MIRA
INFORM REPORT
|
Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. ARGHA KARYA
PRIMA INDUSTRY Tbk |
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Registered Office : |
Jalan Pahlawan Desa Karang Asem Barat, Citeurup, Bogor, West Java |
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
7 March 1979 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Oriented Polypropylene Film and Poly Vinyl
Chloride Film Manufacturing |
RATING &
COMMENTS
|
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$ 5,600,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. ARGHA KARYA PRIMA INDUSTRY Tbk
Address
Head Office &
Factory
Jalan Pahlawan
Desa Karang Asem Barat
Citeurup, Bogor
West Java
Indonesia
Phone - (62-21) 875
2707(Hunting)
Fax - (62-21) 875 2448, 875 2248
E-mail - theo@arghaprin@co.id
Land Area - 20,000 sq.
meters
Factory Space - 12,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 7 March 1979 as P.T. ARGHA KARYA INDUSTRY
b. 19 June 1981 as P.T. ARGHA KARYA PRIMA INDUSTRY
c. 18 December 1996 as P.T. ARGHA KARYA PRIMA INDUSTRY Tbk
Legal Form
P.T. Tbk
(Perseroan Terbatas Terbuka ) or Public Listed Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C-27759.HT.01.04.TH.2003
Dated 19 November
2003
Company Status
Private National and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Capital Investment Coordinating Board
- No. 154/I/PMDN/1980
Dated 3 November 1980
- No. 30/II/PMDN/1989
Dated 8 March 1989
- No. 124/II/PMDN/1992
Dated 28 September 1992
- No. 30/II/PMDN/1994
Dated 27 January 1994
- No. 219/II/PMDN/995
Dated 31 August 1995
- No. 58/II/PMDN/1997
Dated 1 April 1997
Related Companies
A Member of the NAPAN Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,000,000,000,000.-
Issued Capital : Rp. 340,000,000,000.-
Paid up Capital : Rp. 340,000,000,000.-
Shareholders/Owners :
a. P.T. NAWA PANDUTA - Rp. 46,066,767,000.-
b. P.T. ADHIKARA NIRMALA - Rp. 29,335,333,500.-
c. P.T. GITANIRWANA MANDRASAKTI - Rp. 14,346,830,000.-
d. ASIAMAKERS FINANCE LTD. - Rp. 47,208,862,000.-
e. SHENTON FINANCE CORP. - Rp. 57,917,500,500.-
f. ASIA INVESTMENT LTD. - Rp. 58,873,637,500.-
g. Publics -
Rp. 86,251,069,500.-
BUSINESS ACTIVITIES
Lines of Business:
Oriented Polypropylene Film and Poly Vinyl
Chloride Film Manufacturing
Production Capacity
a. Plain OPP Film -
23,000 tons p.a.
b. Coated OPP Film -
15,300 tons p.a.
c. Laminated OPP Film - 8,400 tons p.a.
d. PVC Film - 5,000 tons p.a.
e. Trustattle Plastic Film - 6,000 tons p.a.
f. Polyester Film -
12,000 tons p.a.
g. BOPP Film -
13,000 tons p.a.
h. CPP Film - 8,000 tons p.a.
i. Film Metallizing - 3,640 tons p.a.
Total Investment
a. Equity Capital - Rp. 132.0
billion
b. Loan Capital - Rp. 350.2
billion
c. Total
Investment - Rp. 482.2 billion
Started Operation
1984
Brand Name
ARKAPRIN
Technical Assistance
None
Number of
Employee
1,795 persons
Marketing Area
Domestic - 60%
Export - 40%
Main Customer
Plastic Industries
Market Situation
Very Competitive
Main Competitors
a. P.T. FATRA
FOLINDO NUSA Tbk
b. P.T. TRIAS
SENTOSA Tbk
c. P.T. INDOPOLY
SWAKARSA INDUSTRY
d. P.T.
