MIRA
INFORM REPORT
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Report Date : |
19.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. PRIMAYUDHA MANDIRIJAYA |
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Registered Office : |
Jalan Tomang Raya No. 43, Jakarta 11440 |
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Country : |
Indonesia |
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Date of Incorporation : |
31 May 1996 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Spinning Mills
Industry |
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$ 9,200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name of
Company
P.T. PRIMAYUDHA MANDIRIJAYA
Address
Head Office
Jalan Tomang Raya No. 43
Jakarta 11440
Phones - (021) 5666261
(Hunting)
Fax. - (021)
5671736
Email - marketing_prima@cbn.net.id
Website - http://www.primayudha.com
Building Area - 16 storey
Office Space - 320 sq. meters
Region - Commercial
Status - Rent
Factory
Desa Ngadirejo
Kecamatan Ampel
Kabupaten Boyolali
Central Java
Phones - (0298) 327272
Fax. - (0298)
327288
Land Area - 20,000 sq. meters
Building Area -
12,500 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
31 May 1996
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Justice and Human Rights
No. C-UM.02.01.13249
Dated 01 August 2006
Company Status
National Private
and Domestic Investment (PMDN) Company
Permit by the
Government Department
a. The Capital
Investment Coordinating Board
No. 720/I/PMDN/1996
Dated 31 October 1996
b. The Department of Finance
NPWP No. 01.772.049.1-031.000
TDP No. 090215117155
Related Company
The HANSON Group
Members
a. P.T. HANSON
INTERNATIONAL Tbk. (Garment Manufacturing and Investment Holding)
b. P.T. SUBA
INDAH Tbk. (Corn wet milling industry)
c. P.T. PREMIER TEXTILES (Investment
Holding)
d. P.T. PONDOK SOLO
PERMAI (Real Estate Management and Development)
e. P.T. BUMI TEKNO KULTURA UNGGUL Tbk., (Agro business industry)
f. P.T. CENTRAL KORPORINDO INTERNATIONAL Tbk.,
(Power Plant Management)
g. P.T. RUKUN
RAHARJA Tbk. (General Contracting Services)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp
1,296,507,000,000.-
Issued Capital - Rp 903,007,000,000.-
Paid up Capital - Rp 903,007,000,000.-
Shareholders/Owners :
a. P.T. HANSON INTERNATIONAL Tbk., - Rp.
903,006,000,000.-
Address : Jl. Raya Bekasi Km.
33
Tambung,
Bekasi
Indonesia
b. P.T. PREMIER TEXTILE - Rp. 1,000,000.-
Address : Jl. Toamgn Raya No.
43
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
a. Spinning Mills
Industry
Production Capacity
a.
Combed
Cotton – 40,000 bales p.a.
b.
Synthetic
Blend Yarns – 8,500 bales p.a.
c.
Synthetic
Rich Yarn – 60,000 bales p.a.
Total Investment
a. Equity Capital -
Rp. 903.0 billion
b. Loan Capital - Rp. 85.0 billion
c. Total Investment - Rp. 988.0 billion
Started Operation
1998
Brand Name
PRIMAYUDHA
Technical Assistance
None
Number of Employee
1,220 persons
Marketing Area
Domestic - 35%
Export - 65%
Main Customer
a. Textile Industries
b. Textile Yarn Wholesaler, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. DAWAI INDAH ADI
b. P.T. DJONI TEXTINDO
c. P.T. GAYA PERSAKI SYNTETICS
d. P.T. GUNAWAN TEXINDO
e. P.T. INDOPANCA CENTRATEX
f. P.T. MALIGI SPINNING MILLS
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers
:
a.
P.T. Bank MANDIRI Tbk.
Jalan Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank INTERNASIONAL INDONESIA Tbk.
BII Plaza
Jl. M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Gross Sales/Turnover :
2004 – Rp. 570.0 billion
2005 – Rp. 615.0 billion
2006 – Rp. 680.0 billion
Net Profit (Loss) :
2004 – Rp. 28.5 billion
2005 – Rp. 29.0 billion
2006 – Rp. 34.0
billion
Payment Manner :
Average
Financial Comments :
Fairly
KEY EXECUTIVES
Board of Management :
President Director - Mr. Dicky
Tjokrosaputro
Directors -
a. Mr. Gusti Taufik Panca Putra
b. Mr. Goel Rakesh Kumar
Board of Commissioner :
President Commissioner - Mr. Harun Setiawan Boedi
Commissioner -
Mr. R. Soenarwan BK. Teks.
Signatories :
President Director (Mr. Dicky Tjokrosaputro) or one of
the Directors (Mr. Gusti Taufik Panca
Putra or Mr. Goel Rakesh Kumar) which must be approved by the Board of
Commissioners
CAPABILITIES
Management Capability :
Fairly Good
Business Morality
Fairly Good
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under guarantee
Proposed Credit
Limit
C.O.D. To small
amount
Maximum Credit Limit
US$ 9,200,000.- on the 90 days of payment
OVERALL PERFOMANCE
P.T. PRIMAYUDHA MANDIRIJAYA (P.T. PM) was established in May 1996 with the authorized capital of Rp 25,000,000.- totally issued and paid-up by Mr. Frans Awuy and Mr. Sanusi both are Indonesian of Chinese extraction. Its articles of association has been amended frequently. In July 1996 whole shareholders pulled out and replaced by P.T. NUSA PERKASA PERMATA and P.T. GEMAKREASI MULIANUSA both are BATIK KERIS Group members. Concurrently the authorized capital was raised to Rp 1,000,000,000.-, issued capital of Rp 500,000,000.- fully paid-up. In 1998 P.T. GEMAKREASI MULIANUSA withdrew and replaced by P.T. HANSON INTERNATIONAL Tbk. (ex. P.T. HANSON INDUSTRI UTAMA Tbk.), a public listed company.
