MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. PRAMBANAN KENCANA |
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Registered Office : |
DELTA Building, Blok A 28-29, Jalan Suryopranoto No. 19, Jakarta 10130 |
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Country : |
Indonesia |
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Date of Incorporation : |
2 December 1953 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distributor of Bakery, Pastry and Confectionery Ingredients, Pharmaceutical Products, Fruits and Nuts, Raisin, Biscuits, etc. |
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$
1,700,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Correct Name of
Company
P.T. PRAMBANAN KENCANA
Address
Head Office
DELTA Building, Blok A 28-29
Jalan Suryopranoto No. 19
Jakarta 10130
Phones - (021) 3806464 (10 lines)
Fax - (021) 3843281, 3806470
Telex - 44639 PRBJKT IA
Cable - PRAMBANANCO JAKARTA
Website - http://www.prambanan-kencana.co.id
Email - delta@prambanan-kencana.co.id
Building Area - 6 storey
Office Space - 280 sq. meters
Region - Commercial
Status - Owned
Branches
a. Jalan Kaji No. 11-A
Jakarta Pusat
Phone- (021) 6332127
Fax.- (021) 6332128
b. Jalan Suci No. 129
Bandung, West Java
Phone - (022) 74044
c. Jalan Dr. Mawardi No. 79
S o l o
Central Java
d. Jalan Jenderal Sudirman No. 3206
Palembang
South Sumatra
e. Jalan Perak Timur No. 146
Surabaya
East Java
Phone - (031) 270840
Telex- 31838 PRBSBY IA
f.
Jalan Airlangga IV/No. 4
Semarang
Central Java
Phone- (024) 316719
g. Jalan Raya Ngurah Rai No. 99
Denpasar
B a l i
Date of Incorporation
a. 2 December
1953 as C.V. PRAMBANAN TRADING COMPANY
b. 26 September
as P.T. PRAMBANAN KENCANA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No.
The Ministry of
Justice and Human Rights
No.
C-UM.02.01.6323
Dated 11 November
2005
Company Status
National Private
Company
Permit by the
Government Department
a. The
Department of Trade
-
No. 1011/09-03/PDB/NAS/5
Dated 27 May 1982
- No. 2844/1011-P/09-01/PB/V/87/6
b. The Department of Finance
NPWP No.1.313.261.8-032
Related Company
a. P.T. SELINDO
SEJAHTERA (Investment Holding)
b. P.T. SELINDO SEJAHTERATAMA
(Bakery, Pastry Pharmaceutical Ingredient Industry
c. P.T. GANDUM MAS KENCANA (Baking
Chocolates and Desert Mixes Industry)
d. P.T. GIRI MANUNGGAL (General
Trading)
e. P.T. TANDES LAUTAN (General
Trading)
f.
Etc.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp.
1,260,000,000.-
Issued Capital - Rp.
1,260,000,000.-
Paid up Capital - Rp.
1,260,000,000.-
Shareholders/Owners :
a. Mrs. Sunny Liawati Solichin -
Rp. 252,000,000.-
Address : Jl. Tirtayasa Raya
No. 50, RT.005/003
Jakarta
Selatan
b. Mr. Dani Hidayat Solichin -
Rp. 151,200,000.-
Address : Jl. Kaji No. 24,
RT.008/007
Jakarta Pusat
c.Mrs. Susana Suriani Solichin -
Rp. 151,200,000.-
Address : Jl. Kaji No. 24,
RT.008/007
Jakarta Pusat
d. Mrs. Kristiawaty Solichin -
Rp. 151,200,000.-
Address : Jl. Buana Biru
Besar II No. 24, RT.005/009
Jakarta
Selatan
e. Mr. Wahyudi Solichin -
Rp. 252,000,000.-
Address : Jl. Pakubuwono VI
No. 4, RT.005/006
Jakarta
Selatan
f. Mrs. Ingrid Farida Solichin -
Rp. 151,200,000.-
Address : Jl. Kaji No. 24,
RT.008/007
Jakarta Pusat
g. Mrs. Agnes Alida Solichin -
Rp 151,200,000.-
Address : Jl. Kaji No. 24,
RT.008/007
Jakarta Pusat
BUSINESS ACTIVITIES
Lines of Business:
A. Trading and Distributor of Bakery, Pastry
and Confectionery Ingredients, Pharmaceutical Products, Fruits and
Nuts, Raisin, Biscuits, etc.
B.
Sole Agent for
:
a. KONINKLIJKE ZEELANDIA, Bakery, Pastry and Confectionery Ingredients
of the Netherland
b. US Drien Fruits and Nuts of the USA
c. FABBRI Confectionery Ingredients of France
d. MARIANI CALIFORNIA Raisins of the USA
d. JULES DESTROOPER Premium Belgian Biscuit of Belgium
e. Etc.
C. Sole Distributor for :
a. P.T. SELINDO SEJAHTERATAMA Bakery and Pastry Basic Materials of
Indonesia
b. P.T. GANDUM MAS KENCANA, baking chocolates and dessert mixes of
Indonesia
D. Investment Holding
Production Capacity
None
Total Investment
Owned Capital – Rp. 15.0 billion
Started Operation
a. 1954 as C.V. PRAMBANAN TRADING COMPANY
b. 1972 as P.T. PRAMBANAN
KENCANA
Brand Name
PRAMBANAN KENCANA
Technical Assistance
None
Number of Employee
162 persons
Marketing Area
Domestic - 100%
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.
Komp. Duta Merlin Bl. A/26-28
Jalan Gajah Mada No. 3-5
Jakarta Pusat
b. P.T. Bank CENTRAL ASIA Tbk.
