MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. PAKABAYA |
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Formerly Known As : |
P.T. PABRIK KOREK API PAKABAJA |
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Registered Office : |
Jalan Pangesangan No. 44,
Wonocolo,
Surabaya 60233, East
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
05.08.1965 |
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Com. Reg. No.: |
AHU-AH.01.10-17418 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Wooden Stick Safety Matches and Wood
Chopsticks |
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$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. PAKABAYA
A d d r e s s
Head Office & Factory
Jalan Pangesangan
No. 44
Wonocolo,
Surabaya 60233
East Java
Indonesia
Phones - (62-31) 8280555,
8290487
Fax - (62-31) 8280735
Land Area - 12,000 sq.
meters
Building Area - 9,230 sq.
meters
Region - Industrial
Zone
Status - Owned
Branch
Jalan R.A. Kartin
No. 53
Surabaya 60264
East Java
Indonesia
Phones - (62-31) 5676287
Fax - (62-31) 5676288
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Owned
Date of Incorporation
a. 5 August 1965
as P.T. Pabrik Korek Api PAKABAJA
b. 18 November
1988 as P.T. PAKABAYA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-AH.01.10-17418
Dated 9 July 2008
Company Status
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.108.985.1-607.000
The Capital Investment Coordinating Board
- No.
13/Bina/PMDN/1/1971
Dated 23 January 1971
- No.
126/II/PMDN/1996
Dated 3 June 1996
Related Company
A Member Company
of the JAMAFAC Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
25,000,000,000.-
Issued Capital : Rp. 25,000,000,000.-
Paid up Capital : Rp.
25,000,000,000.-
Shareholders/Owners
:
a. Mrs. Henniwati Chaelany -
Rp. 9,690,000,000.-
Address :
Jl. R.A. Kartini No. 53
Surabaya, East
Java
Indonesia
b. Mr. Ir. Kusman Wongsodihardjo - Rp. 5,310,000,000.-
Address : Jl. R.A. Kartini No.
53
Surabaya, East
Java
Indonesia
c. Mrs. Dra. Lily Wongsodihardjo - Rp. 2,800,000,000.-
Address : Jl. W.R. Supratman
No. 26
Surabaya, East Java
Indonesia
d. Mr. Hendro Salim -
Rp. 1,875,000,000.-
Address : Jl. R.A. Kartini No.
53
Surabaya, East
Java
Indonesia
e. Mrs. Wayiati Hoyana Wongsodihardjo - Rp. 1,875,000,000.-
Address : Jl. M.H. Thamrin No.
28
Surabaya, East
Java
Indonesia
f. All the heirs Mr. Rifai Widjaja - Rp. 950,000,000.-
Address : Jl. R.A. Kartini No.
63-65
Surabaya, East
Java
Indonesia
g. Mrs. Minggawati Lauwarni - Rp. 625,000,000.-
Address : Jl. W.R. Supratman
No. 26
Surabaya, East
Java
Indonesia
h. Mr. Ir. Suryo Wongsodihardjo - Rp. 625,000,000.-
Address : Jl. M.H. Thamrin No.
28
Surabaya, East
Java
Indonesia
i. Mr. Sukandar
Wongsodihardjo -
Rp. 625,000,000.-
Address : Jl. Darmo Permai
Timur XII No. 6
Surabaya, East
Java
Indonesia
j. Mrs. Sutjiati
Wongsodihardjo -
Rp. 312,500,000.-
Address : Jl. Manyar Jaya
Block A. No. 19
Surabaya, East
Java
Indonesia
k. Mrs. Supiana Wongsodihardjo - Rp.
312,500,000.-
Address : Jl. Manyar Kartika
Selatan Block A-9
No. 41,
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Wooden Stick
Safety Matches and Wood Chopsticks Manufacturing
Production Capacity
Wooden Stick
Safety Matches - 8.2 million
bales p.a.
Total Investment
a. Equity Capital - Rp. 25.0 billion
b. Loan
Capital -
None________
c. Total
Investment - Rp.
25.0 billion
Started Operation
1965
Brand Name
Suroboyo, Palm
Tree, Gluoose
Technical Assistance
None
Number of Employee
1,250 persons
Marketing Area
Local - 75%
Export - 25%
Main Customer
P.T. JAMAFAC
(Distributors)
Market Situation
Very Competitive
Main Competitors
a. P.T. Pabrik
Korek Api SUMATERA
b. P.T. SEJAMAT
c. P.T. JAMICO
d. P.T. IMBATIN
PERDANA
e. P.T. SINTONG
SARI UNION
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank BUANA INDONESIA Tbk.
Jalan Coklat No. 12-14
Surabaya, East Java
Indonesia
b. P.T. Bank PANIN Tbk.
Jalan Coklat No.16
Surabaya, East Java
Indonesia
c. P.T. Bank NEGARA INDONESIA (Persero) Tbk.