POLYDAYAGUNA PERKASA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Jend. Sudirman Kav.
70-71
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2004 – Rp. 946.9 billion
2005 – Rp. 1,049.1
billion
2006 – Rp. 1,161.8
billion
2007 – Rp. 960.0 billion (estimated per 30 June)
Net Profit (Loss)
:
2004 – Rp. 6.6 billion
2005 – Rp. 11.3 billion
2006 – Rp. 14.6
billion
2007 – Rp. 7.5 billion (estimated per 30 June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Wilson Pribadi
AKA Liem
Oen Djoe
Directors - a. Mr. Jimmy Tjahjanto
b. Mr. Kristianto Mangkusaputra
c. Mr. Edward Djumali
Board of Commissioners :
President Commissioner - Mr. Andry Pribadi AKA Liem Like Mien
Commissioners - a.
Mr. Ibrahim Risjad
b. Mr. Henry Liem AKA Liem Sien Tjay
c. Mr. Surya Widjaja
d. Mr. Johan Paulus Yoranouw
e. Mr. Widjojo Budiarto
Signatories :
President Director (Mr. Wilson Pribadi)
or one of the Directors (Mr. Jimmy Tjahjanto, Mr. Kristianto Mangkusaputra or
Mr. Edward Djumali) which must be approved by Supervisory Board.
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$ 5,600,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named P.T. ARGHA KARYA INDUSTRY, the company was established in 1979 with an authorized capital of Rp. 4,500,000,000 entirely issued, of which Rp. 450,000,000 was paid up. The founding shareholders of the company are Mr. Wilson Pribadi AKA Liem Oen Djoe, Mr. Henry Pribadi AKA Liem Oen Hauw, Mr. Andry Pribadi AKA Liem Liek Mien, Mr. Ir. Samadio Setia AKA Sih Ing Liong, Mr. Soen Goan Hong, Miss Lanny Suniariwati, Mr. Budi Purnomo AKA Hoo Liem, Mrs. Tina Kurniawati AKA Liem Hi Tin, Mrs. Ida Kumala AKA Kwo King Ling, Miss Sieo Lien, Mr. Hendro Supeno Hadiwirjo AKA Hoo Bing, Mr. Kirno Basuki AKA Kho Kwan Boen (all Indonesian businessmen and businesswomen of Chinese extraction) and Mr. Mulyono, an indigenous businessman. The company's notary deed was since revised a number of times. In 1991 the company's name was changed to P.T. ARGHA KARYA PRIMA INDUSTRY abbreviated to P.T. ARKAPRIN. In November 1992 P.T. ARKAPRIN went public, selling 20% of its shares to the community through the Jakarta Stock Exchange (BEJ). In December 1996 the authorized was raised to Rp. 250,000,000,000 with the issued and paid up capital amounting to Rp. 176,000,000,000. On the same occasion, behind its name has been added with Tbk (Terbuka) word to comply with the law of publicly listed companies. The company’s new full name is P.T. ARGHA KARYA PRIMA INDUSTRY Tbk., abbreviated P.T. ARKAPRIN Tbk. In November 2003 the authorized capital was increased to Rp. 1,000,000,000,000 issued capital to Rp. 340,000,000,000 entirely issued and paid up. The deed of amendment was made by Mr. Benny Kristianto, SH., a public notary in Jakarta under Company Registration Number C-27759.HT.01.04.TH.2003, dated November 19, 2003.
P.T. ARKAPRIN is a public listed company in and a members company of the NAWA PANDUTA or NAPAN Group, a developing business group which the majority business stakes is controlled by Mr. Henry Halim. He is also the founder and majority business stakes owner of the NAPAN Group.