Lastly
in August 2006 the authorized capital was increased to Rp 1,296,507,000,000.-
issued and paid up capital to Rp 903,007,000,000.-. The majority shares of P.T.
HANSON INTERNATIONAL Tbk., is controlled by Tjokrosaputro family through P.T.
CIPTAWIRA BINAMANDIRI. The deed of amendment was made by Mr. Benny Kristianto,
SH., a public notary in Jakarta under Company Registration Number
C-UM.02.01.1329, dated August 01, 2006.
P.T. PM is a member of the HANSON Group, a small sized company group in Indonesia of which its majority business statkes is controlled by the late Mr. Handoko Tjokrosaputro and his sons Mr. Benny Tjokrosaputro, Mr. Dicky Tjokrosaputro, Mr. Teddy Tjokrosaputro and Mr. Jimmy Tjokrosaputro.The late Mr. Handoko Tjokrosaputro is also founder and majority business stakes owner of BATIK KERIS Group.
P.T. PM obtained PMDN (domestic investment) facility issued by BKPM (Investment Coordinating Board) for dealing with spinning mills by managing a plant located at Desa Ngadirejo, Ample, Boyolali, Central Java on 20 hectare of land. The company’s production capacity of 40,000 bales/year of combed cotton, 8,500 bales/year of synthetic blend yarn (with 55,296 spindles of ring spinning), and 60,00 bales/year of synthetic rich yarn (with 70,000 ring spindles). Some 70% of products is exported to Taiwan, Australia, Singapore and other Asian countries, the rest is for domestic purpose. In early 2003, the company acquired shares of P.T. CAKRAWIRA BUMIMANDALA by buying shares of P.T. GELORATAMA NUSAPRIMA and P.T. GEMAKREASI MULIANUSA respectively 35% worth Rp. 70.0 billion. P.T. CAKRAWIRA BUMIMANDALA, plans its activities to deal with real estates, trading and industry by establishing garment wholesale building on a land of 5.4 hectares in Jembatan Besi, West Jakarta. We see that the company’s operation has been growing slowly in the last three years.
Generally outlook we find the demand for textile and textile products (TPT) had been growing in the last five years being followed by the volume and value of the national TPT export in the last five years. According to data from the Central Bureau of Statistic (BPS), the volume and value of TPT export as of 2002 to 30 June 2006 is illustrated as the following table :
The National Export of Textile and Textile
Product
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Commodity |
2002 |
2003 |
2004 |
2005 |
2006*) |
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Garment |
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- Volume (thousand
ton) |
333.1 |
339.9 |
327.3 |
369.5 |
188.5 |
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- Value (million
US$) |
3,887.2 |
4,037.9 |
4,351.9 |
4,967.0 |
2,671.1 |
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Textile Products |
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- Volume
(thousand ton) |
1,425.9 |
1,307.5 |
1,300.4 |
1,427.3 |
742.8 |
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- Value (million
US$) |
3,075.9 |
3,064.6 |
3,354.6 |
3,704.0 |
1,918.2 |
Source : The Central Bureau of Statistic
Remark : *) as per 30
June
In the meantime, we realized that market competition
is very tough on account of many other similar companies operating in the
country Business position of P.T. PM in
this case is not so critical for it has regular customers and wide marketing
network at home and abroad. We are sure the company is in the position to
maintain its business in the future.
Until this time P.T. PM has not been registered with Indonesian Stock
Exchange, so that they shall not oblige to announce their financial
statement. The management of P.T. PM is
very reclusive to outsider and rejected to disclose its financial condition. But we estimate the total sales turnover
in 2004 amounted to Rp 570.0 billion increased to Rp 615.0 billion in 2005 to
Rp 680.0 billion in 2006 and estimated
it will be higher by 10% in 2007. The
operation in 2006 gained an estimated profit at around Rp 34.0 billion and the
company has a total networth of Rp 910.0 billion. So far we have never yet come
across reports that P.T. PM has ever
been black listed by Indonesian Central Bank (Bank Indonesia) and
registered for any detrimental cases at courts.
Management of the company is headed by Mr. Dicky Tjokrosaputro (37), one of the heirs of Mr. Handoko Tjokrosaputro AKA Kwee Han Tiong who died on February 12, 2002. Daily, he is assited by two directors respectively Mr. Gusti Taufik Panca Putra (37) and Mr. Goel Rakesh Kumar (51) of India. The management has wide experience and also handled by professional managers in spinning mills. The management has wide relation with private businessmen of home and overseas as well as with government sector. P.T. PM is sufficiently 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%)