MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. ESA KERTAS
NUSANTARA |
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Registered Office : |
Jalan Tanah Abang II No. 15, Petojo Selatan – Gambir, Jakarta Pusat,
10160 |
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Country : |
Indonesia |
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Date of Incorporation : |
16 April 2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Culture Paper Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. ESA KERTAS NUSANTARA
Address
Head Office
Jalan Tanah Abang
II No. 15
Petojo Selatan -
Gambir
Jakarta Pusat, 10160
Indonesia
Phone - (62-21) 350
3215(Hunting)
Fax. - (62-21) 350 3218
Building Area - 2 storey
Office Space - 600 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Teluk Jambe – Karawang
West Java
Indonesia
Phone - Not Available
Land Area - 10,800 sq.
meters
Factory Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 16 April 2004 as P.T. PRIMA KERTAS NUSANTARA
b. 29 July 2004 as P.T. ESA KERTAS NUSANTARA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-22126
HT.01.04.TH.2004
Dated 2 September
2004
Company Status
Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 02.161.208.0-014
Dated 2 September 2004
Related Company
a. P.T. DELPHIA PRIMA JAYA (Trading and Distribution of Chemical)
b. P.T. ADI SAMPOERNA (Trading and Distribution of Agricultural
Products)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 3,000,000,000.-
Issued Capital : Rp.
1,800,000,000.-
Paid up Capital : Rp.
1,800,000,000.-
Shareholders/Owners :
a. Mr. Sunarjo Sampoerna - Rp. 990,000,000.-
Address : Jl. Raya Kertajaya Indah 91
RT. 005/ RW. 010, Kel. Manyar
Manyar Sabrangan, Kec.
Mulyorejo
Surabaya, East Java
Indonesia
b. Mr. Ali Alimsyah -
Rp. 630,000,000.-
Address : Jl. Pluit Timur Block L/4 RT. 005/
RW. 006, Kel. Pluit, Kec. Penjaringan
Jakarta Utara,
Indonesia
c. Mr. Iswanto Browo - Rp. 180,000,000.-
Address : Jl. Peta Selatan No. 88 B RT. 007/
RW. 011, Kel. Kalideres, Kec. Kalideres
Jakarta Barat, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Culture Paper Manufacturing
Production Capacity
a. Uncoated Papers - 40,000
tons p.a.
b. Coated Papers - 60,000
tons p.a.
Total Investment
a. Owned Capital - Rp. 3.0 million
b. Loan Capital - Rp. 7.0 million
c. Total
Investment - Rp. 10.0 million
Started Operation
2005
Brand Name
AVIATOR and
BYZANTIUM
Technical Assistance
None
Number of Employee
300 persons
Marketing Area
Domestic -
90%
Export - 10%
Main Customer
Buyers in South
East Asia, Middle East and Africa, Far East Asia, Oceania, India & Sub
Cont, USA.
Market Situation
Very Competitive
Main Competitors
a. P.T. PELITA
CENGKARENG PAPER CO.
b. P.T. UNIPA DAYA
c. P.T. KERTAS
LECES
d. P.T. PABRIK
KERTAS INDONESIA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto
Kav. 36-38
Jakarta Selatan
Indonesia
b. The Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, 12930
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 90.0 billion
2006 – Rp. 100.0
billion
Net Profit (Loss)
:
2005 – Rp. 5.4 billion
2006 – Rp. 6.0 billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ali Alimsyah
Director - Mrs. Wenawati Limantoro
Board of Commissioners :
President Commissioner - Mr. Sunarjo Sampoerno
Commissioners - a.