P.T. ARKAPRIN started operation by operating only one plant producing oriented polypropylene film located at Jalan Pahlawan, Desa Karang Asem Barat, Citeureup, Bogor (West Java), which has been in operation since 1984. Then in July 1992 P.T. ARKAPRIN Tbk., took over all the assets of (was merged with) three sister companies, i.e. P.T. STOREX BIMA RAYA operating in OPP film manufacturing with its plant located beside P.T. ARKAPRIN Tbk's own plant; P.T. APINDO PRIMA KARYA operating a twistable plastic film manufacturing unit also located beside P.T. ARKARIN's plant; and P.T. FIMECO PERKASA managing a plastic film converting plant in Tangerang, West Java. In medio 1997 the whole converting plant in Tangerang, West Java, had been sold to P.T. INTERKEMAS FLEXIPACK, a joint ventured company between the SALIM Group and VAW EUROPACK GmbH of Germany. Since then P.T. ARKAPRIN has been concentrating in film production with its plant located at Citeureup, Bogor, West Java. Originally, some 70% of P.T. ARKAPRIN products are marketed domestically but as from the end of 1998, it succeeded to export. P.T. ARKAPRIN export within the last two years reached 60% export.
The export of P.T. ARKAPRIN is handled by its sister company INTERNATIONAL RESOURCES CORP., in the USA for the USA and EEC countries, INTERNATIONAL RESOURCES (H.K) LTD., in Hong Kong for Asia marketing area. At present, P.T. ARKAPRIN has about 400 customers consisting 230 local customers and 170 overseas customers. P.T. ARKAPRIN controls 100% shares of INTERNATIONAL RESOURCES CORPORATION established in the USA. As aforementioned that the subsidiary has been marketing the products of P.T. ARKAPRIN for North American South American and West European markets. P.T. ARKAPRIN also control 80% shares of INTERNATIONAL RESOURCES (HK) Ltd., founded in Hong Kong, handling the products for Hong Kong, Taiwan and P.R. China markets. P.T. APKAPRIN controls 70% shares of STENTA FILMS (M) Sdn. Bhd., domiciled in Malaysia and engaged in BOPP film industry. The operation of P.T. ARKAPRIN has been growing in the last five years.
In overall views we find the demand for BOPP film had been rising by 8% to 10% per year in the last five years, in line with the growth of plastic container industries as consumers. The annual demand for BOPP film in Indonesia reaches about 140,000 tons – 150,000 tons, or above the average supply of only about 120,000 tons/year from the five producers. So local producers still have opportunity to provide additional supply of 30,000 tons/year for the local market. Business position of P.T. ARKAPRIN remains good for some of the products are absorbed by flexible plastic container industries in the INDOFOOD Group and others. See the table below :
BOPP film producers,
locations and production capacity 2006
|
No. |
Producers |
Locations |
Production Capacity (Tons/year) |
|
1. 2. 3. 4. 5. |
P.T. TRIAS SENTOSA Tbk P.T. ARGHA KARYA PRIMA INDUSTRY Tbk P.T. FATRA FOLINDO NUSA Tbk P.T. INDOPOLY SWAKARSA INDUSTRY P.T. POLYDAYAGUNA PERKASA |
Sidoarjo Bogor Tangerang Karawang Semarang |
40,000 36,000 20,000 20,000 7,000 |
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T o t a l |
123,000 |
||
Source : Department of Industry and Trade
P.T. ARKAPRIN total sales turnover in 2004 reached Rp. 946.9 billion with a net profit of Rp. 6.6 billion, increased to Rp. 1,049.1 billion with a net profit of Rp. 11.3 billion in 2005 and to Rp. 1,161.8 billion with a net profit of Rp. 14.6 billion in 2006. We estimated the total sales turnover of the company as per 30 June 2007 amounted to Rp. 960.0 billion with a net profit of Rp. 15.0 billion. The total sales turnover its projected to go on rising by at least 7% in 2008. The financial statement of P.T. ARKAPRIN as per 30 December 2004, 2005 and 2006 is attached. So far, we have never heard of the company having been black listed by the central bank (Bank Indonesia). Its payment habit some time delay.
