MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. PINDO DELI PULP & PAPER MILLS |
|
|
|
|
Registered Office : |
Plaza BII, Menara II, 7th Floor, Jl. M.H. Thamrin No. 51, Jakarta 10350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
31 January 1975 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Pulp and Paper Industry Investment Holding |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 115,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. PINDO DELI PULP & PAPER MILLS
Address
Head Office
Plaza BII, Menara II, 7th Floor
Jl. M.H. Thamrin No. 51
Jakarta 10350
Indonesia
Phone - (62-21) 3929001-3 (hunting)
Fax. - (62-21) 3926179
Building Area - Office Building
Office Space - 680 sq. meters
Region - Commercial
Status - Rent
Factories
a. Jl. Prof. Dr. Ir. H. Soetami No. 88
Kampung Teluk Jamer Johar
Karawang, West Java
Phones (62-267) 402355, 402553
Fax. (62-267) 405250, 402359
b. Desa Kuta Mekar
Kacamatan TEluk Jambe
Karawang 41313, West Java
Phone - (62-267) 411230, 411220
Fax. (62-267) 409570, 409573
Date of Incorporation
31 January 1975
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-10.979.HT.01.04.TH.97
Dated 21 October 1997
Company Status
Private and Domestic Investment (PMDN) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
a. No. 26/A/SP.01/NKPM/III/1976
Dated 9 March 1976
b. No. 27/II/PMDN/1979
Dated 28 April 1979
c. No. 65/II/PMDN/1987
Dated 28 April 1987
d. No. 380/II/PMDN/1990
Dated 30 August 1990
e. No. 41/V/1992
Dated 3 November 1992
f. No. 477/III/PMA/1995
Dated 16 October 1995
The Department of Industry and Trade
a. SIUP No.
0716/PMDN/1982
Dated 16 April 1982
b. No.
163/M/SK/5/1986
Dated 10 May 1986
Related Company
A member of the
SINAR MAS Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 8,000,000,000,000.-
Issued Capital : Rp. 2,131,000,000,000.-
Paid up Capital : Rp. 2,131,000,000,000.-
Shareholders/Owners :
a. P.T. PURINUSA
EKAPERSADA - Rp.
1,964,782,000,000.-
b. P.T. MEGA
KLEENINDO - Rp. 63,930,000,000.-
c. P.T. UNITAMA
SARTINDO - Rp. 40,489,000,000.-
d. P.T. MARIMBA
NUGRATAMA - Rp. 40,489,000,000.-
e. P.T. INTRYANE
SANTURA - Rp. 21,310,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
- Integrated Pulp and Paper Industry
- Investment Holding
Production Capacity
A. Initial Unit
a. Culture Papers 21,000 tons p.a.
b. Industrial Papers 7,700 tons p.a.
B. Expansion Unit
I
a. Cleaning papers 18,000 tons p.a.
b. NCR Papers 6,000 tons p.a.
c. Cast Coated Paper Boards 12,000 tons p.a.
d. Synthetic Resin/Wax Coated Paper & Boards 6,000 tons p.a.
e. Stencil Sheets/Laminated, Board and Wall Papers 12,000 tons p.a.
C. Expansion Unit
II
a. NCR/LWC/HVS/Photocopy & Computer Papers 50,000 tons p.a.
b. Cast Coated, Coated and Non-coated paper & Boards 50,000 tons p.a.
Total Investment
A. Initial Unit
a. Equity Capital - Rp. 3.8 billion
b. Loan Capital - Rp. 12.6 billion
c. Total Investment - Rp. 16.4 billion
B. Expansion Unit I
a. Equity Capital - Rp. -- billion
b. Loan Capital - Rp. 56.8 billion
c. Total Investment - Rp. 56.8 billion
C. Expansion Unit II
a. Equity Capital - Rp. 10.0 billion
b. Loan Capital - Rp. 275.7 billion
c. Total Investment - Rp. 285.7 billion
Started Operation
1977
Brand Name
BOLA DUNIA, GOLDEN STAR, GLOBE, COLDEN COIN and GOLDEN ART
Technical Assistance
None
Number of Employee
2,086
persons
Marketing Area
Domestic - 60%
Export - 40%
Main Customer
a. P.T. SURYA JAYA PALACE
b. P.T. PERMATA BIRU INDAH
c. P.T. SUTIO JAYATAMA
d. Export to South Korea, RRC, India, Belgium and Turk.
