MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. PRIMA
SENTRA MEGAH |
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Registered Office : |
Wisma Hayam Wuruk, 12th Floor, Jalan Hayam Wuruk
No. 8, |
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Country : |
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Date of Incorporation : |
10 January 2000 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Styrene
Butadiene Rubber (SBR) and Tire Cord |
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$ 2,400,000 |
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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. PRIMA SENTRA
MEGAH
Address
Head Office
Wisma Hayam Wuruk,
12th Floor
Jalan Hayam Wuruk
No. 8
Phone -
(62-21) 231 1528 (Hunting)
Fax. - (62-21) 345 3475
Building Area - 26 storey
Office Space - 620 sq. meters
Region -
Status - Rent
Date of Incorporation
a. 10 January 2000 as P.T. GT MEGAH PRIMA
b. 20 December 2004 as P.T. PRIMA SENTRA MEGAH
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C-00844.HT.01.04.TH.2005
Dated 11 January
2005
Company Status
Private Company
Permit by the
Government Department
The Directorate of Tax
NPWP No. 1.960.285.3-025
Related Company
The GAJAH TUNGGAL Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 250,000,000.-
Issued Capital : Rp.
250,000,000.-
Paid up Capital : Rp.
250,000,000.-
Shareholders/Owners :
a. P.T. GAJAH TUNGGAL Tbk - Rp. 247,500,000.-
Address : Wisma Hayam Wuruk, 10th
Floor
Jalan Hayam Wuruk No. 8
b. P.T. TUNAS SEPADAN INVESTAMA - Rp.
2,500,000.-
Address : Wisma Hayam Wuruk, 10th
Floor
Jalan Jayam Wuruk No. 8
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Styrene
Butadiene Rubber (SBR) and Tire Cord
Production Capacity
None
Total Investment
None
Started Operation
March 2000
Brand Name
SBR
Technical Assistance
None
Number of Employee
25 persons
Marketing Area
Domestic - 85%
Export - 15%
Main Customer
a. P.T. GAJAH
TUNGGAL Tbk
b. P.T. POLYCHEM
c. P.T. BANDO
d. P.T. INOUE
RUBBER
e. P.T. NITTO
RUBBER
e. Others
Market Situation
Very Competitive
Main Competitors
P.T. BRANTA MULIA
TEIJIN
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. The Hongkong and Shanghai Banking Corp. Ltd.
Jalan Jend. Sudirman Kav. 29-31
b. P.T. Bank MANDIRI Tbk
Jalan Lapangan Stasiun 1
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 174.0
billion
2005 – Rp. 180.0
billion
2006 – Rp. 185.0
billion
Net Profit (Loss)
:
2004 – Rp. 6.9 billion
2005 – Rp. 7.2 billion
2006 – Rp. 7.4
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mrs. Mulyati Gozali
Board of Commissioner :
Commissioner - Mr. Kisyuwono
Signatories :
Director (Mrs. Mulyati Gozali) which must
be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
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$ 2,400,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company was initially named P.T. GT MEGAH PRIMA, it was
established in January 2000 with an authorized capital of Rp. 250,000,000 fully
issued and paid up. The founding shareholders of the company are P.T. GAJAH
TUNGGAL Tbk and P.T. TUNAS SEPADAN INVESTAMA. The articles of association of
the company have frequently been revised. In December 2004, the company renamed
to P.T. PRIMA SENTRA MEGAH (P.T. PSM). We have since never heard of any changes
having occurred in the articles of association of the company to date. The deed
of amendment was made by Mrs. Fenny Tjitra, SH., a public notary in
The majority shares of P.T. PSM are controlled by P.T. GAJAH TUNGGAL Tbk (P.T. GT), a publicly listed company dealing with tire industry, styrene butadiene rubber industry, of which the majority shares are controlled by GARIBALDI VENTURE LTD. There is strong indication that Mr. Sjamsul Nursalim controls business interest of the GARIBALDI VENTURE FUND LTD. P.T. GT is the parent company of the GAJAH TUNGGAL Group, a large sized national private company group at present facing financial difficulties in line with several members of the group being registered as bad debtors. The GAJAH TUNGGAL was established by Mr. Sjamsul Nursalim, the first class fugitive of the attorney general on the abuse case of Bank Indonesia Liquidity Fund (BLBI) being absorbed by its bank P.T. Bank DAGANG NASIONAL INDONESIA (liquidated) and P.T. GT.
