Annual Report 2011 Annual Report 2011
ANNUAL
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To be
the leading integrated
solutions provider
in the world of
LIFESTYLE and FASHION
We will excel in
Design, Development and Sourcing
to deliver the right products
and services
competitively
with a focus on quick response
our
vision
and
mission
contents
ERATEX in Brief
Company Milestone
Organization Structure
Financial Highlights 2011
Share Highlights
Subsidiary and Affiliated Companies
Corporate Information
Corporate Social Responsibility
Statement from Board of Commissionaires and Directors
President Commissioner’s Report
Director’s Report 2011
Management Discussion and Analysis
Good Corporate Governance
Statement from Board of Director
Report from Independent Auditor (Indonesia)
Audited Consolidated Financial Report (Indonesia)
Report from Independent Auditor (English)
Audited Consolidated Financial Report (English)
daftar isi
Sekilas tentang ERATEX
Riwayat Perseroan
Struktur Organisasi
Ikhtisar Keuangan 2011
Ikhtisar Saham
Anak Perusahaan dan Afiliasi
Data Perseroan
Tanggung Jawab Sosial
Surat Pernyataan Dewan Komisaris dan Dewan Direksi
Laporan Presiden Komisaris
Laporan Direksi 2011
Analisa dan Pembahasan Management
Tata Kelola Perusahaan
Pernyataan Dewan Direksi
Laporan Auditor Independent (Indonesia)
Laporan Keuangan Konsolidasi Yang Telah Diaudit (Indonesia)
Laporan Auditor Independent (Inggris)
Laporan Keuangan Konsolidasi Yang Telah Diaudit (Inggris)
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T Eratex Djaja Tbk (the “Company”) was established in the framework of Foreign Capital Investment Law No.1, 1967 by Notary Deed No.7 dated October 12, 1972 based on Deed prepared by Koerniatini Karim, Public Notary in Jakarta.
Company's Head Office is in Jakarta, located at Sentra Bisinis Tanjung Duren, Jl. Tanjung Duren Utara Blok C No. 3B, West Jakarta – 11470. The Administrative Office is in Surabaya, located at Jl. Raya Bukit Darmo No. 6 Surabaya – 60189. And the Factory is located in Probolinggo, Jl. Soekarno Hatta No. 23 Probolinggo. The Company registered its shares on the Stock Exchange of Indonesia on August 21, 1990, in accordance with approval of the Minister of Finance of the Republic of I n d o n e s i a N o . S I -125/SHM/MK.10/1990 dated July 14, 1990. And since 2000, all shares have been registered on the Jakarta Stock Exchange and the Surabaya Stock Exchange (known as Indonesia Stock Exchange at present).
T Eratex Djaja Tbk (“Perseroan”) didirikan dalam rangka Undang-Undang Penanaman Modal Asing No.1 tahun 1967 berdasarkan akta notaris No. 7 tanggal 12 Oktober 1972 yang dibuat oleh Koerniatini Karim, Notaris di Jakarta.
Kantor Pusat Perseroan di Jakarta, beralamat di Sentra Bisnis Tanjung Duren, Jl. Tanjung Duren Utara Blok C No. 3B, Jakarta Barat – 11470. Dan Kantor Administrasi yang terletak di Surabaya, beralamat di Jl. Raya Bukit Darmo No. 6 Surabaya – 60189. Sedangkan lokasi
p a b r i k b e r a d a d i k o t a Probolinggo, beralamat di Jl. Soekarno Hatt a No. 23 Probolinggo.
Pe r s e r o a n m e n c a t a t k a n sebagian dari sahamnya di bursa efek di Indonesia pada tanggal 21 Agustus 1990, dengan surat persetujuan
M e n t e r i Ke u a n g a n Re p u b l i k I n d o n e s i a N o . S I -125/SHM/MK.10/1990 tanggal 14 Juli 1990. Dan sejak tahun 2000, seluruh saham telah dicatatkan di Bursa Efek Jakarta dan Bursa Efek Surabaya (sekarang Bursa Efek Indonesia).
sekilas ERATEX
ERATEX in brief
Pada awal berdirinya Perseroan bergerak dalam bidang industri tekstil yang terpadu meliputi bidang-bidang pemintalan, penenunan, penyelesaian, pembuatan pakaian jadi serta menjual produknya baik domestik maupun internasional.
Pada tahun 2008, Perseroan memutuskan untuk menutup Divisi Tekstil yang memproduksi benang dan kain. Dan sejak saat itu Perseroan memfokuskan produksinya pada pakaian jadi, dengan orientasi perjualan export secara total.
Inti produk Perusahaan adalah Celana. Mulai dari celana jeans standard lima saku sampai pada celana kain kasual, dengan bahan bervariasi mulai dari denim sampai pada kain twill halus Italia. Untuk memenuhi rencana sebagai pemasok multi produk, perusahaan menambahkan line produksi khusus untuk Jaket dan Kemeja. Sebagian besar kapasitas produksi celana menghasilkan produk celana denim, sementara itu kebutuhan embriodery dan printing dapat dengan mudah didukung oleh kontraktor setempat.
The Company
commenced
its commercial
operation in
1974
Perseroan
beroperasi
secara
komersial
pada tahun
1974
At the beginning the activities of the Company were as an integrated textile manufacturing, including spinning, weaving, finishing, garment making, and selling its products both in local and international market.
In 2008, the Company decided to close its Textile Division which was producing yarns and fabrics, since then company has been focusing on production of garments with total export market orientation.
The core product of the company has been casual bottom wear. The Company's products ranges from five pocket basic jeans to casual dress pants, with material varying from denim to Italian high count twill. To fulfill the plan to be a multiple products supplier, company has added lines for shirt and other garments. The major part of the pants capacity is producing denim product, while requirement for embroidery and printing are conveniently supported by nearby contractors.
P
P
Inti produk Perusahaan
adalah Celana.
Mulai dari celana jeans standard
lima saku sampai pada
celana kain kasual.
The core product of the company
has been casual bottom wear.
The Company's products ranges
from five pocket basic jeans
to casual dress pants.
(4)
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compan
y miles
tone
F ounded Spinning: 1 0,368 spindles W ea ving: 21 6 looms Garment: 1 20 se wing mac hines IPO • Spinning: 38,604 spindles • W ea ving: 471 looms (1 50 rpm) • Garment: 504 se wing mac hines • Spinning: 50,40 0 spindles • W ea ving: 21 6 looms (30 0 rpm) • Garment: 20 0 0 se wing mac hines PT A siate x Garmindo: cease operation • w ea ving cease operation. • Garment: 250 0 se wing mac hines Spinning and PT A siate x Garmindo: 1 40,0 0 0 BU1
972
1
97
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97
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1
980
1
990
1
998
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• F o c u s o n G a rm e n t • D e b t re s tr u c tu rin g • N e w g ro w th s tr a te g y • Tu rn a ro u n d p la n0
05
0
04
Lapor an Tahunan 20 11 Annual Repor t 20 11 Lapor an Tahunan 20 11 Annual Repor t 20 11Rapat Umum Pemegang Saham
Annual General Meeting of Shareholders
Dewan Komisaris
Board of Commissioners
Dewan Direksi
Board of Directors
Admin Umum
General Admin
Hukum & Sek. Perusahaan
Legal & Corp. Sec
SDM HR IT IT Pembelian Purchasing Expor Export Impor Import Pergudangan Warehouse Keuangan Finance Akuntansi Accounting Akuntansi Pembiayaan Costing Perpajakan Taxation Operasional Produksi Production Operation Perencanaan Produksi Production Plan
Support Teknik & Utilitas
Technical & Utilities Support
QA & QC
QA & QC
Sample & Design
Marketing Marketing Merchandising Merchandising Administrasi Umum General Administration Personalia Personnel Kepatuhan Compliance Fungsi Komersial Commercial Function Admin. Perusahaan Corp. Administration Operasional Operations Komite Audit Audit Committee Audit Internal Internal Audit Sekertaris Perusahaan Corporate Secretary Admin. Perusahaan Corp. Administration Administrasi Pabrik Factory Admin Produksi Production
Keuangan & Akuntansi
Finance & Accounting Supply Chain Management Bisnis Business
struk
tur or
g
anisasi
or
g
aniz
a
tion s
tructur
e
PT . ERA TEX D JAJ A Tbk PT . ERA TEX D JAJ A Tbk(5)
ikhtisar keuangan 2011
financial highlights 2011
(Rp. Juta, kecuali disebut lain) (In Million Rupiah unless other wise stated)
Pendapatan 259,371 233,110 248,200 439,977 631,987 Revenues
Laba Kotor 32,566 (13,243) 14,684 (1,999) 72,462 Gross Income (Loss)
Laba Usaha (1,092) (47,546) (32,985) (59,815) 12,119 Operating Income (Loss)
Depresiasi dan Depreciation And
Amortisasi 3,146 3,216 2,827 6,023 10,261 Amortization
Beban Keuangan 13,438 16,110 19,625 19,282 23,239 Financing Cost
EBITDA 2,054 (44,330) (30,158) (53,792) 22,380 EBITDA
Laba (Rugi) Bersih 84,586 (48,501) (25,372) (110,336) (2,511) Net Income (Loss)
Jumlah saham Beredar Number of Shares
(Dalam Ribuan) 146,312 98,236 98,236 98,236 98,236 (In Thousands)
Laba Bersih Per Saham 715 (494) (258) (1,123) (26) Earning Per Share
Jumlah Aset Lancar 128,728 71,537 48,332 88,886 184,510 Current Assets
Jumlah Aset Tidak Lancar 43,142 43,791 49,444 80,370 108,933 Non Current Assets
Total Aset 171,870 115,329 97,776 169,256 293,443 Total Assets
Jumlah Kewajiban Lancar 129,502 169,940 114,847 240,559 268,568 Current Liabilities
Jumlah Kewajiban Non Current
Tidak Lancar 140,103 151,815 141,265 63,336 47,560 Liabilities
Total Kewajiban 269,605 321,755 256,112 303,895 316,128 Total Liabilities
Hak Minoritas 209 - 9 9 9 Minority Interest
Total Ekuitas (97,944) (206,427) (158,345) (134,648) (22,695) Total Equity
Rasio Lancar 0.99 0.42 0.42 0.37 0.69 Current Ratio
Total Kewajiban / Total Liabilities
Total Asset 1.57 2.79 2.62 1.80 1.08 To Assets
Total Kewajiban / Total Liabilities
Total Ekuitas -2.75 -1.56 -1.62 -2.26 -13.93 To Total Equity
Marjin Laba Kotor (%) 13% -6% 6% 0% 11% Gross Profit Margin (%)
Marjin Laba Usaha (%) 0% -20% -13% -14% 2% Operating Profit Margin (%)
Marjin Laba Bersih (%) 33% -21% -10% -25% 0% Net Profit Margin (%)
Laba Bersih Terhadap Return On
Ekuitas (%) -86% 23% 16% 82% 11% Equity (%)
Laba Bersih Terhadap Return On
Total asset (%) 49% -42% -26% -65% -1% Assets (%)
URAIAN 2011 2010 2009 2008 2007 DESCRIPTION
...