Market Situation
Very Competitive
Main Competitors
a. P.T. RAJA GARUDA MAS
b. P.T. PARISINDO PRATAMA
c. P.T. SURYA KERTAS
d. Etc.
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank International Indonesia Tbk.
Wisma BII
Jl. M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
b. CITIBANK N.A.
CITIBANK Building
Jalan Jend. Sudirman Kav. 70A
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 US$ 785.2 million
2004 US$ 882.7 million
2005 US4 920.3 million
2006 US$ 493.1 million (as per 30 June)
Net Profit (Loss) :
2003 (US$ 158.8 million)
2004 US$. 326.0 million
2005 US$ 77.9 million
2006 US$ 15.0 million (as per 30 June)
Payment Manner
Sometime delay
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Teguh Ganda Wijaya AKA Oei Tjie Goan
Vice President Director -
a. Mr. Rudy Wirianata AKA Ng Kheng Ho
b. Mr. Suresh Kilam
Directors - a. Mr. Hendrik Wibawa
b. Mr. Ali Alamsyah
c. Mr. Huang Hua Ching
Board of Commissioners :
President Commissioner - Mr. Eka
Tjipta Widjaja AKA Oei Ek Tjhong
Commissioners -
a. Mr. Samuel Bonsajang
b. Mr. Yudi Setiawan Lim
c. Mr. Arifin Kusni
d. Mr. Sanusi Wirianata
e. Mr. Arthur Tahya
f.
Mrs. Yati Tandean
Signatories :
President Director (Mr. Teguh Ganda Wijaya) or one of the Vice President
Director (Mr. Rudy Wirianata or Mr. Suresh Kilam) or one of the Directors (Mr.
Hendrik Wibawa, Mr. Ali Alamsyah or Mr. Huang Hua Ching) which must be approved
by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 115,000,000.-
on the 90 days of payments
OVERALL PERFOMANCE
The company was established in January 1975 with an authorized capital of Rp 400,000,000.- entirely issued and paid-up. The original founding shareholders of P.T. PINDO DELI PULP AND PAPER MILLS (P.T. PDPPM) are Mr. Rudy Wirianata AKA Ng Kheng Ho, his younger brother Mr. Sanusi Wirianata AKA Tan Tjin. They are Chinese origins Indonesia entrepreneurs. In February 1994, the authorized capital was raised to Rp 100,000,000,000.- issued and paid-up capital to Rp 20,000,000,000.- and all shareholders have concurrently resigned and replaced by new shareholders P.T. KARYANTARA PRAKARSA of Indonesia and SOLIDCLASS INVESTMENTS, Ltd., of Hongkong. The company was then converted into a foreign investment (PMA) status.
In December 1994, the authorized capital was raised again to Rp 500,000,000,000.- issued and paid-up capital to Rp 158,000,000,000.-. Concurrently SOLIDCLASS INVESTMENT Ltd., withdrew and replaced by ASIA PULP & PAPER COMPANY Ltd., of Singapore. In October 1996, the authorized capital increased to Rp 2,600,000,000,000.- issued capital to Rp. 661,785,000,000.- fully paid-up. Concurrently, ASIA PULP & PAPER COMPANY LTD., of Singapore, pulled out and P.T. PURINUSA EKAPERSADA of Indonesia entered as new shareholder and as the same occasion, the status of the company was altered as PMDN or domestic investment company. In early of 1999, the authorized capital of P.T. PDPPM was increased to Rp 8,000,000,000,000.- issued capital to Rp 2,131,000,000,000.- entirely paid-up. It seems that P.T. PURINUSA EKAPERADA is a sub-holding of the SINAR MAS Group, once ever been as a large business group in the country headed by Mr. Eka Tjipta Widjaja AKA Oei Ek Tjong.
P.T. PDPPM originally obtained a domestic investment (PMDN) license for dealing with integrated pulp and paper manufacturing. After the entering of the foreign partner as the new shareholder, the above facility revamped to foreign investment (PMA). Its above foreign partner from the middle of 1996 withdrew as the shareholder and the style revised again into a PMDN. P.T. PDPPM started with operation in 1977 originally running a plant located at Jalan Prof. Dr. Ir. H. Soetami No. 88, Teluk Jambe, Karawang (West Java) standing on 44.0 hectares land. The plant has been expanded for increasing total capacity.