Jalan Rajawali No.10
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 69.0
billion
2006 – Rp. 72.0
billion
2007 – Rp. 76.0
billion
Net Profit
(estimated) :
2005 – Rp. 5.5
billion
2006 – Rp. 5.8
billion
2007 – Rp. 6.1
billion
Payment Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Hendro Salim
Director -
Mrs. Wayiati Hoyana Wongsodihardjo
Board of Commissioners :
President Commissioner -
Mr. Dra. Lily Wongsodihardjo
Commissioners -
a. Mrs. Minggawati Lauwarni
b. Mrs. Khemalawati
Signatories :
President Director (Mr.
Hendro Salim) or the Director (Mrs. Wayiati Hoyana Wongsodihardjo) which must
be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
G o o d
Business Morality
G o o d
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 1,000,000 on
90 days D/A
OVERALL PERFOMANCE
Originally named P.T. Perusahaan Korek Api PAKABAJA was established in
Surabaya, East Java, in August 1965 with an authorized capital of Rp.
300,000,000 issued and paid up capital of Rp. 100,000,000. The previous
founding shareholders are Mr.Ir. Kusman Wongsodihardjo AKA Wong Kim Man, his
wife Mrs. Henniwati Chaelany AKA Chu Lan Hing, Mrs. Minggawati Lauwarni AKA Lau
Giat Beng and Mr. Suryo Wongsodihardjo, all Chinese-Indonesian business
persons. The company's notary deed has frequently been amended. In March 1971
the authorized capital was changed to Rp. 120,300,000 issued and paid up
capital to Rp. 30,300,000.- In July 1988 the late Mr. Rivai Widjaja, MBA AKA Ng
Kheng Eng (died in Surabaya on 28 March 2000), his wife Mrs. Lily
Wongsodihardjo, Mrs. Khemalawati and Mr. Hendro Salim joined in as new
shareholders. In November 1988 the company changed to P.T. PAKABAYA. Concurrently the authorized capital was raised to
Rp. 1,200,000,000 entirely issued and paid up. In August 1991, Mrs. Dra. Lily
Wongsodihardjo, the oldest daughter of Mr. Ir. Kusman Wongsodihardjo and Mrs.
Henniwati Chaelany, joined as new shareholders.
In February 1998 the authorized capital was raised to Rp. 25,000,000,000
issued capital to Rp. 16,000,000,000 entirely paid up. The latest in June 2008,
the issued capital was increased to Rp. 25,000,000,000 fully and paid up.
Details on the subject are as depicted in profile of this report. The deed of
amendment was made by Mr. Kris Dharma Hartono, SH., was approved by the
Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-17418,
dated July 9, 2008.
The majority business stake of P.T. PAKABAYA is controlled by Mr. Ir.
Kusman Wongsodihardjo and his wife Mrs. Henniwati Chaelany, his daughter Mrs.
Dra. Lily Wongsodihardjo and the heirs of the late his son-in-law Mr. Rivai
Widjaja, MBA. They are also the main founders and the majority business stakes
owners of the JAMAFAC Group, a comparatively large private business group in
match industry. The main business of the Group is in detergent and plastic
industry.
P.T. PAKABAYA used to be a non facility national private company dealing
with wooden match and toothpick industry. Its plant is located at Jalan
Pangengsangun No.44, Surabaya operating since 1965. But since January 1971 it
acquired a domestic capital investment (PMDN) facility from the Capital
Investment Coordinating Board (BKPM). The plant has frequently been expanded to
increasing production capacity. The plant has production capacity of wooden
match to 8.2 million bales per year with an investment of Rp. 25.0 billion
entirely from own capital. Previously the company produces of wooden toothpick,
but since the early 2000 the wooden toothpick production was discontinued.
Management of the company, said that it was stopped due to unprofitable and
even suffered from loss within the last few years.
Presently P.T. PAKABAYA only produces wooden match made in three sizes
namely, thin, thick and jumbo. Some 70 to 75% of the products is marketed
locally, mainly in East Java, Central Java, Bali, Kalimantan and Sulawesi through
distributors and agents, using its owned brands particularly for local market
SUROBOYO, PALM TREE and GUOOSE. While for DKI Jakarta, and Bandung and Sumatra
markets is supplied by sister company P.T. JAMAFAC owning its plant in Jakarta
and Bandung, West Java. The local price is on the average of Rp. 33,000 to Rp.
35,000 per bale for thin package, Rp. 39,000 per bale for thick package and Rp.
65,000 per bales of jumbo (specially for SUROBOYO brand).
While the rest 25% to 30% is exported to African countries through a
number of international trading houses without brand or with brand as ordered
by the buyers or brokers. The brands usually used for export are RISLA and
RIZOLO. The RIZOLO brand is newly registered on the Patent office of the
Department of Justice in June 2000. It is actually will be used by a buyer in
Africa. But then it is used for other buyers.
