MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. ISTANA
PALAPA KERTAS |
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Registered Office : |
Jalan Tanah
Abang III No. 28 A-B, |
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Country : |
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Date of Incorporation : |
2 February 1977 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Export Import and General Trading |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 850,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name of
Company
P.T. ISTANA PALAPA KERTAS
Address
Head Office
Jalan Tanah Abang
III No. 28 A-B
Phones -
(62-21) 384 1001 (5 lines), 352 2149-50
Fax. - (62-21) 385 2712, 384 1250
E-mail - ispak@cbn.net.id
Website - http :
//www.ispak.co.id
Building Area -
3 storey
Building Space -
320 sq. meters
Region -
Status - Rent
Branch
Jalan Gula No. 1
Slompretan,
Phone - (62-31) 3526
826, 352 9467
Fax - (62-31) 355
6802
Building Area - 2 storey
Building Space - 200 sq. meters
Date of Incorporation
2 February 1977
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-12517 HT.01.04.TH.2003
Dated 5 June 2003
Company Status
National Private Company
Permit by the
Government Department
The Directorate General of Tax
NPWP No. 01.108.138.7-028.000
Related Company
The SELAMA JAYA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,000,000,000.-
Issued Capital : Rp. 900,000,000.-
Paid up Capital : Rp. 900,000,000.-
Shareholders/Owners :
a. Mr. Viviek Hariram Mahtani - Rp.
300,000,000.-
Address : Jl. Arjuna No. 32
Tanjung Duren,
b. Mr. Harbindar Singh - Rp. 300,000,000.-
Address : Jl. Gunung Sahari VII C/4 A
c. Mr. Suresh Kishinchand Chandiramani - Rp. 300,000,000.-
Address : Jl. Merpati Block A-20, Kemayoran
BUSINESS ACTIVITIES
Lines of Business:
Export Import and General Trading
Production Capacity
None
Total Investment
None
Started Operation
1977
Brand Name
None
Technical Assistance
None
Number of Employee
62 persons
Marketing Area
Export - 50%
Local - 50%
Main Customer
Buyers in
Market Situation
Very Competitive
Main Competitors
a. P.T. NAVSHANTI
b. P.T. NAR
STAINLESS STEEL
c. P.T. ESSAR
d. P.T.
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
STANDARD CHARTERED Bank
Wisma Standard
Chartered Bank
Jalan Jend.
Sudirman No. 33 A
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 55.0
billion
2005 – Rp. 60.0
billion
2006 – Rp. 65.0
billion
Net Profit
(estimated) :
2004 – Rp. 2.2 billion
2005 – Rp. 2.4 billion
2006 – Rp. 2.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Suresh Kishichand Chandriramani
Director - Mr. Viviek Hariram Mahtani
Board of Commissioners :
President Commissioner -
Mr. Harbindar Singh
Commissioner - Mr. Hariram Mangharam Mahtani
Signatories :
President Director (Mr. Suresh Kishinchand
Chandiramani) or the Director (Mr. Viviek Hariram Mahtani) which must be
approved by 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$ 850,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. ISTANA PALAPA KERTAS or abbreviated
to P.T ISPAK, it was established in Jakarta in February 1977 with the
authorized capital of Rp. 10,000,000 of which Rp. 2,000,000 was issued and
fully paid up. The founding shareholders are Mr. Hariram Mangharam Mahtani and
Mr. Harbinder Singh, both are Indonesian of Indian extraction. The articles of
association of the company have frequently been revised. In April 1979, the
authorized capital was raised to Rp. 50,000,000 of which Rp. 25,000,000 was
issued and fully paid up. In February 1987, the authorized capital was
increased to Rp. 125,000,000 entirely issued and paid up. In December 1993, the
authorized capital of the company was raised to Rp. 750,000,000 of which Rp.
600,000,000 was issued and fully paid up and concurrently into the company
entered a new shareholder namely Mr. Suresh Kishinchand Chandiramani. The
latest January 2003, the authorized capital was increased against to Rp.
1,000,000,000.- issued capital to Rp. 900,000,000.- entirely paid up. The deed
of amendment was made by Mrs. Lindasari Bachroem, SH, a public notary in
P.T. ISPAK has been in operation since 1977 dealing with
general trading and export import of gums & resins (gum resin, gum
turpentine oil, dammar batu, gum benzoin), forestry products (gambier, seedlac,
shellac), spices & agri produce and food products (cocoa beans, desiccated
coconut, nutmegs, mace, cloves, cassia vera), edible oils & by products
(margarine, soap noodles, palm oil, palm fatty acid, palm acid oil), glass
& glass products (pharmaceutical division amber bottles and cosmetic
bottles), chemical, dyestuff & food colors (soda ash, sodium sulphate,
feldspars, castor oil, paraffir wax, caustic soda, dyestuff (disperse,
reactive, direct acids and pigment), pulp, paper products & paper cones
(paper cones, tissue paper, pulp, hand wood & soft wood) and engineering
items (automobile 2 & 3 wheeler spare parts, bicycle spare parts, hand tools,
engineering products). The products being sold include chemical products for
industries, garments, textiles, shoes, steels, agricultural and furniture
products. The merchandise products are local and imported products. In local
product trading, the company markets various products of local companies
including Public Company (Perum) PERHUTANI, P.T. KRAKATAU STEEL, the SINAR MAS
Group and others. Whereas, the imported products being traded by the company
are motor vehicle spare parts of
While chemical products for export markets, P.T. ISPAK sells
gum resin, turpentine oil, gum copal and oleo pine resin. The export
destination countries of the company products are
Generally outlook, the steel industry in
The Growth of Indonesian Several Economic Indicators
2001-2005
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No. |
Indicator |
2001 |
2002 |
2003 |
2004 |
2005 |
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1. |
Economic Growth (%) |
3.83 |
4.37 |
4.87 |
5.13 |
5.78 |
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2. |
Inflation (%) |
12.55 |
10.03 |
5.06 |
6.40 |
17.17 |
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3. |
Gross growth based on constant price 2000 (billion Rp) |
1,442,984.5 |
1,506,124.4 |
1,579,558.9 |
1,660,578.8 |
1,753,903.0 |
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4. |
Foreign Trade Balance (million |
25,248.5 |
23,104.6 |
24,142.3 |
25,614.6 |
27.202.7 |
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5. |
Export (million |
56,321 |
57,159 |
61,058 |
71,585 |
83,314 |
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6. |
Import (million |
30,289 |
31,289 |
32,551 |
46,525 |
58,329 |
Source : Central Bureau of Statistic
Until this time P.T. ISPAK 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. 55.0 billion increased to Rp. 60.0 billion in 2005 to Rp.
65.0 billion in 2006. It is projected that total sales turnover of the company
will be higher by at least 6% in 2007. We estimated the company has an
estimated total net worth at Rp. 2.6 billion. The
financial condition of the company is backed up by financially strong and sound
businessmen behind it. So far, we have never heard of the company having
been black listed by the Central Bank (Bank
The management of P.T. ISPAK is headed by Mr. Suresh Kishinchand Chandiramani (48), a professional manager of Indian origins who experienced for more than 22 years in the field of export import, general trading. We observed that management’s reputation in said business is fairly good. The management of the company is handled by experienced professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors. 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. PT. ISTANA PALAPA KERTAS or ISPAK 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. |
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%)