...
...
... ...
... ...
LAPORAN
STATEMENT OF
LABA RUGI
INCOME
NERACA
BALANCE SHEET
RASIO
FINANCIAL
KEUANGAN
RATIO
...
...
(USD Ribuan, kecuali disebut lain) (In Thousands US Dollar unless other wise stated)
Pendapatan 29,565 25,927 26,404 40,181 67,097 Revenues
Laba Kotor 3,712 (1,473) 1,562 (183) 7,693 Gross Income (Loss)
Laba Usaha (124) (5,288) (3,509) (5,463) 1,287 Operating Income (Loss)
Depresiasi dan Depreciation And
Amortisasi 359 358 301 550 1,089 Amortization
Beban Keuangan 1,532 1,792 2,088 1,761 2,467 Financing Cost
EBITDA 234 (4,930) (3,208) (4,912) 2,376 EBITDA
Laba (Rugi) Bersih 9,642 (5,394) (2,699) (10,076) (267) Net Income (Loss)
Jumlah saham Beredar Number of Shares
(Dalam Ribuan) 146,312 98,236 98,236 98,236 98,236 (In Thousands)
Laba Bersih Per Saham 0.082 (0.0549) (0.0275) (0.1026) (0.0028) Earning Per Share
Jumlah Aset Lancar 14,196 7,957 5,142 8,117 19,589 Current Assets
Jumlah Aset Tidak Lancar 4,758 4,871 5,260 7,340 11,565 Non Current Assets
Total Aset 18,953 12,827 10,402 15,457 31,154 Total Assets
Jumlah Kewajiban Lancar 14,281 18,901 12,218 21,969 28,513 Current Liabilities
Jumlah Kewajiban Non Current
Tidak Lancar 15,450 16,885 15,028 5,784 5,049 Liabilities
Total Kewajiban 29,731 35,786 27,246 27,753 33,563 Total Liabilities
Hak Minoritas 23 - 1 1 1 Minority Interest
Total Ekuitas (10,801) (22,959) (16,845) (12,297) (2,410) Total Equity
Rasio Lancar 0.99 0.42 0.42 0.37 0.69 Current Ratio
Total Kewajiban / Total Liabilities
Total Asset 1.57 2.79 2.62 1.80 1.08 To Assets
Total Kewajiban / Total Liabilities
Total Ekuitas -2.75 -1.56 -1.62 -2.26 -13.93 To Total Equity
Marjin Laba Kotor (%) 13% -6% 6% 0% 11% Gross Profit Margin (%)
Marjin Laba Usaha (%) 0% -20% -13% -14% 2% Operating Profit Margin (%)
Marjin Laba Bersih (%) 33% -21% -10% -25% 0% Net Profit Margin (%)
Laba Bersih Terhadap Return On
Ekuitas (%) -86% 23% 16% 82% 11% Equity (%)
Laba Bersih Terhadap Return On
Total asset (%) 49% -42% -26% -65% -1% Assets (%)
URAIAN 2011 2010 2009 2008 2007 DESCRIPTION
...
...
...
... ...
... ..
LAPORAN
STATEMENT OF
LABA RUGI
INCOME
NERACA
BALANCE SHEET
RASIO
FINANCIAL
KEUANGAN
RATIO
...
...
ikhtisar keuangan 2011
financial highlights 2011
(6)
009
008
Laporan Tahunan 2011 Annual Report 2011 Laporan Tahunan 2011 Annual Report 2011Struktur Aset
Assets Structure
50,000 100,000 150,000 200,000 250,000 300,000 350,000
06 07 08 09 10 11
current assets
fixed assets
other assets
total assets
In million Rupiah
06 185,670 112,940 7,628 307,056
07 184,510 97,250 11,683 293,443
08 88,886 68,015 12,355 169,256
09 48,332 41,354 8,089 97,776
10 71,537 38,651 5,139 115,328
Current Fixed Other Total Assets Assets Assets Assets
11 128,728 40,661 2,481 171,870
Struktur Aset, Liabilitas & Modal
Assets, Liabilities & Equity Structure
(200,000) (100,000) 0 100,000 200,000 300,000 400,000
06 07 08 09 10 11
In million Rupiah
06 307,056 239,290 69,928 (18,803)
07 293,443 268,568 34,622 (22,695)
08 169,256 240,559 53,210 (134,648)
09 97,776 114,847 131,070 (158,345)
10 115,328 169,940 141,059 (206,427)
Total
Assets Liabilities Loans Equity Current Long Term
11 171,870 129,502 129,210 (97,944)
Modal Kerja & Pinjaman Jangka Panjang
Working Capital & Long Term Loans
(150,000) (100,000) (50,000) 0 50,000 100,000 150,000
06 07 08 09 10 11
In million Rupiah
06 (53,620) 69,928 185,670 239,290
07 (84,058) 34,622 184,510 268,568
08 (151,672) 53,210 88,886 240,559
09 (66,514) 131,070 48,332 114,847
10 (98,402) 141,059 71,537 169,940
Working Long Term Current Current Capital Loans Assets Liabilities
11 (774) 129,210 128,728 129,502
Rasio Likuiditas
Liquidity Ratios
0.00 06 07 08 09 10 11
Times
06 0.78 0.26
07 0.69 0.20
08 0.37 0.12
09 0.42 0.05
10 0.42 0.11
Current Ratio Quick Ratio
11 0.99 0.35
0.50 1.00
Rasio Profitabilitas
Profitability Ratio
-10% 06 07 08 09 10 11
06 10%
07 11%
08 0%
09 6%
10 (6%)
Gross Income Ratio
11 13%
0% 20%
10%
Total Assets Current Liabilities Long Term Loans Equity
Working Capital Long Term Loans
Current Ratio Quick Ratio
(7)
ikhtisar saham
share highlights
Kronologi Pencatatan Saham
Share Registration History
Penawaran Umum Perdana 21 Agustus 1990.
Pencatatan saham tambahan.
Pe n c a t a t a n s a h a m t a m b a h a n d a r i pengeluaran Saham Bonus dengan mengkapitalisasi agio saham, dimana setiap 1 saham berhak atas 1 saham bonus.
Pemecahan Saham Nilai Nominal Rp 1000,- menjadi Rp
500,-Pencatatan seluruh saham Perseroan
Pe n c a t a t a n s a h a m t a m b a h a n d a r i Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu melalui Konversi Hutang menjadi Saham sebanyak 48.076.474 saham.
1990 1991 1994
1997
2000 2011
6,139,750 6,139,750 24,559,000
49,118,000
98,236,000 146,312,474
Initial Public Offering August 21st, 1990. Additional shares listing.
Additional shares listing from Bonus Share issuance from agio capitalization, where 1 share entitle for 1 bonus share.
Stock Split Par Value Rp 1000,- to Rp
500,-Listing of all Company’s shares.
Additional shares listing from Non Pre-emptive Rights Issue through Debt to Equity Conversion amounting 48,076,474 shares.
Tindakan Tahun
Year
Jumlah Saham
Share Volume Action
Perseroan tidak mencatatkan sahamnya pada bursa lain selain Bursa Efek Indonesia.
Company does not register the shares other than in Indonesia Stock Exchange.