P.T. ARKAPRIN's management is led by Mr. Wilson Pribadi AKA Liem Oen Djoe (57). He is one of top figures and prime movers of the NAPAN Group, a large sized national private company grouping the country. In his daily activities, he is assisted by Mr. Kristianto Mangkusaputra, Mr. Edward Djumali and Mr. Jimmy Tjahjanto, respectively as director. P.T. ARKAPRIN has an experienced management made up of professional managers with know-how in the OPP film and plastic packaging industry and trade. They are widely connected with government sectors and private businessmen at home and abroad. We observed that management’s reputation in said business is fairly good. So far, we have never heard 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. ARGHA KARYA PRIMA INDUSTRY Tbk 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.
FINANCIAL STATEMENT OF P.T. ARGHA KARYA PRIMA
INDUSTRY Tbk.
Per 31
December 2003, 2004, 2005 and 2006
A. BALANCE SHEETS
STATEMENT
(in Rp million)
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D e s c r i p t i o n |
31 December |
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|
2006 |
2005 |
2004 |
2003 |
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|
A. Current
Assets |
|
|
|
|
|
- Cash and Cash Equivalent |
124,565 |
102,086 |
75,274 |
109,385 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
188,622 |
179,447 |
171,218 |
127,699 |
|
* Related Parties |
107 |
54 |
46 |
0 |
|
- Other Receivable |
2,927 |
5,408 |
21,254 |
13,524 |
|
- Inventories |
239,027 |
234,580 |
233,098 |
167,481 |
|
- Prepaid Taxes |
8,394 |
17,757 |
7,962 |
15,271 |
|
- Advance |
8,237 |
10,99 |
18,421 |
17,009 |
|
- Prepaid Expenses |
6,148 |
7,059 |
5,029 |
4,830 |
|
Total Current Assets |
578,027 |
557,390 |
532,302 |
455,199 |
|
B. Non Current
Assets |
|
|
|
|
|
- Deferred Tax Assets |
0 |
0 |
0 |
0 |
|
- Fixed Assets – net |
814,396 |
836,956 |
830,225 |
839,004 |
|
- Note Receivable |
0 |
0 |
0 |
0 |
|
- Goodwill |
41,419 |
45,848 |
46,546 |
45,554 |
|
- Deferred Cost |
24,348 |
21,492 |
15,901 |
12,136 |
|
- Advance for Investment |
0 |
0 |
0 |
0 |
|
- Guarantee and Other
Assets |
2,083 |
1,323 |
784 |
3,496 |
|
Total Non Current Assets |
882,246 |
905,619 |
893,456 |
900,190 |
|
TOTAL ASSETS = TOTAL LIABILITY &
STOCKHOLDERS’ EQUITY |
1,460,273 |
1,463,009 |
1,425,758 |
1,355,389 |
|
C. Current
Liabilities |
|
|
|
|
|
- Short Term Liabilities |
62,348 |
60,358 |
64,155 |
60,068 |
|
- Trade Account Payable |
|
|
|
|
|
* Third Parties |
114,111 |
83,089 |
49,813 |
43,653 |
|
* Related Parties |
74,573 |
90,076 |
90,392 |
44,373 |
|
- Other Liabilities |
6,585 |
5,467 |
5,876 |
6,948 |
|
- Bank Loan |
0 |
0 |
0 |
0 |
|
- Current Maturity of long
term Loan |
24,488 |
86,673 |
96,515 |
58,763 |
|
- Tax Liabilities |
6,614 |