In October 1995, P.T. PDPPM again expanded (Pindo 2) located in Desa Kuta Mekar, Kerawang (West Java) standing on 450 hectares land. The above expansion is including coating paper (paper/cartoon coated, cast coated paper, carton manila & in\ivory, fancy paper/board), uncoated paper (Photocopy, fancy paper/board/cartoon buffalo, paper/cartoon buffalo) and tissue paper (tissue and litho papers). The company also manages two units of paper making plants located at Tanjung Jabung, Jambi, Jambi Province and in Langsa, Aceh Province. Around 60% products are distributed domestically by using Bola Dunia, Golden Star and Globe brands (photocopy paper), Golden Coin and Golden Art (art paper/cast coated) and the rest is exported to South Korea, the Peoples Republic of China, India, Belgium and Turkey.
For the marketing of the above products, P.T. PDPPM appointed a number of local companies as its distributors among others are P.T. SURYA JAYA PALACE, P.T. PERMATA BIRU INDAH, P.T. SUTIO JAYATAMA for Jakarta region, P.T. MARGONO for Semarang (Central Java) and others spreading several Indonesian major cities. In July 1996, P.T. PDPPM obtained an ISO 9002, for management and quality accreditation issued by SGS Yarsley International Certification Services Limited of the UK.
Besides that, P.T. PDPPM is also engaged in investment holding by controlling 80% shares of P.T. LONTAR PAPYRUS & PAPER INDUSTRY engaged in pulp and cultural paper making industry. P.T. PDPPM is classified as a large sized company in the country dealing with integrated pulp and paper industry of which the operation has been running smoothly up to this time. However, since 2000 up to end 2003 the company had been suffering from a huge loss. The operation of the company in 2004 up to 30 June 2006 had just gained a profit.
According to the financial statement of the company having been audited by a public accountant that sales turnover of the company amounted to US$ 619.1 million with a net loss of US$ 171.12 million in 2001 increased to US$ 743.3 million with a net loss of US$ 119.4 million in 2002 and to US$ 785.2 million with a net profit of US$ 158.8 million in 2003 increased to US$ 882.7 million with a net profit after tax of US$ 326.0 million in 2004 jumped up to US$ 920.3 million with a net profit after tax of US$ 77.8 million in 2005. As per 30 June 2006 the sales turnover of the company amounted to US$ 493.1 million with a net profit of US$ 15.0 million.
P.T. PDPPM as of 30 June 2006 had a total asset of US$ 2,472.9 million with a total liability of US$ 1,946.7 million comprising current liability (short-term) of US$ 482.3 million and the is non-current liability (long-term) of US$ 1,464.4 million. So far, we have never heard of P.T. PDPPM having been black listed by Bank Indonesia (Central Bank) and registered in district court for detrimental cases.
The company is headed by Mr. Teguh Ganda Wijaya AKA Oei Tjie
Goan (61) a businessman with ample experience in various business. He is the
son of Mr. Eka Tjipta Widjaja, the main founder and business stakes owner of
SINAR MAS Group. In day-to-day business, he is assisted by Mr. Rudy Wirianata
(66), Mr. Suresh Kilam (54), as Vice President Directors respectively, Mr. Hendrik Wibawa (55), Mr. Huang Hua Ching
and Mr. Ali Alimsyah (51) as respectively directors. The management is
supported by a professional team having maintains wide relation with private
businessmen of home and overseas as well as in the ranks of key government
officials. So far, we have never heard of the management of the company having been
involved in business malpractices.
Based on the compiled information, it can be concluded that P.T. PDPPM is classified as a large sized company in the country dealing with integrated pulp and paper industry of which the operation has been running smoothly up to this time. However, since 2000 up to end 2003 the company had been suffering from a huge loss. The operation of the company in 2004 up to 30 June 2006 had just gained a profit.
Owing to the economic condition in the country to remains unstable, we recommend to treat prudently in doing business with and in extending any new loans to the company.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SCs 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%)