Mr. Iswanto Browo
b. Mr. Johan Arman Simon
Signatories :
President Director (Mr. Alim Alimsyah)
or the Director (Mrs. Wenawati Limantoro) which must be approved by Supervisory
Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 1,300,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. PRIMA KERTAS NUSANTARA, the company was established in April 2004 with an authorized capital of Rp. 1,000,000,000.- of which Rp. 600,000,000.- was issued and fully paid up. The founding shareholders are Mr. Ali Alimsyah, Mr. Iswanto Browo, both are indigenous businessmen. The articles of association has been revised. In July 2004 the company was renamed P.T. ESA KERTAS NUSANTARA (P.T. EKN) and concurrently the authorized capital was raised to Rp. 3,000,000,000.- of which Rp. 1,800,000,000.- was issued and paid up. At that time, Mr. Sunarjo Sampoerna entered into the company as a new shareholder. We have The deed of amendment was made by Mr. Aswendi Kamuli, SH., a public notary in Jakarta under Company Registration Number C2-22126HT.01.04.TH.2004, dated September 2, 2004. We have seen that majority business stakes of the company is controlled by Mr. Sunarjo Sampoerna. He is also the founding and majority business stakes owners of P.T. DELPHIA PRIMA JAYA dealing with trading of chemical and P.T. ADI SAMPOERNA dealing with trading and distribution of agricultural products.
P.T. EKN has been operating since 2005 in paper industry. The company has developed and operated a plant unit located in Teluk Jambe, Karawang Regency, West Java on a land of 10,800 sq. meters. The papers being produced by the company are uncoated woodfree, base paper products and premium fine coated papers. Some 90% of the company’s paper products are at present being exported to South East Asia (Singapore, Malaysia, Philippine, Thailand, Vietnam, Myanmar, Cambodia); Middle East & South Africa (Dubai, Bandar Abbas, Riyadh, Durban, Johannesburg, Cape Town); Far East Asia (Japan, South Korea, Hongkong, Taiwan); Oceania (Australia, New Zealand); India & Sub Cont (India, Pakistan, Sri Lanka) and USA (West Cost, South America) under AVIATOR and BYZANTIUM brands. In November 2006, the company was investigated by the Karawang Regional Government in line with the report of people surrounding the plant that they got disadvantages as the impact of pollution of P.T. EKN’s plant. In the investigation, P.T. EKN evidently threw away its waste into Cibeet River of which the water is daily consumed by the villagers. However, the case was tranquilly settled between P.T. EKN, the villagers and the local government. The operation of P.T. EKN has been running smoothly despite being newly operation.
Generally, demand for specialty paper has kept increasing in the last five years in line with the growth of industries using these products including textile industries, paper sheets, electronics, pharmaceuticals and cosmetics, and others. The increase in board paper in the county during the economic crisis in the last several years was attributable to the absorbing power of the users being still growing sufficiently. The competition is very tight on account many similar companies operating in the country. The business position of P.T. EKN is a sufficiently good for controlling marketing network in abroad.
Until this time P.T. EKN has
not been registered with Indonesian Stock Exchange, so that they shall not
obliged to announce their financial statement. We observed that total sales
turnover of the company in 2005 amounted to Rp. 90.0 billion increased to Rp.
100.0 billion in 2006 and projected to go on rising by at least 7% in 2007. The
operation in 2006 yielded an estimated net profit at least Rp. 6.0 billion and
the company has an estimated total net worth at least Rp. 46.0 billion. We
observe that P.T. EKN is supported by financially fairly strong behind it. So
far, we have never heard of the company having been black listed by the Central
Bank (Bank Indonesia). The company usually pays its debts punctually to
suppliers.
The management of P.T. EKN is led by Mr. Ali Alimsyah (53) a businessman with of experience industry and marketing of paper products. Initially, he used to be a director of P.T. PINDO DELI PULP AND PAPER, a large sized private company in paper industry being a member of the SINAR MAS Group. However, since mid 2004 he withdrew from this company and started developing his own business. In his daily activities, he assisted Wenawati Limantoro (42), a professional manager in the above business. Formerly, Mrs. Wenawati Limantoro was a director of P.T. KEDAUNG INDAH CAN Tbk, a public listed company in the country. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. PT. ESA KERTAS NUSANTARA is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)