1,185 |
2,678 |
1,355 |
|
- Accrued Expenses |
8,668 |
9,012 |
4,900 |
9,359 |
|
Total Current Liabilities |
297,387 |
335,860 |
314,330 |
224,519 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Bank Loan |
374,117 |
346,949 |
356,932 |
412,825 |
|
- Deferred Tax Assets |
121,508 |
129,542 |
136,036 |
130,183 |
|
- Allowance Employee
Payables |
15,403 |
13,500 |
9,959 |
4,080 |
|
- Other Long Term
Liabilities |
3,244 |
288 |
511 |
244 |
|
Total Non Current
Liabilities |
514,272 |
490,279 |
503,438 |
547,332 |
|
E. Minority
Interest |
50,092 |
50,030 |
41,008 |
34,664 |
|
F. Stockholders’
Equity |
|
|
|
|
|
- Paid up Capital |
340,000 |
340,000 |
340,000 |
340,000 |
|
- Additional Paid up
Capital |
303,829 |
303,829 |
303,829 |
303,829 |
|
- Translation Adjustment |
13,145 |
16,045 |
7,463 |
(4,004) |
|
- Retained Earnings
(deficit) |
(58,452) |
(73,034) |
(84,310) |
(90,951) |
|
Total Stockholders’ Equity |
598,522 |
586,840 |
566,982 |
548,874 |
B. PROFIT &
LOSS STATEMENT
(in Rp
million)
|
D e s c r I p t I o n |
31 December |
|||
|
2006 |
2005 |
2004 |
2003 |
|
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
1,161,846 |
1,049,077 |
946,877 |
884,712 |
|
b. Cost of Goods Sold |
(1,024,363) |
(883,995) |
(766,780) |
(650,084) |
|
c. Gross Profit |
137,483 |
165,082 |
180,097 |
194,628 |
|
e. Operating Expenses |
(86,686) |
(94,649) |
(92,893) |
(100,628) |
|
f. Operating Profit |
50,797 |
70,433 |
87,204 |
93,958 |
|
g. Other Income (Expenses) |
(26,389) |
(63,006) |
(77,233) |
(18,744) |
|
h. Operating Profit Before Income Tax |
24,408 |
7,427 |
9,971 |
75,214 |
|
i. Income Tax |
(8,882) |
10,194 |
(461) |
46,851 |
|
j. Profit before Minority
Interest |
15,526 |
17,621 |
9,510 |
122,065 |
|
k. Minority Interest |
(944) |
(6,345) |
(2,869) |
(7,965) |
|
l. Profit Before Minority
Interest |
14,582 |
11,276 |
6,641 |
114,100 |
|
m. Extra Ordinary Post |
0 |
0 |
0 |
299,041 |
|
i. Net Profit |
14,582 |
11,276 |
6,641 |
413,141 |
Remarks : Audited by Prasetio, Sarwoko &
Sandjaja, a public accountant
Attachment
List of the N A P A N Group Members
1.
ACRINDONUSA
FIBRE PRATAMA, P.T. (Acrylic Fibre Manufacturing)
2.
ADHIKARA
SANDIKA, P.T. (Rubber Thread Manufacturing)
3.
ADIKARSA
RAYAPRIMA, P.T. (Trading and Suppliers)
4.
ADIKRIDA
PRIMALESTARI, P.T. (Trading and Suppliers)
5.
AMCOL
HOLDING (S) PTE. LTD., Singapore (Investment Holding)
6.
ANDALAN PRIMULA, P.T. (Investment Holding)
7.
ANDROMEDA
Bank, P.T. (Banking)
8.
ANDROMEDA
SECURITIES, P.T. (Securities Services)
9.
ARCOM
PRIMANTARA SYSTEMS, P.T. (Agency and Distribution of Computers and Peripherals)
10. ARGA INDAH PRATAMA, P.T. (Housing
Development)
11. ARGA MOLEK KENCANA, P.T. (Real
Estate Development)
12. ARGHA KARYA PRIMA INDUSTRY Tbk.,
P.T. (Oriented Polypropylene Film Manufacturing)