Pengendali / Controlling
PT. Buana Indah Garments South Indonesian Holdings Ltd
Masyarakat / Public >= 5 %
Masyarakat / Public < 5%
Saham Ditempatkan Disetor /
Issued and Paid Up Capital
Modal Dasar/
Authorized Capital
Komposisi Pemegang Saham
Shareholder Composition
36.31%
21.20% 15.11%
40.04% 23.65% 100%
53,115,100
31,012,000 22,103,100
58,576,474 34,620,900 146,312,474
392,944,000
Persentase
Percentage
Saham
Share
06 07 08 09 10 11
100,000 200,000 300,000 400,000 500,000 600,000 700,000
0 In million Rupiah
Pendapatan
Revenue
06 580,863
07 631,987
08 439,977
09 248,200
10 233,110
Revenue
11 259,371
Pendapatan per Negara 2011
Revenue per Region 2011
USA 215,566,288,333 83%
Europe 20,728,247,622 7%
Local 8,984,927,005 4%
Other countries 14,091,491,080 6%
IDR Percentage
Total 259,370,954,040 100%
USA
Europe Local
Other
Exchange Rate 2010 & 2011
Jan 9,365 9,057
Feb 9,335 8,823
Mar 9,115 8,709
Apr 9,012 8,574
May 9,180 8,537
Jun 9,083 8,597
Jul 8,952 8,508
Aug 9,041 8,578
Sep 8,943 8,823
Oct 8,928 8,835
Nov 9,013 9,170
(8)
013
Laporan Tahunan 2011 Annual Report 2011anak perusahaan dan afiliasi
subsidiary and affiliated companies
Masyarakat <5%
Public < 5%
23.65
%
Masyarakat >=5%
Public >= 5%
40.04
%
PT Buana Indah
Garments
21.20
%
South Indonesian
Holdings Ltd
15.11
%
PT ERATEX DJAJA Tbk.
PT. Eratex Garment
99
%
PT. Eratex (Hong Kong) Ltd
100
%
PT. Asiatex Garmindo
95.15
%
PT. Freshtex Garment
Finishing Indonesia
4.85
%
Yu Man Poon
1
%
012
Laporan Tahunan 2011 Annual Report 2011Dari total saham yang beredar, 17,32% dalam bentuk warkat dan 82,68 % nonwarkat/elektronik.
Pada tanggal 31 Desember 2011, Direktur yang memiliki saham Perseroan adalah Bapak Frankie Ma Ngon sejumlah 2000 lembar saham atau setara dengan 0,0014% dari jumlah saham yang ditempatkan dan disetor dalam Perseroan.
From the total share issued, 17.32% is script and 82.68% scriptless.
As on December 31st, 2011, Mr Frankie Ma Ngon, Director of the Company, owns 2000 shares equivalent to 0.0014% of Company's issued and paid up capital.
Ringkasan kinerja saham Perseroan per kuartal pada 2011 dan 2010 adalah sebagai berikut :
Summary quarterly Company’s share performance in 2011 and 2010 are as per below:
2011 2010 2011 2010 2011 2010 2011 2010
Q1 125 - 60 - 95 85 402,500
-Q2 125 73 100 70 125 70 559,500 536,500 Q3 295 60 125 50 200 50 332,300 15,000 Q4 250 59 120 55 200 59 53,000 31,000
Periode
Period
Tertinggi (Rp)
Highest
Terendah (Rp)
Lowest
Penutupan (Rp)
Closing
Volume (Saham / Share)
Pergerakan Harga Saham 2010 – 2011
Share Price Movement
40.04
%
Masyarakat
Public >= 5%
23.65
%
Masyarakat
Public < 5%
36.31
%
Pengendali
Controlling
Rp 250
Rp 200
Rp 150
Rp 100
Rp 50
Rp
Feb
2010
Jan
Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011
Jan
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012
Jan Feb Rp 350
Rp 300 Rp 400
Catatan/Note: *Feb 2012 - as on 19 Feb 2012
(9)
tanggung jawab sosial
corporate social responsibility
Company fully understands that nature, environment and the population around are part of Company’s stakeholder. And therefore, in every aspect of its business and production activities, Company always prioritizes awareness and responsible actions towards well being and preservation of such stakeholders.
Consumption of energy and other natural resource done responsibly and optimum, the use of eco friendly materials and waste management based on the standard quality requirement are part of Company’s responsibility that has become an integral part of company’s activities.
During the year 2011 the funds allocated for activities related to corporate social responsibility is approx Rp 200 million. Employee and people welfare is also managed by ensuring a good working environment, enough nutrition and sport facilities. Together with the local Labour Department, Company provides a free of charge structured training and education for the un-employed to give them enough skill to find job.
Perseroan menyadari bahwa alam, lingkungan dan masyarakat sekitar adalah bagian dari ‘stakeholder’ perusahaan. Dan karenanya dalam segala aspek dan aktifitas usaha dan produksinya, Perseroan selalu mengedepankan kesadaran dan tindakan yang berorientasi pada terjaganya kebaikan, kesejahteraan dan kelangsungan seluruh stakeholder tersebut.
Pemakaian energi dan sumber daya lainnya secara tepat guna dan bertanggung jawab, penggunaan bahan dan material dengan orientasi ramah lingkungan, pengolahan limbah sesuai standar mutu yang ditetapkan, semuanya menjadi bagian dari tanggung jawab Perseroan yang telah menjadi bagian yang tidak pernah terpisahkan dalam seluruh kegiatan perusahaan.
Selama tahun 2011 dana yang dialokasikan untuk kegiatan terkait tanggung jawab sosial ini sekitar Rp 200 juta.
Kesejahteraan bagi karyawan dan masyarakat sekitar, antara lain dengan memastikan kondisi kerja dan kecukupan gizi, fasilitas olahraga. Bersama dengan Departemen Tenaga Kerja setempat, Perseroan memberikan pelatihan gratis kepada pencari kerja untuk memberikan bekal yang diperlukan.
data perseroan
corporate information
Nama Perusahaan /
• PT. Eratex Djaja Tbk.
Kepemilikan /
Ownership
• Penanaman Modal Asing /
Tanggal Pendirian /
Date of Establishment
• 12 Oktober 1972
Dasar Hukum Pendirian /
Legal Basis
Akta Pendirian dan Perubahannya
Deed of Establishment and amendment
• Akta Pendirian no 7 tanggal 12 Oktober 1972
Deed of Establishment no 7 dated October 12, 1972
Notary Koerniatini Karim SH
• Akta Perubahan no 107 tanggal 23 Agustus 2011
Deed of Amendment no. 107 dated August 23, 2011
Notary Aulia Taufani SH
Bidang Usaha /
Product Lines
• Pakaian Jadi / Garments
Pencatatan di Bursa /
Stock Exchange Registration
• 21 Agustus 1990
Kode Saham /
Ticker Code
• ERTX
Kantor Pusat /
Registered Office
• Sentra Bisnis Tanjung Duren
Jalan Tanjung Duren Utara Blok C No. 3B West Jakarta 11470, Indonesia
www.eratexco.com
Kantor Administrasi /
Administrative Office
• Jalan Raya Bukit Darmo No. 6 Surabaya 60189, Indonesia
Pabrik /
Factory
• Jalan Soekarno Hatta No. 23 Probolinggo 67212, Indonesia
Company Name
Foreign Direct Investment
Akuntan Publik /
Auditor
• Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan Registered Public Accountants
Jalan Ngagel Jaya No. 9 Surabaya 60283, Indonesia www.pkfhadiwinata.com
Biro Administrasi Efek
/ Share Registrar
• PT. Sharestar Indonesia Citra Graha Building 7th Floor
Jalan Jenderal Gatot Subroto, Kav 35-36 Jakarta 12950, Indonesia
www.sharestar.co.id
Jumlah Karyawan
/ No of Employess
• 2.404 karyawan / employees
Anak Perusahaan /
Subsidiary Companies
• PT. Asiatex Garmindo Jl. Soekarno Hatta 23 Probolinggo 67212, Indonesia 95,15% dimiliki oleh Perusahaan /
95,15% owned by the Company
• PT. Eratex (Hongkong) Limited Kantor Pusat / Registered Office
Unit D,4/F, Effort Industrial Building 2-8 Kung Yip Street, Kwai Hing Kwai Chung, NT. Hongkong 100% dimiliki oleh Perusahaan /
100% owned by Company
• PT. Eratex Garment
Kantor Pusat / Registered Office
Jl. Soekarno Hatta 23 Probolinggo 67212, Indonesia 99% dimiliki oleh Perusahaan /
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Laporan Tahunan 2011 Annual Report 2011 Laporan Tahunan 2011 Annual Report 2011017
2.
Senam 7 menit
menjelang bekerja
7 minutes physical
exercise before work
1.
Pemberian sumbangan
Donation
2
Kegiatan khitan masal
Mass Circumsicion
Perseroan juga aktif dalam penanaman pohon sebagai wujud kepedulian terhadap pelestarian alam yaitu perlindungan terhadap bahaya banjir, longsor, dan menekan polusi udara.
Company actively plants trees as a form of its contribution and awareness toward environmental preservation specifically to avoid flood, land sliding and reduction in air polution.
Perseron meraih Penghargaan sebagai Perusahaan Pembina Tenaga Kerja Wanita Tingkat Propinsi Jawa Timur tahun 2011.
