MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. PERHUTANI
ANUGERAH KIMIA |
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Registered Office : |
Gedung Graha Pratama, 14th Floor,
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Country : |
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Date of Incorporation : |
20 March 2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Gondorukem Processing Industry |
RATING & COMMENTS
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MIRAs 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$ 970,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. PERHUTANI ANUGERAH KIMIA
Address
Head Office
Gedung Graha Pratama, 14th Floor
Building Area -
24 storey
Building Space -
260 sq. meters
Region -
Status - Rent
Factory
Desa Trenggalek
Land Area -
15,000 sq. meters
Building Space - 9.500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
20 March 2002
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
a. No. C-10447 HT.01.01.TH.2002
Dated 12 June 2002
b. No. W7-HT.01.04.1113
Dated 22 September 2006
Company Status
Permit by the
Government Department
The Directorate General of Tax
NPWP No. 02.145.976.3-015.000
Holding Companies
a. P.T. (Persero) PERHUTANI (Integrated Wood-based Industry and
Investment Holding)
b. P.T. BINA ANUGERAH INTI KIMIA (Chemical Industry and Investment
Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
60,000,000,000.-
Issued Capital : Rp. 30,000,000,000.-
Paid up Capital : Rp.
30,000,000,000.-
Shareholders/Owners :
a. P.T. (Persero) PERHUTANI - Rp. 16,500,000,000.-
Address : Gedung Manggala Wanabakti
Jl. Jend. Gatot Subroto,
Senayan
b. P.T. BINA ANUGERAH INTI KIMIA - Rp. 13,500,000,000.-
Address : Jl. Kapuas No. 24
Tegalsari,
BUSINESS ACTIVITIES
Lines of Business:
Gondorukem Processing Industry
Production Capacity
Gondorukem - 20,000 tons p.a.
Total Investment
a. Equity Capital - Rp. 30.0
billion
b. Loan Capital - Rp. 9.0 billion
c. Total
Investment -
Rp. 39.0 billion
Started Operation
2003
Brand Name
None
Technical Assistance
None
Number of Employee
155 persons
Marketing Area
Export - 45%
Local - 55%
Main Customer
a. Export marketed
to
b. Local marketed to
various paint industries, adhesive industries and others.
Market Situation
Very Competitive
Main Competitors
a. P.T. CHEMINDO
INTERBUANA
b. P.T. MAKRO
CHEMINDO
c. P.T. SANICHEM
TUNGGAL PERTIWI
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk.
Jl. Jend. Gatot Subroto Kav.
36-38
b. P.T. Bank NEGARA
Jl. Jend. Sudirman Kav. 1
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 Rp. 60.0
billion
2005 Rp. 65.0
billion
2006 Rp. 72.0
billion
Net Profit
(estimated) :
2004 Rp. 5.5 billion
2005 Rp. 6.2 billion
2006 Rp. 6.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Dodit Artanto
Director s - a. Mr.
Ir. Yantuk Suyanto
b. Mr. Ir. Susilo Iman S.
Board of Commissioners :
President Commissioner - Mr. Ir. Martono
Commissioner - Mr. Ir. Tedjo Rumekso
Signatories :
President Director (Mr. Ir. Dodit
Artanto) or one of the Directors (Mr. Ir. Yantuk Suyanto or Mr. Ir. Susilo Iman
S.) 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$ 970,000 on the 90 days D/A of payment
OVERALL PERFOMANCE
P.T. PERHUTANI ANUGERAH KIMIA (P.T. PAK) was established in
P.T. PAK has been in commercial operation since 2003 dealing
with gondorukem processing industry by managing a plant located in desa
Trenggalek,
Generally, local demand for gondorukem had been increasing by
7% to 8% on the average per annum up to mid 1997 having close relation with the
rapid growth of various industrial sectors such as paint industries, adhesive
industries and other in the above period as consumers. However, the economic crisis in the country
in 1997 and tight money policy imposed by Bank
P.T. PAK is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. The management of the company is very reclusive toward outsiders and rejected to disclose its financial conditions. However, the total sales turnover of P.T. PAK in 2004 amount to Rp. 60.0 billion rose to Rp. 65.0 billion in 2005 to Rp. 72.0 billion in 2006 and projected to be rising by 8% in 2007. The operation of the company in 2006 is estimated to have gained a profit of Rp. 6.8 billion, with an estimated networth of Rp. 50.0 billion.
So far, we did not hear that P.T. PAK having been black listed
by Bank
The management of P.T. PAK is headed by Mr. Ir. Dodit Artanto, a professional manager of P.T. (Persero) PERHUTANI with broad experience in industry and trading of gondorukem. In his daily activities, he is assisted by Mr. Ir. Yantuk Suyanto and Mr. Ir. Susilo Iman S., both as director. The management is handled by professional managers having wide relation with private businessmen of home and overseas as well as with the government sector. So far, we did not hear that the management of the company having been involved in business malpractices.
P.T. PAK is appraised quite feasible for normal business transaction. Considering economic condition in the country remains unstable, we recommend to treat prudently in dealing with any new loans 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 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%)