13. ARGHA SEALINDOPRIMA INDUSTRY, P.T.
(Automotive Seal Manufacturing)
14. ASIAN CONRAD HOLDING Ltd., British
Virgin Island (Investment Holding)
15. ASTENIA, P.T. (Investment Holding)
16. BAHANAJAYA ADISAKTI, P.T. (General
Contracting, Trading and Transportation Service)
17. BATAVIA CITY REALTY, P.T.
(Properties Development and Management)
18. BHASKARA DUNIAJAYA, P.T. (Investment
Holding)
19. BHUMANDALA AGUNG, P.T. (Investment
Holding)
20. BINA TAMBAK LESTARI, P.T. (Shrimp
Culture)
21. BRANTA MULIA Tbk., P.T. (Nylon Tyre
Cord Manufacturing)
22. BRANTA MULIA MALAYSIA, Malaysia
(Nylon Tyre Cord Manufacturing)
23. BRANTA MULIA TEIJIN INDONESIA, P.T.
(Nylon Filament Yarns Manufacturing)
24. BUMI LESTARI ABADI, P.T. (Housing
Development)
25. CATERISON SUKSES, P.T. (Country Club
Management)
26. CENTRALINDO PANCASAKTI, P.T.
(Cellular Telephone Operator and Investment Holding)
27. CHANDRA ASRI, P.T. (Olefine Centre)
28. CITRA MARGA NUSAPHALA PERSADA, P.T.
(Toll Road Management)
29. DERMAGA PERKASA PRATAMA, P.T. (Coal
Terminal Management)
30. DJATI YUDHA CELLULAR, P.T.
(Telecommunication Development)
31. DUABANU INTERNUSA, P.T. (Granite
Mining and Processing)
32. DUTA NUSABINA LESTARI, P.T.
(Property Management)
33. DUTA PERKASA UNGGULESTARI, P.T.
(Real Estate Management)
34. ELANGMAS PERKASA SEJATI, P.T.
(Industrial Estate Management)
35. FOREVERGREEN INTERNATIONAL, P.T.
(International Restaurant)
36. GITANIRWANA MANDRASAKTI, P.T.
(Investment Holding)
37. HARTINDO CHEMICATAMA INDUSTRI, P.T.
(Chemicals for Fire Extinguisher Manufacturing)
38. INDOALUM INTIKARSA INDUSTRY, P.T.
(Aluminum Sheet and Foil Industry)
39. INDOCITRA GRAHABAWANA, P.T.
(Property Management and Development)
40. INDOFIRST NUSANTARA SYNTHETIC
RUBBER, P.T. (Styrene Butadiene Rubber Industry)
41. INDOPOLY SWAKARSA INDUSTRY, P.T.
(BOPP Film Manufacturing)
42. INTERNATIONAL RESOURCES CORPORATION,
USA, (Trading)
43. INTERNATIONAL REOURCES (HK) LTD.,
Hongkong, (Trading)
44. INTINUSA SELAREKSA, P.T. (Integrated
Natural Granite Processor)
45. JANGGALA PRIMA, P.T. (Trading and
Suppliers)
46. JAPAN TRAVEL BUREAU INDONESIA, P.T.
(Travel Agency)
47. KARYA YUDHA SAKTI, P.T. (Housing
Development)
48. KEMAYORANLAND Corporation, P.T.
(Property Management)
49. KUNINGAN PROPERTAMA, P.T. (Property
Development and Management)
50. LAYANG KENCANA PRIMA, P.T. (Trading
and Supplier)
51. LONDON SUMATRA INDONESIA, P.T.
Perusahaan Perkebunan (Integrated Cocoa, Palm Oil, Coffee, Tea and Rubber
Plantation and Investment Holding)
52. MATAHARI LINTAS CAKRAWALA, P.T.
(Direct Broadcasting Satellite Television Services)
53. MAG INDONESIA CITRA, P.T. (Sub Assy
and Electronic Component Manufacturing)
54. MEGACITY DEVELOPMENT CORPORATION,
P.T. (Apartment Developer Management)
55. MEGARIMBA KARYATAMA, P.T. (Woodbased
Processing)