Aktifitas-aktifitas sosial lainnya yang bersifat insidentil bersama komunitas sekit ar sebagai bentuk kepedulian perusahan kepada lingkungan sekitar, seperti misalnya sumbangan bencana alam, sumbangan dalam perayaan keagamaan, khitan massal, sumbangan pemeliharaan taman kota, donor darah, dan lain-lainnya.
Company has achieved Award as Women Work Force Constructor Company for East Java Province in 2011.
Other incidental social activities along with the local community as a reflection of Company’s awareness to them, such as donation on natural catastrophe, religious celebrations, held religious mass circumsicion, blood donation, maintenance on local town garden, etc.
Sewing training class
First Aid training from Red Cross
Pengolahan
limbah cair
Waste Water
Treatment
Workshop pelatihan menjahit
Pelatihan P2
(Pertolongan Pertama) dengan trainer dari palang merah
1
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We the undersigned in our capacity as the member of Board of Commissioners and Board of Directors of PT. Eratex Djaja Tbk are responsible for the printed Annual Report of the Company for the year 2011.
This statement letter is made truthfully.
Date, 20 February 2012
Kami yang bertandatangan dibawah ini, dalam kapasitas sebagai anggota Dewan Komisaris dan Dewan Direksi dari PT. Eratex Djaja Tbk bertanggung jawab penerbitan Laporan Tahunan perusahaan untuk tahun 2011.
Demikian pernyataan ini dibuat dengan sebenarnya.
Tanggal, 20 Pebruari 2012
surat pernyataan
dewan komisaris dan dewan direksi
statement from board of commissionaires and directors
Dewan Komisaris:
The Board of Commissioners:
Maniwanen
Presiden Komisaris /
President Commissioner
Julian Wong Wai Chua
Komisaris /
Commissioner
Ferenz Cendrawasih
Komisaris Independen /
Independent Commissioner
Dewan Direktur:
The Board of Directors:
Raj Kumar
Presiden Direktur /
President Director
Surojit Ghosh
Direktur /
Director
Frankie Ma Ngon
Direktur /
Director
laporan presiden komisaris
president commissioner’s report
Dear Shareholders,
The year 2011 has been of significant importance to the Company as the majority shareholding stake was taken over by Busana Apparel Group, a leading Garment manufacturers and Exporters out of Indonesia, through one of its company PT Buana Indah Garments. This change brought much needed financial support to the Company in form of renewed trade lines, a major restructuring of its debts and the confidence of its valued customers. The Group has also brought in new benchmarks in marketing and technical functions for successfully running the business of the Company. The positive impact of these supports has been seen in the 1st quarter of 2012 where the Company is running at 100% of its capacity with full order book and a much improved efficiency levels.
The Director’s report explains performance of the year 2011 which has been better than 2010 mainly due to a good last quarter’s performance and debt restructuring including forgiveness of a portion of the debt.
The vision in 2012 is to ensure full capacity utilization, upgrade the machinery with latest technology, invest in automation to improve productivity and expand the business volume. Indonesia has the potential of high growth in garment exports and the Company wishes to take full advantage of this potential.
The Board of Commissioners have examined and accepted the report of Board of Directors and the Consolidated statements of Financial Positions as of 31st Dec 2011 audited by Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan, Surabaya (PKF) and are in agreement with the same.
The Chairman of the Audit Committee regularly updated the Board of Commissioners on their reviews about internal audit findings, external audit work plans, statutory compliances and internal controls. All issues raised have been addressed and resolved satisfactorily. The Board wishes to place on record its appreciation to the Audit Committee for their work.
During 2011, there is a change on Board of Commissioner composition with the resignation of Mr. Adrian Fu from his position as President Commissioner and was replaced by Mr. Maniwanen.
As a public company, we shall endeavor to continuously improve our performance in the year 2012 while maintaining a high standard of corporate governance so that we can deliver positive values to our stakeholders in the coming years. We shall continue to prioritize environment care, worker’s safety procedures and maintaining high quality standards in all aspects of our operations.
Para Pemegang Saham Yang Terhormat,
Tahun 2011 merupakan tahun yang penting untuk Perseroan kendali atas kepemilikan diambil alih oleh Busana Apparel Group, salah satu produsen dan eksporter garment terbesar di Indonesia, melalui sebuah perusahaannya yaitu PT Buana Indah Garments. Perubahan membantu Perseroan dalam mendapatkan dukungan keuangan dalam bentuk fasilitas kredit usaha yang baru, restrukturisasi hutang utama Perseroan, dan memenangkan kembali kepercayaan dari para pelanggan. Selain itu Perseroan dapat melakukan ‘benchmark’ dibidang pemasaran dan fungsi-fungsi teknis demi suksesnya kinerja usaha Perseroan. Dampak positif dari semuanya itu tampak di kuartal pertama 2012 dimana Perseroan berhasil mencapai 100% kapasitas produksinya dengan pesanan yang telah penuh dan level efisiensi yang lebih tinggi.
Laporan Direksi menjelaskan kinerja di tahun 2011 yang lebih baik dari 2010 terutama dikarenakan kinerja Perseroan yang baik dikuartal terakhir dan restrukturisasi hutang termasuk penghapusan sebagian hutang Perseroan.
Visi di 2012 adalah untuk memastikan pencapaian kapasitas penuh, pembaharuan mesin-mesin berteknologi terbaru, investasi untuk otomatisasi demi peningkatan produktivitas dan memperluas volume bisnis. Indonesia memiliki potensi pertumbuhan bisnis yang tinggi dibidang ekspor pakaian jadi dan Perseroan akan menggunakan kesempatan ini sebaik-baiknya.
Dewan Komisaris telah memeriksa dan menerima laporan dari Direksi dan Laporan Konsolidasi Keuangan yang berakhir tanggal 31 Desember 2011 dan diaudit oleh Kantor Akuntan Publik Paul Hadiwinata, Hidajat, Arsono, Ade Fatma, & Rekan, Surabaya (PKF) dan telah setuju atas hasil tersebut.
Ketua Komite Audit secara rutin menyampaikan kepada Dewan Komisaris tentang ulasan mereka mengenai penemuan internal audit, rencana kerja audit eksternal, kepatuhan hukum dan pengendalian internal. Hal-hal tersebut telah diselesaikan dengan baik. Dewan ingin menyampaikan penghargaan kepada Komite Audit atas kinerja yang diberikan.
Selama tahun 2011, terjadi perubahan susunan Dewan Komisaris dengan pengunduran diri Mr. Adrian Fu dari jabatan Presiden Komisaris dan digantikan oleh Bapak Maniwanen.
Sebagai perusahaan publik, kami akan terus melanjutkan peningkatan kinerja kami ditahun 2012 dengan tetap mempertahankan standar tata kelola perusahaan yang tinggi sehingga dapat memberikan nilai positif bagi para stakeholder ditahun-tahun mendatang. Kami akan terus memprioritaskan kepedulian lingkungan, prosedur keselamatan kerja, dan mempertahankan standar kualitas yang tinggi disemua aspek
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020
PT. ERATEX DJAJA Tbk Laporan Tahunan 2011 Annual Report 2011 Laporan Tahunan 2011 Annual Report 2011 PT. ERATEX DJAJA Tbk021
Atas nama Dewan Komisaris, saya ingin berterima kasih kepada Dewan Direksi untuk konsisten dan dedikasi kerja keras mereka sepanjang 2011 yang telah berhasil meningkatkan kondisi secara keseluruhan di Perseroan dan berharap bahwa semangat yang sama akan terus ada di tahun 2012.
On behalf of the Board of Commissioners, I would like to thank the Board of Directors for their consistent and dedicated hard work throughout 2011 which improved the overall position of the Company and wish that the same spirit will continue in 2012.
Hormat Kami / Sincerely,
Maniwanen
Presiden Komisaris / President Commissioner
29 Februari 2012
An Indonesian citizen, Mr. Maniwanen is one of the most successful entrepreneurs with vast experience for more than 30 years in textile and apparel industry. He is the president director of Busana Apparel Group which currently is one of the biggest garment manufacturing group in Indonesia. In the earlier part of his carrier, Mr. Maniwanen was involved in setting up PT. Apac Inti Corporation, one of the largest textile mills in Indonesia which focuses on spun yarns and fabrics. He also plays an active role in the Apparel Association of Indonesia. He was appointed as President Commissioner of PT Eratex Djaja Tbk. in October 2011.
Berkewarganegaraan Indonesia, Bapak Maniwanen adalah salah satu pengusaha paling sukses dengan pengalaman lebih dari 30 tahun di industri tekstil dan pakaian jadi. Beliau adalah presiden direktur Group Busana Apparel yang merupakan salah satu dari group pabrik pakaian jadi terbesar di Indonesia. Pada awal masa karirnya, Bapak Maniwanen terlibat dalam pendirian PT. Apac Inti Corporation, salah satu pabrik tekstil di Indonesia yang berfokus pada pembuatan kain dan ‘spun yarn’. Dan sampai saat ini beliau berperan aktif dalam Asosiasi Pertekstilan Indonesia. Beliau diangkat menjadi Komisaris Utama PT Eratex Djaja Tbk. sejak bulan Oktober 2011.
profil dewan komisaris
board of commissioner profile
M. Maniwanen
Presiden Komisaris /
President Commissioner
A Canadian citizen, Mr. Julian completed his Bachelor of Science in Chemical Engineering from Northeastern University in Boston, USA and completed his MBA in International Finance from Boston University, Boston, USA. He worked in Imperial Oil Ltd., a subsidiary Canadian company of Exxon Mobil Corp in various management positions prior to returning to Hong Kong in 1987. Since then, he held position of Executive Director of South Textiles Ltd. Hong Kong and Uni South Holdings Ltd., from 1987-1994. Mr. Julian was appointed as President Director of PT. Eratex Djaja Tbk. from 1995 until 2002. Until present, he is one of the Commissioner of PT. Eratex Djaja Tbk. In present, Mr. Julian is the Executive Director of South Enterprise Holdings Ltd.