However, on 26 April 2004 the IBRA issued the released and discharge statement to the bad obligor Mr. Sjamsul Nursalim. Having been closed down on 30 April 2004, the whole assets of the company were shifted to P.T. (Persero) PERUSAHAAN PENGELOLA ASET (P.T. PPA). Besides, in July 2004 the Attorney General issued a statement to stop the investigation on Mr. Sjamsul Nursalim.
P.T. PSM has been operating since 2000 in the field of trading, supplies and distribution of styrene butadiene rubber (SBR) and tire cord. The company is as distributor of parent company P.T. GAJAH TUNGGAL Tbk dan tire cord produced by sister company P.T. POLYCHEM INDONESIA Tbk (ex P.T. GT PETROCHEM INDUSTRIES Tbk). P.T. GAJAH TUNGGAL Tbk is the biggest producers of tire manufacturing, styrene butadiene rubber industry. Meanwhile P.T. POLYCHEM INDONESIA Tbk is a large producer of nylon tire cord manufacturing. Since end 2004, P.T. GAJAH TUNGGAL Tbk took over fixed assets of nylon tire cord division of P.T. POLYCHEM INDONESIA Tbk worth Rp. 1,044 billion and a fixed assets of P.T. SENTRA SINTETIKAJAYA dealing with styrene butadiene rubber industry worth Rp. 643.7 billion. The taking over of the fixed assets above was deemed as the settlement of P.T. SENTRA SINTETIKAJAYA’s debt to P.T. GAJAH TUNGGAL Tbk. By the taking over, P.T. SENTRA SINTETIKAJAYA has no business activities and just as a paper company since end 2004.
The product is largely for SBR and nylon tire cord requirement
of its parent company P.T. GAJAH TUNGGAL Tbk. (in tire manufacturing), P.T.
BANDO
Generally outlook, the demand for styrene butadiene rubber has kept on rising within the last five years. Indonesian Tires Industry Association (APBI) data show that production of tires has been rising in the last five years. Competition is very tight due to a large number of similar company which import the same products and marketed locally. The development of tires industry in the country can be seen below :
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Years |
4 Wheel
Vehicles |
2 Wheel
Vehicles |
Total |
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2001 |
22.807 |
14.637 |
37.44 |
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2002 |
26.416 |
15.157 |
41.573 |
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2003 |
30.076 |
16.935 |
47.011 |
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2004 |
35.371 |
18.610 |
53.981 |
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2005 |
41.310 |
22.035 |
63.345 |
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2006 |
45.600 |
24.000 |
69.600 |
Source : Indonesian Tire Industry
Association (APBI)
Until this time P.T. PSM 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. 174.0 billion increased to Rp. 180.0 billion in 2005 and to Rp. 185.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 7.4 billion and the company has an estimated total networth at Rp. 30.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. PSM is supported by financially fairly strong behind it.
The management of P.T. PSM is led by Mrs. Mulyati Gozali (54) with 25 years of experience in trading, supplies and distribution of nylon tire cord and styrene butadiene rubber. 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. But his husband Mr. Sjamsul Nursalim had been a top wanted by Attornery General Office for suspect in abusing Central Bank Liquidity Loan (BLBI) being absorbed by his bank P.T. Bank DAGANG NASIONAL INDONESIA (liquidated by the government) and a part of the loan also being absorbed by P.T. GAJAH TUNGGAL Tbk. But, on 26 April 2004 IBRA issued its release and discharge statement stating that Mr. Sjamsul Nursalim has paid up all his obligation. Apart from that in July 2004 Indonesian Supreme Court also issued a letter of discontinuing the investigation (SP3) against Mr. Sjamsul Nursalim.
P.T. PRMA SENTRA MEGAH 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%)