56. MEGATAMA RAYA, P.T. (Consulting)
57. METRO SELLULAR NUSANTARA, P.T.
(Telecommunication Development)
58. MULTI BATURA UTAMA, P.T. (General
Trading, Exporters, Suppliers and Distributors)
59. MULTI GRANITINDO UTAMA, P.T.
(Granite Mining and Processing)
60. MULTI HARAPAN UTAMA, P.T. (Trading)
61. MULTI MEDIA NUSANTARA, P.T. (Pay TV
Cable and Multimedia Provider)
62. MURNICIPTA SENTOSA, P.T. (Investment
Holding)
63. NALCO PERKASA, P.T. (Industrial
Chemical Formulation)
64. NAWA PANDUTA, P.T. (General Trading
and Investment Holding)
65. NISSHOKU TRIPOLYTA ACRYLINDO, P.T.
(Acrylic Acid and Acrylic Ester Industry)
66. NUGRAHABUANA BUMINUSA, P.T. (Granite
Mining and Processing)
67. NUSATEL YUDHA BHAKTI, P.T.
(Telecommunication Contracting)
68. PAN LONDON SUMATRA PLANTATION, P.T.
(Investment Holding)
69. PANCA PURI PERKASA INDAH, P.T.
(Industrial Estate Management)
70. PERKASA STERILINDO, P.T.
(Sterilization Service)
71. PETRA NADA KENCANA, P.T. (Graphite
Electrodes Manufacturing)
72. POLYPRIMA KARYAREKSA, P.T. (Purified
Terephthalic Acid (PTA) Processing)
73. PRISMATAMA NUGRAHA, P.T. (Trading
and Suppliers)
74. POLYPET KARYAPERSADA, P.T.
(Polyethylene Therephtalate Industry)
75. PRAJA PURI INDAH, P.T. (Shopping
Centre and Industrial Estate Development)
76. PRIMA INTERLOKASI, P.T. (Trading and
Suppliers)
77. PRIMA CITRA ELOK, P.T. (Trading and
Suppliers)
78. PRIMANUSA INDONESIA, P.T.
(Investment Holding)
79. PUTRAMITA LUHURSEJATI, P.T.
(Investment Holding)
80. RAYAPRIMA LESTARI, P.T. (Trading and
Suppliers)
81. REXFORD PRATAMA, P.T. (Trading,
Supplier and Distributor)
82. RIAUALAM ANUGERAH INDONESIA, P.T.
(Granite Mining and Processing)
83. SAHAMAS ARTANUSA, P.T. (Stock
Exchange Brokerage Services)
84. SARILEMBAH TIRTA HIJAU, P.T. (Luxury
Apartment Management)
85. SAROTAMA PRIMA PERKASA, P.T.
(Tourism Industry)
86. SAYAPNUSA PRIMA, P.T. (Trading and
Suppliers)
87. SEMESTAKIMIA RAYA, P.T. (Trading of
Industrial Chemicals)
88. SINAR BENUAPRIMA, P.T. (Coal Mining
and Destillation)
89. STENTA FILMS (Malaysia) Sdn., Bdh.,
(BOPP Film Manufacturing)
90. SURYA CITRA TELEVISI, P.T.
(Commercial Television Broadcasting Services)
91. SURYANUSA PERKASA, P.T. (Hotelry and
Recreation Centre Management)
92. SWASTHI PARAMA MULYA, P.T. (Rubber
Thread Manufacturing)
93. THAI BRANTA MULIA CO., LTD.,
Thailand (Nylon Tyre Cord Manufacturing)
94. TRANSINDO PUTRA PERKASA, P.T. (Land
Transportation)
95. TRI POLYTA INDONESIA , P.T.
(Polypropylene Industry)
96.
WIRASWASTA
GEMILANG INDONESIA, P.T. (Used Lubricating Oil Refinery)
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. |
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 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%)