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Sunday, January 31, 2010

CP Prima ratings downgraded, tax arrears indications denied

CP Prima ratings downgraded, tax arrears indications denied

Irvin Avriano A

JAKARTA: Fitch Ratings downgraded the issuer rating dafault (IDR) of long-term foreign-denominated issued by PT Central Proteinaprima Tbk (CP Prima) from level C to the level of RD. The rating of the company's bonds worth US$325 million is affirm at C level.

Based on Fitch's press release today, the international ranking agency was also revoke the negative watch rating (RWN) rating outlook which set at CP Prima.

The bonds issuance is done by its subsidiary companiy, Blue Ocean Resources Pte Ltd, which guaranteed by CP Prima and CP Prima's subsidiary.

The ratings was done after the company failed to pay off the bond coupon of its US dollar bond worth US$17.87 million on January 27, which is the deadline for which was given for 30 days to pay off their obligations.

Fitch assess the condition of the company's financial liquidity is still tight due to contamination of the virus in company's shrimp ponds.

CP Prima is currently still in the negotiation process to realize a standstill agreement with bond investors. Debt ratings are also still has the potential to be improved again from RD level back to level C when the agreement was executed.

The next ratings actions will be done by Fitch after the results of the restructuring process continues after the standstill runs.

Related to tax issues, the Directorate General of Taxes set CP Prima is one of 10 listed companies that has declared the tax arrears this week.

However, the disclosure of information to the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia), the company said every company in Indonesia is almost certain to have the tax arrears at the end of the year.

"At the time of the cut-off date in the end of the year, certainly all companies in Indonesia have a tax debt, [and] the tax debt would be paid every date 15th of the next month," said Corporate Secretary of CP Prima Albert Sebastian in the IDX disclosure.

Albert also said the company would make clarification of the tax debt kinds, referred to the Directorate General of Taxes announcement that have been published in previous news.

IDX Director of the Company Appraisals Eddy Sugito said the stock exchange authority has requested confirmation from each of the issuer associated with the announcement of the Directorate General of Taxes.

Directorate General of Taxes Based on reports, there are at least 10 listed issuers to tax arrears.
Some of them are PT Bank Negara Indonesia Tbk, PT Bank Bukopin Tbk, PT Surya Dumai Tbk, PT Perdana Karya Perkasa Tbk, and PT Sampoerna Agro Tbk.

Next are Paper Factory PT Tjiwi Kimia Tbk, PT Steady Safe Tbk, PT Sumalindo Lestari Jaya Tbk, and PT Holcim Indonesia Tbk. There is also a candidate who got caught issuers of tax arrears, the PT Garuda Indonesia.

The clarification action was also done by Capital Market and Financial Institutions Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK).

Service Sector Companies Appraisal Bureau Chief of Bapepam-LK Noor Rachman said that they also have asked for clarification about the tax arrears indication to the listed companies.

"Besides of the IDX, we also asked them, separately."

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