Berkewarganegaraan Kanada, Bapak Julian Wong menyelesaikan studi Sarjana di bidang Teknik Kimia dari Universitas Northeastern di Boston, Amerika Serikat dan menyelesaikan studi Pasca Sarjana di bidang Keuangan Internasional dari Universitas Boston, Amerika Serikat. Beliau pernah bekerja di Imperial Oil Ltd., sebuah anak perusahaan Exxon Mobil Corp di Kanada dan memegang berbagai posisi manajemen sebelum kembali ke Hong Kong tahun 1987. Sejak saat itu, beliau memegang posisi sebagai Eksekutif Direktur di South Textiles Ltd., Hong Kong dan Uni South Holdings Ltd. dari tahun 1987-1994. Bapak Julian Wong menjabat posisi Direktur Utama PT. Eratex Djaja Tbk. dari tahun 1995 sampai 2002. Sampai sekarang, beliau menjabat sebagai salah satu Komisaris dari PT. Eratex Djaja Tbk. Dan saat ini beliau memegang jabatan sebagai Direktur Eksekutif di South Enterprise Holdings Ltd.
An Indonesian citizen, Mr Ferenz Cendrawasih has a very extensive experience in Textile Industry domestically and internationally. He has been in this industry for more than 34 years since 1977 and his expertise and experience is in Viscose Rayon Fiber, Cotton, and Yarn business, with major business focus on Cotton. Since 1992 he started his own Business of Cotton Selling Agent. Holding a Business Management from Tarumanegara University, he is also possessing Business and Management qualification. Mr Ferenz joined PT Eratex Djaja Tbk in August 2009 and was appointed as Independent Commissioner in Company's General Meeting of Shareholders in 2009. He is also holding a position as General Secretary of Indonesian Spinning Association since year 2005 until present.
Be r kewa r g a n e g a r a a n I n d o n e s i a , Ba p a k Fe r e n z Cendrawasih sangat berpengalaman di industri tekstil baik domestik maupun Internasional. Beliau telah menggeluti bidang industri ini selama lebih dari 34 tahun sejak tahun 1977 memiliki keahlian dan pengalaman dibidang serat viscose rayon, kapas, and benang, dengan fokus utama bisnis di bidang Kapas. Sejak tahun 1992 beliau telah memiliki bisnis sendiri sebagai Agen Penjualan Kapas. Meraih Bisnis Management dari Universitas Tarumanegara, beliau juga memiliki kualifikasi dalam bidang Bisnis dan Managemen. Bapak Ferenz bergabung dengan PT Eratex Djaja Tbk sejak Agustus 2009 dan diangkat sebagai Komisaris Independen dalam Rapat Umum Pemegang Saham di tahun 2009. Beliau menduduki jabatan sebagi Sekertaris Jenderal Asosiasi Spinning Indonesia sejak tahun 2005 sampai saat ini.
Julian Wong Wai Chua
Komisaris /
Commissioner
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laporan direksi 2011
director’s report 2011
Dear Shareholders,
Your Directors have pleasure in presenting the Annual Report together with Audited Accounts for the Financial year ended December 31st, 2011.
Para Pemegang Saham Yang Terhormat,
Dengan senang hati Direksi menyajikan Laporan Tahunan ini bersama-sama dengan Laporan Keuangan Teraudit untuk tahun buku yang berakhir 31 Desember 2011.
Evaluasi Keuangan /
Financial Review
The financial results in 2011 improved as compared to 2010 due to significant events during the year 2011 which included a change in the management control of the Company, a major debt restructuring by the creditors, conversion of some portion of debt into equity and new management initiative to improve the overall health of the Company on financial, marketing and technical front.
The sales in 2011 was Rupiah 259 Billion, an increase of 11% from 2010. In the first half of 2011, there was higher sales volumes as customers gave big volume orders after main lenders of the Company agreed to provide additional working capital support. However the financial support was not adequate to meet financial requirements of additional orders and as a result the sales reduced in third quarter. Sales volumes peaked up again towards the end of the year as buyer’s confidence restored after change in controlling shareholding of the Company. To some extent sales in rupiah were affected by stronger Rupiah exchange rate which touched the level of 8,600 in 2011. On a yearly average the value of Indonesian Rupiah reduced from 9,080 in 2010 to 8,773 in 2011, which means the rupiah value of sales in 2011 is reduced by 3.4 % in 2011 as compare to 2010 as 99% of the sales is in American dollar.
The Gross margins also improved in 2011 as the plant utilisation was higher due to increased order volumes. The Company also reduced its fixed overheads base by cutting down all non-productive costs and keeping them at optimum level. However the high air freight cost paid by the Company for shipment in the 1st half of the year resulted in reduced margins in 2011.
Company also improved its operational efficiencies in raw material usage and waste reductions. There was reduction in the volume of moving inventory in 2011 as no additional non-moving inventory was build up.
A significant debt restructuring took place in last quarter of 2011 and US$ 9.88 million of Company’s loan was waived off by a creditor which is reflected as gain in financial statements.
Hasil keuangan tahun 2011 meningkat secara signifikan dibandingkan dengan 2010 karena berbagai kejadian selama 2011 termasuk adanya perubahan dalam pengendalian manajemen Perseroan, restrukturisasi atas hutang dari kreditur utama, konversi sebagian dari hutang menjadi ekuitas dan inisiatif manajemen baru untuk meningkatkan kinerja Perseroan di bidang keuangan, pemasaran, dan teknis.
Penjualan pada tahun 2011 adalah 259 miliar Rupiah, meningkat 11% dari 2010. Paruh pertama tahun 2011 menunjukkan adanya volume penjualan tinggi berasal dari pesanan dalam jumlah besar dari pelanggan setelah pemberi pinjaman utama Perseroan setuju untuk memberikan dukungan tambahan modal kerja. Namun dukungan dana tidak cukup untuk mendanai seluruh peningkatan pesanan yang ada dan sebagai akibatnya penjualan berkurang pada kuartal ketiga. Volume penjualan meningkat kembali menjelang akhir tahun ketika kepercayaan pembeli kembali setelah adanya perubahan pemegang saham pengendali Perseroan. Nilai penjualan dalam Rupiah juga dipengaruhi oleh menguatnya nilai tukar Rupiah yang menyentuh level 8.600 pada tahun 2011. Rata-rata, nilai kurs Rupiah Indonesia berkurang dari 9.080 pada tahun 2010 menjadi 8.773 di tahun 2011, yang berarti nilai rupiah penjualan tahun 2011 berkurang sebesar 3,4% pada tahun 2011 dibandingkan dengan 2010 karena 99% dari penjualan dalam dolar Amerika.
Laba kotor juga meningkat pada tahun 2011 karena kapasitas terpakai pabrik meningkat sejalan dengan volume pesanan yang meningkat. Perusahaan juga mengurangi biaya overhead dengan memangkas semua biaya non-produktif dan mempertahankannya pada tingkat optimal. Namun biaya pengiriman melalui udara yang tinggi pada tengah tahun pertama 2011, telah mengurangi margin pada tahun 2011.
Perusahaan juga meningkatkan efisiensi dalam penggunaan bahan baku dan pengurangan sisa produksi. Terjadi penurunan angka penumpukan persediaan tidak lancar pada tahun 2011 karena tidak adanya penambahan persediaan tidak lancar. Restrukturisasi kredit yang cukup signifikan terjadi pada kuartal terakhir 2011, dan pinjaman sebesar US $ 9,88 juta dari hutang Perseroan dihapuskan, hal ini tampak sebagai keuntungan dalam laporan keuangan.
The bank provided a temporary working capital funding to the Company during 2nd half of 2011 on the guarantee provided by the new shareholders. The facility, with additional lines, is likely to be regularised in 2012 which will be a big boost to the operations in 2012.
Bank memberikan pendanaan sementara untuk modal kerja Perseroan pada paruh kedua tahun 2011 dengan jaminan yang diberikan dari pemegang saham yang baru. Fasilitas ini, bersama dengan fasilitas lainnya, akan diregularisasi di 2012 dan akan menjadi pendorong yang besar untuk operasional 2012.
Evaluasi Bisnis /
Business Review
The first half of 2011 was not encouraging for the Company despite higher sales volumes, mainly due to lack of sufficient working capital funds, the delayed deliveries of products to customers and a high amount of Air freight charges to ship delayed orders by air. Furthermore, this also discouraged various customers to give their repeat orders. As a result the production volumes reduced in third Quarter of 2011.
