MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. APECMAS
NUSANTARA |
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Registered Office : |
Komplek Kota Grogol Permai Block B-12 A-14-15, Jalan Prof.
Dr. Latumenten No. 18, Jakarta Barat, 11460 |
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Country : |
Indonesia |
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Date of Incorporation : |
29 November 1989 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Printing
Equipment |
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$ 4,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. APECMAS NUSANTARA
Address
Head Office
Komplek Kota
Grogol Permai Block B-12 A-14-15
Jalan Prof. Dr.
Latumenten No. 18
Jakarta Barat, 11460
Indonesia
Phone - (62-21) 5600672,
5600718, 5677520
Fax - (62-21) 5600670
Building Area - 2 storey
Office Building - 270 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
29 November 1989
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-12204
HT.01.04.TH.99
Dated 2 July 1999
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.356.171.7-031
The Department of Trade and Industry
TDP No. 090215115404
Dated 27 September 2000
Related Companies
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
250,000,000.-
Issued Capital : Rp. 70,000,000.-
Paid up Capital : Rp. 70,000,000.-
Shareholders/Owners :
a. Mr. Zion Pangestu Tjandra - Rp. 11,900,000.-
Address : Jl. Kemurnian V No. 63
Jakarta Barat
Indonesia
b. Mr. Handoko Tanoko - Rp.
7,000,000.-
Address : Jl. Kavling Polri Block G-VU No. 63
Jakarta Barat
Indonesia
c. Mrs. Florita Kurniadi - Rp.
7,000,000.-
Address : Jl. Kemurnian V No. 63
Jakarta Barat
Indonesia
d. Mr. Sunartio Santoso - Rp. 32,200,000.-
Address : Jl. Sunter Paradise Blcok F-5 No. 20
Jakarta Utara
Indonesia
e. Mr. Yusuf Sukardko - Rp.
11,900,000.-
Address : Jl. Muara Karang Blcok O.VI.B No. 1
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Printing
Equipment
Production Capacity
None
Total Investment
None
Started Operation
1989
Brand Name
Mitsubishi, Elite,
Esko Graphic, Busch Graphische Maschinen, Doosan, Yung Kwang
Technical Assistance
None
Number of Employee
25 persons
Marketing Area
Domestic - 100%
Main Customer
Offset Printing
Services, Trading of printing and shops
Market Situation
Very Competitive
Main Competitors
a. P.T. ARISAGITA
TUNGGAL JAYA
b. P.T. ARLITA
JAYA GRAPHISINDO
c. P.T. ARMAYA
INDAH PERKASA
d. P.T. APPEL
PRIMA PERSADA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk.
Kompleks Perkantoran Grogol
Permai
Jalan Dr. Latumeten
Jakarta Barat
Indonesia
b. P.T. HAGABANK
Jalan Kebon Sirih No. 63
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 12.2
billion
2005 – Rp. 13.0
billion
2006 – Rp. 14.0
billion
2007 – Rp. 7.6 billion (January-June)
Net Profit (Loss)
:
2004 – Rp. 854 million
2005 – Rp. 910 million
2006 – Rp. 980 million
2007 – Rp. 532 million (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Zion Pangestu Tjandra
Director s -
a. Mr. Handoko Tanoko
b. Mr. Yusuf Sukardjo
Board of Commissioners :
President Commissioner - Mr. Sunartio Santoso
Commissioner -
Mrs. Florida Kurniadi
Signatories :
President Director (Mr. Zion Pangestu
Tjandra) or one of the Directors (Mr. Handoko Tanoko or Mr. Yusuf Sukardjo)
which must be approved by the Board of Commissioners.
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$ 4,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. APECMAS NUSANTARA (P.T. AN) was established in Jakarta in November 1989 with an authorized capital of Rp. 250,000,000 issued and paid up capital of Rp. 50,000,000. The founding shareholders are Mr. Sunartio Santoso, Mr. Zion Pangestu Tjandra, Mrs. Sukiani AKA Kho Tjui Sian and the late Mr. Sarwono Tirta Saputra, they are all Chinese-Indonesian entrepreneurs. The company notary deed has been changed. In September 1998, Mr. Sarwono Tirta Saputra, Mrs. Sukiani Tjui Sian pulled out and replaced by Mr. Handoko Tanoko, Mr. Yusuf Sukardjo and Mrs. Florita Kurniadi (the wife of Mr. Zion Pangestu Tjandra). The deed of amendment was made by Mrs. Buniarti Tjandra, SH., a public notary in Jakarta under Company Registration Number C-12204 HT.01.04.TH.1999, dated July 2, 1999.
P.T. AN had been operating since 1989 in trading, importing and distribution of printing equipment. Mr. Handoko Tanoko, a director of the company said to our inquiry that P.T. AN is a sole agent for various printing equipment, such as, MITSUBISHI Printing Equipment of Japan, ELTE Printing Equipment of the USA, DOOSAN, YUNG KWANG Printing Equipment both of South Korea, ESKO Graphic of Belgium, STRATIS of Switzerland, BUSCH GRPAHISCHE MASCHINEN of Germany and other brands. Besides, the company is also trading spare parts, installation and reparation service of the above equipment. The above products are sold to some printing houses like P.T. DIAN RAKYAT, printing Femina magazine, trade and distribution of printing equipment in Jakarta, Bandung, Surabaya and Medan. P.T. AN belongs to a medium-sized company of its kind and the operation had been running well and growing slowly within the last five years.
We have generally observed the local demand for printing equipment had been rising by 6% to 8% on the average per year within the last five years, in line with the rapid growth of printing industries as consumers. It is estimated the demand will keep in sluggish within the coming two years. Meanwhile competition is very tight because a large number of similar companies operating in the country. P.T. AN has been badly affected by the crisis causing its operation slowed down within the last five years and it will remain to affect the company's performance within the coming two years. But for the long run its business is quite prospective for it has a potential market at home as soon as there is any economic recovery.
Until this time P.T. AN 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 2004 amounted to Rp. 12.2 billion, increased to Rp. 13.0 billion in 2005 to Rp. 14.0 billion in 2006. We estimated the total sales turnover as from January to June 2007 amounted to Rp. 7.6 billion with a net profit of Rp. 532 million. It is estimated the company has an estimated total networth at least Rp. 2.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2008. We observe that P.T. AN is supported by financially fairly strong behind it. So far, we did not hear that 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. AN is led by Mr. Zion Pangestu Tjandra (62) a businessman with 20 years of experience in trading and distribution of printing equipment. Daily operation, he is assisted by two directors namely Mr. Handoko Tanoko (52) and Mr. Yusuf Sukardjo (46). The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good.
So far, we did not hear that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. APECMAS NUSANTARA 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. |
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%)