Wisma BCA
Jalan Jenderal Sudirman Kav.22-23
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Gross Sales/Turnover :
2004 – Rp. 49.0 billion
2005 – Rp. 55.0 billion
2006 – Rp. 62.0 billion
Net Profit (Loss)
:
2004 – Rp. 2.2 billion
2005 – Rp. 2.6 billion
2006 – Rp. 3.2 billion
Payment Manner :
Average
Financial Comments :
Average
KEY EXECUTIVES
Board of Management :
President Director - Mr. Dani Hidayat
Solichin
Directors -
Mrs. Sri Anggraini Irwan Sentausa
Board of Commissioner :
President Commissioner - Mr. Wahyudi Solichin
Commissioners -
a. Mrs. Susana Suriani Solichin
b. Mrs. Kristiawaty Solichin
Signatories :
President Director (Mr. Dani Hidayat Solichin) or Director
(Mrs. Sri Anggraini Irwan Sentausa) which must be approved by the President
Commissioner (Mr. Wahyudi Solichin) or the board of commissioners (Mrs. Susana
Suriani Solichin or Mrs. Kristiawaty Solichin).
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$
1,700,000.- on the 90 days of payment
OVERALL PERFOMANCE
Originally named C.V. PRAMBANAN TRADING COMPANY, the company was established in
December 1953 under the style of C.V. (Commanditaire Vennotschap) or limited
partnership. Its founding owners are
Mr. Gregorius Hidayat Solichin and his wife Mrs. Elizabeth Herawaty, both
Indonesians of Chinese extraction. In September 1972 the company’s legal status
was converted into P.T. (Perseroan Terbatas) or Limited Liability Company and
its name changed to P.T. PRAMBANAN KENCANA (P.T. PK). The company’s notarial
act was since revised a number of times, lastly in January 1991 when its
authorized capital was increased to Rp 630,000,000.- entirely issued and paid
up. In November 1994 Mr. Gregorius
Hidayat Solichin died and his shares entirely was taken over by his son Mr.
Dani Hidayat Solichin (40%) and his
uncles Mr. Taufic Solichin (40%) and Mr. Wahyudi Solichin (20%).
In 1998, the authorized capital was raised to Rp. 1,260,000,000 entirely issued and paid up and concurrently Mr. Taufic Solichin and Mr. Wahyudi Solichin withdrew and since that time whole shares of P.T. PK have been controlled by Mr. Dani Hidayat Solichin and his relatives. The capital structures and shareholders composition of the company in details are as shown on page 3-4 of this report. The deed of amended was made by Mrs. Titi Sulistyowati, SH, a public notary in Jakarta, under Company Registration Number C-UM.02.01.6323, dated May 11, 2005.
The activities of P.T. PK is to continue the activities of C.V. PRAMBANAN TRADING COMPANY having been in operation since 1953 dealing with trading and distributor of agro chemicals. In 1969, the company diversified its business to the distribution of fine chemicals and pharmaceutical ingredients and exporting of foodstuffs to Europe. However, since 1983 P.T. PK has started focusing its business in trading and distribution of bakery, pastry and confectionery ingredients. The company is the sole agent of Koninklijke Seelandia of the Netherlands. The company has wide marketing networks in the country covering Jakarta, Bandung, Semarang, Surabaya, Bali and Palembang (South Sumatera). To expand its business, in 1988 P.T. PK was in cooperation with Koninklijke Zeeland of the Netherland by establishing P.T. SEELINDO SEJAHTERATAMA dealing with bakery and pastry basic material industry. Its plant is located at Jalan Raya Mauk Km. 3, Tangerang, Banten Province and whole products of the company are marketed by P.T. PK. Then, P.T. PK also established P.T. GANDUM MAS KENCANA producing baking chocolate and desert mixes of which the products are entirely marketed by P.T. PK. Besides, P.T. PK is also selling functional ingredients and pharmaceutical products including active ingredients, excipients, vitamins & minerals, disintegrants, preservatives, sweeteners and amino acids. The operation of the company has been running smoothly and growing steadily in the last five years.
Generally, demand for bakery, pastry and confectionery ingredients has been increasing by 5% to 6% per annum in the last five years having close relation with the growing development of hotels, international standard restaurants, food courts, fast food restaurants and the increase of the public’s purchasing power. However, the competition is very tight on account of lots of similar companies operating in country. The business position of P.T. PK is favorable for having been experienced in the above business. We believed that the operation of the company will be increasing in the coming years.
The management of the company strongly rejected to disclose its financial condition, but we estimated that total sales turnover of P.T. PK in 2004 amounted to Rp. 49.0 billion increased to Rp. 55.0 billion in 2005 and rose again to Rp. 62.0 billion in 2006, and projected to be rising by at least 12% in 2007. The operation of the company in 2006 is estimated to have gained a profit of Rp. 3.2 billion with total networth of Rp. 14.0 billion. So far, we did not hear that P.T. PK has been black listed by Bank Indonesia (Central Bank) and involved in detrimental cases being settled in the court. The payment of habit of the company has been running smoothly ranging from 1 to 3 months.
The management of the company is led by Mr. Dani Hidayat Solichin (48) as the president director, a businessman with more than 26 years experience in trading of bakery, pastry and confectionery ingredients. In his day-to-day activities, he is assisted by Mrs. Sri Anggraini Irwan Sentausa as director. The management is handled by professional managers having wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we have never heard of the management of the company being filed to the district court for detrimental cases. P.T. PRAMBANAN KENCANA is considered to be good for business transaction. Considering unstable economic condition in the country, we recommend to treat prudently in extending 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%)