Production in 2011 reaching 6,685,653 Basic Unit (BU) (pants: 6,218,714 BU and shirts: 466,939 BU) and in 2010 was 6,659,541 BU (pants: 5,047,639 BU and shirts: 1,611,902 BU). Total sales in 2011 are Rp 259.37 billion, while in 2010 was Rp 233.11 billion.
After change in controlling shareholding, the Company approached its customers again with new management and were able to establish and rebuild more business with the USA customers with sizeable orders. Apart from strong support from the new management, the established quality and service standards of the Company also helped in bringing back all the customers.
The twin objectives of the company to reduce costs & increase efficiency were the focus of the management in 2011 which helped in improving the performance.
Pertengahan awal tahun 2011 tidak terlalu memuaskan bagi Perseroan meskipun terdapat volume penjualan yang tinggi. Hal ini disebabkan karena kurangnya modal kerja, pengiriman pesanan kepada pelanggan yang terlambat, dan besarnya biaya pengiriman udara untuk mengirimkan pesanan yang terlambat tersebut. Selanjutnya, keadaan ini mengurangi keyakinan pelanggan untuk memberikan pesanan selanjutnya kepada Perseroan. Akibatnya volume produksi menurun pada kuartal ketiga tahun 2011.
Produksi di 2011 mencapai 6.685.653 Basic Unit (BU) (celana: 6.218.714 BU dan kemeja: 466.939 BU) dan di 2010 mencapai 6.659.541 BU (celana: 5.047.639 BU dan baju: 1.611.902 BU). Total penjualan di 2011 adalah 259.37 miliar Rupiah sedangkan di 2010 adalah 233.11 miliar Rupiah.
Setelah terjadi perubahan pemegang saham pengendali, Perseroan kembali melakukan pendekatan kepada para pelanggan bersama dengan manajemen yang baru, dan ini berhasil membangun kembali bisnis dengan pembeli AS dan mendapatkan pesanan yang cukup besar. Selain adanya dukungan kuat dari manajemen yang baru, standard kualitas dan layanan yang dimiliki Perseroan membantu untuk menarik kembali semua pelanggan.
Kedua tujuan utama Perseroan yaitu menekan biaya dan meningkatkan efisiensi adalah fokus manajemen di tahun 2011
Pandangan Bisnis /
Business Outlook
The current financial year 2012 is expected to bring numerous opportunities before the Company. The areas to be focused in 2012 by Board of Directors of the company include the following: Quality and customer satisfaction would be the top most priority. Delivery of good products on time at most reasonable cost would be the target for all the departments.
Tahun buku 2012 diharapkan membawa banyak kesempatan bagi Perseroan. Area-area yang akan menjadi fokus di 2012 oleh Direksi diantaranya adalah:
Kualitas dan kepuasan pelanggan adalah prioritas utama. Pengiriman tepat waktu atas produk yang baik dengan biaya yang wajar adalah target semua departemen.
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PT. ERATEX DJAJA Tbk
Laporan Tahunan 2011 Annual Report 2011
024
PT. ERATEX DJAJA Tbk Laporan Tahunan 2011 Annual Report 2011Tata Kelola Perusahaan /
Corporate Governance
Productivity to be improved by better efficiency and proper standard operating procedures. Increase in productivity would reduce cost per unit.
The customer base in USA and Europe to be expanded and new relationship to be developed in Japan markets.
In order to balance the peak seasons with low seasons, some more local buyers would be developed and these buyers can help in filling the production lines during low seasons.
Regular Investment will be made in machineries to replace the old ones with new technology to reduce the operating costs and improve quality and efficiency further.
Automation in critical areas will be made by strategic investment in the automation machines.
Hiring of competent manpower to support expansion plans as well as achieving operational excellence.
To maintain excellent banking relationship and manage cash flow much more efficiently to ensure that all commitments are honored on time. New management has ensured that adequate working capital is made available to the entity in line with its Business plans. Expanding the production capacity by putting additional lines to achieve the optimum level of economies of scale.
Produktivitas akan ditingkatkan dengan peningkatan efisiensi dan penerapan prosedur standard operasi. Peningkatan ini akan menurunkan biaya per unit.
Memperluas basis pelanggan di AS dan Eropa, dan membangun hubungan baru dengan pasar Jepang.
Untuk menyeimbangkan musim ramai dengan musim sepi, Perseroan akan mengembangkan pelanggan lokal dan pelanggan tersebut dapat membantu mengisi produksi selama musim sepi. Melakukan investasi untuk mengganti mesin-mesin yang sudah tua dengan mesin berteknologi terbaru demi mengurangi biaya operasional dan selanjutnya meningkatkan kualitas dan efisiensi. Otomatisasi di area-area yang penting dengan melakukan investasi strategis mesin otomatis.
Mempekerjakan orang yang berkompeten untuk mendukung rencana pengembangan dan mencapai operasional yang sempurna.
Mempertahankan hubungan baik dengan bank dan mengelola arus kas lebih efisien untuk memastikan semua komitmen ditepati. Manajemen baru menjamin kepastian tersedianya modal kerja yang cukup dapat sejalan dengan rencana usaha. Menambah kapasitas produksi dengan menambah line produksi untuk mencapai skala ekonomi pada level yang optimal.
PT Eratex Djaja Tbk, as a public listed company is commited to upholding the implementation of good corporate governance as a way to manage the company.
This is not a new implementation but has been continously executed from year to year even before the regulation on the requirement to implement good corporte governance was issued.
The implementation is continuously and dynamically carried out along with the changes that happen in the company, by upholding fairness, transparancy, accountability, and responsibility
PT Eratex Djaja Tbk. sebagai perusahaan publik memiliki komitmen dan menjunjung tinggi implementasi pengelolaan perusahaan dengan dasar tata kelola perusahaan yang baik. Implementasi ini bukanlah hal yang baru tetapi merupakan sesuatu yang berkelanjutan dari tahun ke tahun bahkan sejak sebelum dikeluarkan peraturan mengenai keharusan penerapan Tata Kelola Perusahaan Yang Baik.
Implementasi yang berkelanjutan dilaksanakan mengikuti dinamika perubahan kondisi perusahaan yang terjadi, dengan berpegang teguh pada prinsip-prinsip kewajaran, transparansi, akuntabilitas, dan tanggung jawab.
Dewan Direksi /
Board of Directors
There are some changes on the composition of Board of Directors during 2011 with the resignation of Mr Norman Chow and Mr Sujoko Efferin from their position as Director and Unaffiliated Director respectively, and the appointment of Mr Raj Kumar and Mr Surojit Ghosh as the President Director and Unaffiliated Director respectively.
Ada beberapa perubahan pada komposisi Dewan Direktur selama 2011 dengan pengunduran diri Bapak Norman Chow dan Bapak Sujoko Efferin dari posisi mereka sebagai Direktur dan Direktur Tidak Terafiliasi, dan pengangkatan Bapak Raj Kumar dan Bapak Surojit Ghosh sebagai Presiden Direktur dan Direktur Tidak Terafiliasi.
Penghargaan /
Acknowledements
The Board wish to place on record their sincere appreciation of the devotion and commitment of every employee of the Company and co-operation received from the customers, suppliers and government departments. The Board also wishes to record sincere appreciation and gratefulness to the bankers of the Company and the Board of Commissioners for their support during the year.
Direksi ingin memberikan penghargaan yang tulus pada setiap karyawan akan pengabdian dan komitmen setiap karyawan Perseroan dan kerjasama yang diterima dari pelanggan, pemasok dan departemen dalam pemerintahan. Dewan juga ingin memberikan penghargaan yang tulus dan terima kasih kepada parad Kreditur dan Bank, dan kepada Dewan Komisaris atas dukungan mereka sepanjang tahun.
Hormat Kami / Sincerely,
Raj Kumar
Presiden Direktur / President Director
(1)
BALANCE AND TRANSACTIONS WITH RELATED PARTIES
GENERAL AND ADMINISTRATION EXPENSES
30
CONTINUING OPERATION
Salaries and wages 10,578,385 11,297,881 1,206 1,257
Professional fees 2,409,500 3,454,694 275 384
Employee benefit 1,247,071 1,238,871 142 138
Communication 618,716 754,308 71 84
Depreciation and amortization 546,033 671,529 62 75
Rental 469,668 429,623 54 48
Travel 369,970 523,715 42 58
Insurance 320,985 465,349 37 52
Bank charges 266,402 326,111 30 36
Others 3,465,515 4,939,462 395 549
Total general and administration expenses 20,292,245 24,101,543 2,313 2,681
DISCONTINUING OPERATION
Amortizations - 1,133 - 0
Others - 25,268 - 3
Total general and administration expenses (Note 4) - 26,401 - 3
Dec 31, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010
Rp Rp US$ US$
31
The Entity, in the ordinary course of business, has various trade transactions with related parties including sales and purchases, which are conducted in the normal course of business and on normal terms and conditions. The nature of the relationship with the related parties is generally that of Entities under common control and associated Entities.
The nature of relationships with related parties were as follows:
Transactions with related parties used pricing policies and terms of the transaction as agreed by the parties. Material related party balances are as follows:
Short term loan:
PT Buana Indah Garments 6,347,600 - 700
-Long term loan:
PT Ungaran Sari Garments 72,544,000 - 8,000
-PT Buana Indah Garments 1,800,000 - 199
-Total 80,691,600 - 8,899
-Percentage of total liabilities 29.93% 0%
For the year ended December 31, 2011 and 2010, there were no sales and purchase transaction to related parties.
