December 2014, 2015 and 2016 audited by Osman
Bing Eny & Rekan (Deloitte)
30
September 2017 un audited
Attachment
2:
List
of the DIRGAHAYU Group Members
1. BAHANA
BUANABOX, P.T. (Corrugated Carton Box Manufacturing)
2. DIRGAHAYU
MANUFACTURING CO., C.V. (Stationery Manufacturing)
3. GENERAL
MAGNETIC INDONESIA, P.T. (Trading)
4. INTAN
TEGUH SEJATI, P.T. (Investment Holding)
5. INTAN
USTRIX, P.T. (Corrugated Carton Box Manufacturing)
6. INTIRAPI
POLANUSA, P.T. (Investment Holding)
7. FAJAR
SURYA WISESA, P.T. (Industrial Paper Making and Investment Holding)
8. PARDIKA
ANARAWATA, P.T. (Investment Holding)
9. POLARONA
PACIFIC, P.T. (Investment Holding)
10. RAPIPACK
ASRITAMA, P.T. (Corrugated Carton Box Manufacturing)
11. SURYA
KERTAS Tbk, P.T. (Paper Board Packaging Industry)
12. SURYA
MANDIRI BUANA, P.T. (Trading and Distribution of Paper, Pulp, Board and
Stationery Products)
13. TIRTA
BAYU SANGKA, P.T. (Investment Holding)
14. WAHANA
MUSTIKA AGUNG, P.T. (Trading and Distributor of Industrial Paper)
15. Etc.
Attachment
3:
List
of the GARAMA Group Members
1. AYUTHAYA
WISESA, P.T. (Development and Management of Hotel and recreational Centre)
2. BASUNANDA
NUSANTARA, P.T. (Steel Plate Machining)
3. BISMA
NARENDRA, P.T. (Manufacturing of Zinc Coated Steel Sheets, Printed coated Steel
Sheet, Galvanils and Galvan)
4. BUKAKA
KUJANG PRIMA, P.T. (Steel Fabricating and Construction)
5. BUMI
MITRA PRATAMA, P.T. (Development and Management of Office building, Luxury
Apartment and Shop-houses)
6. ESSAR
DHANANJAYA, P.T. (Cold Rolled Steel Coils and Sheet Manufacturing)
7. FAJAR
SURYA WISESA, P.T. (Paper Industry)
8. GARAMA
ADIPRATAMA, P.T. (Investment Holding)
9. GARAMA
DHANANJAYA, P.T. (General Trading and Supplier and Investment Holding)
10. GARAMA
DHANANJAYA PRIMA, P.T. (Investment Holding)
11. GARAMA
INTERTRADE - Singapore (General Trading)
12. GARAMA
PANCAMURNI, P.T. (Investment Holding)
13. GARAMA
PERDANA, P.T. (Trading)
14. GARAMA
PROPERTY, P.T. (Modern Office Building Development and management)
15. GRAHA
CURAH NIAGA, P.T. (General Trading, Export and Import Services of urea
Fertilizers, Cements, Coals, Molasses, etc.)
16. GRESIK
GASES INDONESIA, P.T. (Industrial Gases Manufacturing)
17. GRESIK
POWER INDONESIA, P.T. (Electric Power Development and management)
18. GESLO
LIMITED, P.T. (General Trading and Distribution of Shipping equipment, Heavy
Machinery and Logistics)
19.
INDO BAGNA PRIMA, P.T.
(Electrical Equipment Industry)
20. INDOSPEC
ASIA PETROLEUM BANGADUA, P.T. (Oil & Natural Gas Exploration)
21. INSANI
BINAPERKASA, P.T. (Coal Mining)
22. JAKARTA
PRIMA CRANES, P.T. (Trading and Distribution of Crane)
23. LEAR
CORPORATION INDONESIA, P.T. (Automotive Accessories Manufacturing)
24. LEAR
SEATING INDONESIA, P.T. (Automotive Seating Manufacturing)
25. NONGSIN
SEKAR, P.T. (Instant Noodle Processing)
26. PAN
GARAMA PRIMA, P.T. (Garment Manufacturing)
27. PRIMA
ETHYCOLINDO, P.T. (Ethylene Glycol Industry)
28. SRIJAYA
PLASINDO, P.T. (Multivarious Plastic Weaving)
29. SURYA
NARENDRA, P.T. (Investment Holding)
30. TATUNG
BUDI INDONESIA, P.T. (Electrical Equipment Manufacturing)
31. TATSUMI
GRAHA STAR LINE, P.T. (Tanker Services)
32. TELEN
ECO COAL, P.T. (Coal Mining (Planned) )
33. WUJUD
NAWANGWULAN, P.T. (Garment Manufacturing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.94 |
|
IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.