A quite large buyer is THE RESOURCE CLUB LTD., a company based in New
Jersey, the USA. THE RESOURCE CLUB LTD sported the wooden match produced by
P.T. PAKABAYA to a number of African countries, but the shipment is directly
taken by P.T. PAKABAYA. The minimum order for export is 1 container 40 feet
containing 1,780 cartons of 1,200 boxes per carton. or 2,100 cartons containing
1,000 boxes per carton The sales price for export is varying according to sizes
from US$ 7.5, US$ 8.0 US$ 9.0 and US$ 9.5 per carton FOB Surabaya. The whole
payment is made in US$ by L/C at sight. The shipment is made 45 days after the
L/C receipt. The company also provides special orders with brand and logo of
local company with minimum order of 10,000 boxes per order. Such orders are
mostly from buyers to meet with hotels and restaurants requirement at the price
Rp. 85 per box without outside-box, which should be prepared by the buyers
themselves. We observe the operation of P.T. PAKABAYA has been growing and
developing well in the last three years.
In overall we find the local and export demand for match had been rising
significantly within the last few years until 1997, in line with the growth of
Indonesian and world population. But since 1998 to mid-1999 it dropped
drastically due to economic crisis occurred in the country since the end 1997
making the sales price of the products increased by 150% to 250%. But since mid-1999
until now the demand rose again by at least 7% per year and estimated it will
keep on rising by at least 6% in 2008. According to the Department of Industry
and Trade, total production of match in 2002 was just about 33.5 thousand tons
rose to 48.2 thousand tons in 2003 to 49.6 thousand tons in 2004 to 51.0
thousand tons in 2005 but declined to 32.8 thousand tons in 2006 and to 36.0
thousand tons in 2007. While the competition is very tight due to a large
number of wooden match producers operating in the country, such as, P.T.
JAMAFAC, P.T EAST JAVA MATCH FACTORY LTD., P.T. JAMICO INDONESIA, P.T. AGAPIN
PRIMA WOOD, N.V. Pabrik Korek Api DELI, P.T. SUMATRA MATCH FACTORY. etc.
Business position of P.T. PAKABAYA is quite well for it has controlled a wide marketing
network at home and in Africa. The company is the largest and oldest match
producer in East Java and the Indonesian Eastern Part.
Until this time P.T. PAKABAYA 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 2005
amounted to Rp. 69.0 billion rose to Rp. 72.0 billion in 2006 increased to Rp.
76.0 billion in 2007 and projected to go on rising by at least 6% in 2008. The
operation in 2007 yielded an estimated net profit of at least Rp. 6.1 billion
and the company has an estimated total networth of at least Rp. 37.0 billion.
We observe that P.T. PAKABAYA is supported by the JAMAFAC Group, a medium-size
business group with has financially fairly strong behind it. So far, we did not
heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management of P.T. PAKABAYA is led by Mr. Hendro Salim (66) a
businessman and professional manager with experience in wooden stick safety
matches manufacturing and trade. Daily activity he is assisted by Mrs. Wayiati
Hoyana Wongsodihardjo (50) as a director. But the prime mover is consistently
Mr. Ir. Kusman Wongsodihardjo (84), a senior businessman with experience for
more than 45 years in this business. He is the main founder of the company and
has a strong influence in the management especially in important business
decision making. The management is handled by experienced staff in this
business, having maintained a wide business relation with private businessmen
at home and abroad as well as with government sectors. So far, we did not hear
that the company’s management involved in a dirty business practice or
detrimental cases that settled in the country. We observed that management’s
reputation in said business is fairly good. The company’s litigation record is
clean and it has not registered with the black list of Bank of Indonesia. P.T.
PAKABAYA is sufficiently 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.
Attachment :
List of the JAMAFAC Group Members
1.
BATUMURI,
P.T. Jakarta (Travel Bureau)
2.
JAMAFAC,
P.T. (Matches Manufacturing)
3.
JAMAYA
PLASTIK INDONESIA PERKASA, P.T. (Plastic Goods Manufacturing)
4.
JAYABAYA,
P.T. Surabaya (Detergent Cream Industry)
5.
MAYA
SANTANA PLASTIK INDUSTRI, P.T. (Plastic Goods Manufacturing)
6.
MEDISKA
FARMA, P.T. Jakarta (Pharmaceutical)
7.
PAKABAJA,
P.T. Surabaya (Match Factory)
8.
RHODIA
MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates
and Alcohol Sulphates Industry ; Importing and Distribution Services
[inactive])
9.
SETIA NASIONAL, P.T. Jakarta (General Trading, Export, Import
10.
Etc.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.28 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.65.69 |
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 |
|
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%)