Dec 31, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010
Rp Rp US$ US$
PT Buana Indah Garments PT Ungaran Sari Garments
Shareholders and the same key management personnel as the Entity The same key management personnel as the Entity
Related Parties Relationships
ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
32
As of December 31, 2011, the Entity and its Subsidiaries had monetary assets and liabilities in foreign currencies as follows:
CONTINUING OPERATION
ASSETS:
Cash and cash equivalents US$ 2 19,504
EURO 0 2,403
HKD 251 293,209
Trade receivables - third parties US$ 4,688 42,513,645
SGD 10 69,545
Other receivables - third parties US$ 77 700,220
Advance payments US$ 329 2,983,429
EURO 0 3,275
Prepaid expenses US$ 28 250,321
HKD 4 4,823
Guarantee deposits HKD 38 44,587
Total assets 46,884,964
Foreign currencies
(in thousand) Rupiah
LIABILITIES:
Short-term loans US$ 9,880 89,587,824
Trade payables - third parties US$ 2,323 21,066,889
EURO 0 272
HKD 145 169,003
Other payables US$ 28 254,658
Accrued expenses US$ 174 1,577,245
Long-term loans US$ 6,038 54,754,039
Payable from related parties US$ 8,700 78,891,600
Total liabilities 246,301,530
Liabilities over assets, net (199,416,566)
As of December 31, 2010, the Entity and its Subsidiaries had monetary assets and liabilities in foreign currencies as follows:
CONTINUING OPERATION
ASSETS:
Cash and cash equivalents US$ 54 489,102
EURO 9 105,239
HKD 51 59,142
Trade receivables - third parties US$ 1,634 14,688,917
EURO 187 2,238,935
SGD 30 212,451
Other receivables - third parties US$ 62 557,434
EURO 0 984
Advance payments US$ 33 298,666
EURO 0 693
Tax receivables HKD 4 5,026
Prepaid expenses US$ 28 249,338
Guarantee deposits HKD 34 39,516
Total assets 18,945,443
Foreign currencies
(2)
ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
(continued)
32
CONTINUING OPERATION
LIABILITIES:
Short-term bank borrowings US$ 12,981 116,712,796
EURO 206 2,466,195
HKD 390 450,709
Trade payables - third parties US$ 2,290 20,591,246
EURO 1 14,611
HKD 1,604 1,853,744
Other payables US$ 99 889,363
Accrued expenses US$ 74 663,870
HKD 29 33,407
Payable from related parties US$ 2,816 25,322,530
Long-term loans US$ 12,674 113,950,909
Total liabilities 282,949,380
Liabilities over assets, net (264,003,937)
Foreign currencies
(in thousand) Rupiah
INFORMATION ON THE BUSINESS SEGMENT
Field of operations:
PT Eratex Djaja Tbk as the Parent Entity, operates in the integrated garment manufacturing, including garment making and other garment processing.
PT Asiatex Garmindo and PT Eratex Garment are the Subsidiaries which has no activities during 2011 and 2010. PT Eratex (Hongkong) Ltd, as a Subsidiary which operating in general trading.
ASA Partners Holdings Ltd, as a Subsidiary which has stated dissolved at December 14, 2011 (Note 1.c).
33
REVENUE - INFORMATION BASED ON ENTITY:
CONTINUING OPERATION
PT Eratex Djaja Tbk 248,851,168 226,499,577 28,366 25,192
PT Eratex (Hongkong) Ltd 10,519,786 6,610,683 1,199 735
Total 259,370,954 233,110,260 29,565 25,927
Elimination - - -
-Total 259,370,954 233,110,260 29,565 25,927
DISCONTINUING OPERATION
PT Eratex Djaja Tbk - - -
-Total - - -
-Dec 31, 2011 -Dec 31, 2010 -Dec 31, 2011 -Dec 31, 2010
Rp Rp US$ US$
PT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)
For the years ended December 31, 2011 and 2010
(Expressed in thousands of Rupiah and in thousands of United States Dollars*, unless otherwise stated)
141
140
PT. ERATEX DJAJA Tbk Laporan Tahunan 2011 Annual Report 2011 Laporan Tahunan 2011 Annual Report 2011 PT. ERATEX DJAJA TbkPT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)
For the years ended December 31, 2011 and 2010
(Expressed in thousands of Rupiah and in thousands of United States Dollars*, unless otherwise stated)
INFORMATION ON THE BUSINESS SEGMENT
(continued)
33
REVENUE - INFORMATION BASED ON
GEOGRAPHICAL TERRITORY:
CONTINUING OPERATION
Export 250,386,027 229,559,554 28,541 25,532
Local 8,984,927 3,550,706 1,024 395
Total 259,370,954 233,110,260 29,565 25,927
Elimination - - -
-Total 259,370,954 233,110,260 29,565 25,927
DISCONTINUING OPERATION
Local - - -
-Total - - -
-REVENUE - INFORMATION
BASED ON PRODUCTS:
CONTINUING OPERATION
Garments 248,851,168 226,499,577 28,366 25,192
Others 10,519,786 6,610,683 1,199 735
Total 259,370,954 233,110,260 29,565 25,927
Elimination - - -
-Total 259,370,954 233,110,260 29,565 25,927
DISCONTINUING OPERATION
Textiles - - - -
Total - - - -
Dec 31, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010
Rp Rp US$ US$
OPERATING INCOME (LOSS)
-INFORMATION BASED ON ENTITY:
CONTINUING OPERATION
PT Eratex Djaja Tbk (5,955,329) (48,191,715) (697) (5,360)
PT Asiatex Garmindo (686,452) (884,684) (79) (98)
PT Eratex (Hongkong) Ltd 5,786,040 1,793,397 660 199
Total (855,741) (47,283,002) (98) (5,259)
Elimination (236,328) (236,328) (27) (26)
Total (1,092,068) (47,519,330) (125) (5,285)
DISCONTINUING OPERATION
PT Eratex Djaja Tbk - (26,401) - (3)
(3)
INFORMATION ON THE BUSINESS SEGMENT
(continued)
33
OPERATING INCOME (LOSS) - INFORMATION
BASED ON PRODUCTS:
CONTINUING OPERATION
Garments (6,641,781) (49,076,399) (758) (5,458)
Others 5,786,040 1,793,397 660 199
Total (844,741) (47,283,002) (98) (5,259)
Elimination (236,328) (236,328) (27) (26)
Total (1,092,068) (47,519,330) (125) (5,285)
DISCONTINUING OPERATION
Textiles - (26,401) - (3)
Total - (26,401) - (3)
NET INCOME (LOSS) - INFORMATION
BASED ON ENTITY:
CONTINUING OPERATION
PT Eratex Djaja Tbk 85,709,004 (82,905,949) 9,770 (9,221)
PT Asiatex Garmindo (623,591) 34,293,167 (71) 3,814
PT Eratex (Hongkong) Ltd 811,003 590,812 92 66
PT Eratex Garment 7,511 (39,898) 1 (4)
Total 85,903,927 (48,061,868) 9,792 (5,346)
Elimination (1,298,888) (227,068) (150) (25)
Total 84,605,139 (48,288,936) 9,642 (5,371)
DISCONTINUING OPERATION
PT Eratex Djaja Tbk (18,731) (211,869) (2) (24)
Total (18,731) (211,869) (2) (24)
NET INCOME (LOSS) - INFORMATION
BASED ON PRODUCTS:
CONTINUING OPERATION
Garments 85,085,413 (48,612,782) 9,699 (5,407)
Others 818,514 550,914 93 61
Total 85,903,927 (48,061,868) 9,792 (5,346)
Elimination (1,298,888) (227,068) (150) (25)
Total 84,605,039 (48,288,936) 9,642 (5,371)
DISCONTINUING OPERATION
Textiles (18,731) (211,869) (2) (24)
Total (18,731) (211,869) (2) (24)
Dec 31, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010
Rp Rp US$ US$
MANAGEMENT RISK
The main financial risk encountered by the Entity are interest rate risk, liquidity risk, currency risk, and interest rate risk. The Entity try to minimize the potential negatif impact of the risks by using risk management.
a. Interest rate risk
Interest rate risk on cash flow is a risk that future cash flows of a financial instrument will fluctuate due to changes in market interest rates.
Compared with other risk, this risk did not significantly affect the performance of cash flows due to fluctuations in interest rates is relatively less.
b. Liquidity risk
Liquidity risk is the risk which the Entity will have difficulties in acquiring funds to meet its commitments.
The Entity manages this risk by conducting planning and evaluation of cash flows and cash equivalents regularly, comprehensively and thoroughly. In addition, the company always maintain communication with the bank lenders, in order to get support when the liquidity risk is significantly high.
33
34
ASSETS - INFORMATION
BASED ON ENTITY:
CONTINUING OPERATION
PT Eratex Djaja Tbk 222,440,932 174,151,939 24,530 19,370
PT Asiatex Garmindo 2,426,693 521,327 268 58
ASA Partner Holdings - 1,880 - 0
PT Eratex (Hongkong) Ltd 4,687,692 6,049,655 517 673
PT Eratex Garment 682,948 675,437 75 75
Total 230,238,265 181,400,238 25,390 20,176
Elimination (65,902,108) (73,632,811) (7,268) (8,190)
Total 164,336,157 107,767,427 18,123 11,986
DISCONTINUING OPERATION
PT Eratex Djaja Tbk 7,534,095 7,560,157 831 841
Total 7,534,095 7,560,157 831 841
ASSETS - INFORMATION
BASED ON PRODUCTS:
CONTINUING OPERATION
Garments 224,867,625 174,673,266 24,798 19,428
Others 5,370,640 6,726,972 592 748
Total 230,238,265 181,400,238 25,390 20,176
Elimination (65,902,108) (73,632,811) (7,268) (8,190)
Total 164,336,157 107,767,427 18,123 11,986
DISCONTINUING OPERATION
Textiles 7,534,095 7,560,157 831 841
Total 7,534,095 7,560,157 831 841
Dec 31, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010
Rp Rp US$ US$
(4)
c. Credit risk
Credit risk is the risk which the Entity suffered losses due to customers who fail to meet their debt repayment obligations to the Entity.
Among 94% of total sales, the method of payment is carried out by "NON L/C" or credit sales with terms of payment between 30 days to 45 days after shipment. The Entity manages this credit risk by conducting credit risk evaluations of the buyers before giving them Non L/C terms of payment. The Entity also have very strict control of monitoring overdue receivables.
The Entity's financial instruments that potentially carry to credit risk consist of cash and cash equivalents and accounts receivables.
d. Currency risk
Currency risk is the risk of fluctuations in the value of financial instruments due to changes in foreign currency exchange rates.
Besides of sales value, this risk resulted in disruption of cash flow if the value of the rupiah is too strong or low againts foreign currencies, especially for US Dollar.
The Entity manages currency risk by monitoring the exchange rates intensively, so it can perform appropriate actions, such as acquiring hedge facilities from the bank if needed.
96.5% of the Entity's sales are denominated in foreign currencies, while 35% of costs in Rupiah, therefore the hedging of foreign currency is a priority for the Entity. Bank lender has been supportive by providing derivative contracts facilities such as Limit Risk Exposure Facility (note 14).
MANAGEMENT RISK
(continued)
FINANCIAL INSTRUMENT
34
35
The Entity and its Subsidiaries have various financial assets such as accounts receivable and non-operations and its cash and cash equivalents, which arise directly from the activities of the Entity and its Subsisiaries. Basic financial obligations of the Entity and its Subsidiaries consist of long term liability, account payable and non business. The main purpose of the financial obligation is to finance the activities of the Entity and its Subsidiaries.
The following table presents financial assets and liabilities of the Entity and its Subsidiaries on December 31, 2011 :
FINANCIAL ASSETS
LOANS AND RECEIVABLES
Cash and cash equivalent 2,347,063 259 2,347,063 259
Trade receivables 42,784,880 4,718 42,784,880 4,718
Others current financial assets 3,868,411 427 3,868,411 427
Total financial assets 49,000,354 5,404 49,000,354 5,404
FINANCIAL LIABILITIES
LOANS AND DEBT
Short-term bank loans 89,587,824 9,880 89,587,824 9,880
Trade payable 24,494,379 2,701 24,494,379 2,701
Accrued expenses 6,436,022 710 6,436,022 710
Long term loans 63,476,000 7,000 54,754,039 6,038
Others current financial liabilities 80,691,600 8,899 80,691,600 8,899
Payables to related parties 497,353 55 497,353 55
Total financial liabilities 265,183,178 29,244 256,461,217 28,282
Dec 31, 2011
Carrying Amount Fair Value
Rp US$ Rp US$
PT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)
For the years ended December 31, 2011 and 2010
(Expressed in thousands of Rupiah and in thousands of United States Dollars*, unless otherwise stated)
145
144
PT. ERATEX DJAJA Tbk Laporan Tahunan 2011 Annual Report 2011 Laporan Tahunan 2011 Annual Report 2011 PT. ERATEX DJAJA TbkPT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)
For the years ended December 31, 2011 and 2010
(Expressed in thousands of Rupiah and in thousands of United States Dollars*, unless otherwise stated)
MANAGEMENT PLAN
The Financial performance of the Entity for the year ended December 31, 2011 improved as compared to its previous year. Sales increased by 11% over year 2010, operating costs reduced to 87.4% of sales from 105.6% in 2010, thereby resulting in gross margin of 12.6% in 2011 as compared to a gross loss of 5.60% in 2010. The Entity also managed to cut down its fixed administrative overheads cost to 8.1% in 2011 from 10.6% in 2010.
During the 1st half of 2011, the Entity faced tough financial situation to get proper and timely trade lines to execute the orders. The delay in getting all the raw materials in factory on time resulted in shipment delays and consequential Air freight claims from the buyers. This adversely affected the operations of the company in the 1st half and wiped out the contribution generated from higher volume of sales.
The ownership and management of the Entity changed during the 2nd half of the year and the new management started its efforts to reinforce the confidence of the buyers in the entity. The new management were also able to secure proper trade lines from the bankers and also extended short term finance whenever needed to ensure proper execution of orders. The last quarter of 2011 witnessed increase in sales as well as operating margins. The production capacity utilization started touching its peak from November 2011 onwards. The business expertise and focused approach of new management helped in minimizing the operational losses and as a result margins started showing improvement towards the end of year.
The another factor adversely affecting financial performance in 2011 was appreciation of IDR as its maintained its strong rally till 3rd quarter of 2011 and touched levels of Rp 8,600 / USD as compared to year 2010 level of Rp 9,080 / USD. The performance of 3 quarters of 2011 was affectced by this as the Entity earns more than 98% of its revenue in foreign currencies and pays more than 25% of its costs in IDR. However USD regained during 4th quarter of 2011 and reached to the levels of Rp 9,070 / USD which improved performance in this quarter. The average IDR value for 2011 was Rp 8,770 / USD and Rp 9,080 / USD in 2010. In 2011, the Entity obtaining a loan waiver amounted to Rp 90.5 billion, which is help in improving the financial performance of the Entity. This loan waiver has been recorded as a gain in the financial statements of 2011 and it helped in reducing the deficits of the Entity.
The Entity also got the increased short term funding facilities from bank to meet its working capital requirements which helped in increasing the sales volumes during 4th quarter of 2011.
The new management has been able to successfully bring customer to the Entity, properly secured bank lines at market rates and also arrange a much needed debt restructuring for the Entity which would have very positive impact on the business performance of the Entity going forward.
The management of the Entity has below action plan for 2012:
1. Expansion in production capacity to achieve the optimum level of economies of scale. 2. The production capacity increase to be linked with committed long terms order volumes.
3. Expanding the customer base by reaching out to new US customers and developing more local customers. 4. Increasing product mix of high margin orders.
5. Replacement of old machines with the new latest technology to reduce the operating costs and accept the high end orders which can be produced on these latest technology lines.
6. Automation of critical areas by strategic investment in the automation machines.
7. Strategic hiring of the competent manpower to support the expansion as well as bringing excellence in current operations. 8. To reduce "Utility costs" by investing in projects of using alternate cheaper fuels.
The management anticipates a good growth of business in financial year 2012 as the new controlling ownership all technical, marketing and Financial support available for the Entity.
(5)
The following summarizes the Accounting Standards issued by Indonesian Accounting Standard Board (DSAK), which are relevant to the Entity, up to the date of completion of the Entity's consolidated financial statements but not yet effective were as follows:
Effective on or after January 1, 2012:
a. PSAK No. 10 (Revised 2010), "Effects of changes in foreign exchange". b. PSAK No. 13 (Revised 2011), "Property of Investment".
c. PSAK No. 16 (Revised 2011), "Fixed Assets".
d. PSAK No. 18 (Revised 2010), "Accounting and Reporting by Retirement Benefit Plans". e. PSAK No. 24 (Revised 2010), "Employee Benefits".
f. PSAK No. 26 (Revised 2011) “Borrowing Costs”. g. PSAK No. 30 (Revised 2011) “Leases”.
h. PSAK No. 46 (Revised 2010) “Accounting for Income Taxes”. i. PSAK No. 50 (Revised 2010) “Financial Instruments: Presentation”. j. PSAK No. 53 (Revised 2010) “Sharebased Payment”.
k. PSAK No. 55 (Revised 2011) “Financial Instruments: Recognition and Measurement”. l. PSAK No. 56 (Revised 2011) “Earnings per Share”.
m. PSAK No. 60 “Financial Instruments: Disclosures”.
n. ISAK No. 15 “PSAK No. 24 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”. o. ISAK No. 20, “Income Taxes - Changes in the Tax Status of an Entity or its Shareholders”.
The Entity is presently evaluating and has not yet determined the effects of these revised and new Standards, Interpretations and Standards Revocation on its consolidated financial statements.
REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS
37
COMPLETION OF THE CONSOLIDATED FINANCIAL STATEMENTS
The management of the Entity is responsible for the preparation of these consolidated financial statements that are completed on February 17, 2012.38
TODAY
,
we renew our commitment
to build a
CORPORATE CULTURE
which will lead to meeting and
greatly exceeding Customer Satisfaction
We will strive to ensure that all stakeholders
in the Company benefit from our efforts
TO MAKE ERATEX
(6)