MIRA
INFORM REPORT
|
Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PT ALCAN PACKAGING FLEXIPACK |
|
|
|
|
Formerly Known As : |
P.T. INTERKEMAS FLEXIPACK |
|
|
|
|
Registered Office : |
Jalan Gatot Subroto Km. 5, 4 Desa Jatiuwung, Tangerang 15134, Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
4 November 1996 |
|
|
|
|
Com. Reg. No.: |
C-UM.02.01.18106 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Plastic Film Converting and Plastic
Packaging Manufacturing |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
US$ 6000000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. ALCAN PACKAGING FLEXIPACK
Address
Head Office & Factory
Jalan Gatot
Subroto Km. 5,4
Desa Jatiuwung
Tangerang 15134
Banten Province
Indonesia
Phone - (62-21) 591 9455
(Hunting)
Fax - (62-21) 591 8102
E-mail - tgr.hrd@alcan.com
Website -
http://www.flexipack.co.id
Land Area - 60,000 sq.
meters
Building Area - 20,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 4 November 1996 as P.T. INTERKEMAS FLEXIPACK
b. 12 April 2003 as P.T. ALCAN PACKAGING FLEXIPACK
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg No
The Ministry of Justice and Human Rights
No.
C-UM.02.01.18106
Dated 13 December
2005
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department :
The Department of
Finance
NPWP No. 01.788.384.4-402.001
The Capital Investment
Coordinating Board
- No. 81/V/PMA/1997
Dated 6 October 1997
- No. 1515/III/PMA/1997
Dated 27 October 1997
- No. 300/III/PMA/2000
Dated 8 March 2000
- No. 112/III/PMA/2003
Dated 31 January 2003
- No. 444/III/PMA/2003
Dated 25 April 2003
- No. 726/III/PMA/2003
Dated 30 June 2003
Related Companies
- ALCAN INC., of Canada (Investment Holding)
- ALUMINIUM COMPANY of Canada (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
65,000,000,000.-
Issued Capital : Rp.
65,000,000,000.-
Paid up Capital : Rp.
65,000,000,000.-
Shareholders/Owners :
a. ALCAN INC., of Canada - Rp. 64,999,000,000.-
Address : Montreal
Canada
b. ALUMINIUM COMPANY OF CANADA - Rp. 1,000,000.-
Address : Montreal
Canada
BUSINESS ACTIVITIES
Lines of Business:
Plastic Film Converting and Plastic
Packaging Manufacturing
Production Capacity
a. Aluminum Metallized Laminating & Printing - 55,000 tons p.a.
b. Paper/Film Laminating -
25,200 tons p.a.
c. Printed Matters - 1,875 tons p.a.
d. Plastic Packaging - 3,000 tons p.a.
e. Cylinder Matres - 6,000 tons p.a.
Total Investment
a. Equity Capital - Rp. 65.0 billion
b. Loan Capital - Rp. 70.0 billion
c. Total
Investment - Rp. 135.0 billion
Started Operation
January 1998
Brand Name
ALCAN
Technical Assistance
ALCAN INC., of Canada
Number of Employee
667 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. MARS
INDONESIA
b. P.T. LOTTE
INDONESIA
c. P.T. UNILEVER
INDONESIA Tbk
d. P.T. GARUDA
PUTRA PUTRI JAYA
e. P.T. NESTLE
INDONESIA
f. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. BERLINA
Tbk
b. P.T. CIPTA
KEMAS ABADI
c. P.T. DNP
INDONESIA
d. P.T. DYNAPLAST
Tbk
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. CITIBANK N.A.
Landmark Centre
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
b. DEUTSCHE Bank AG
Wisma Deutsche Bank
Jalan Imam Bonjol No. 80
Jakarta Pusat
Indonesia
c. P.T. Bank LIPPO Tbk
Jalan Jend. Gatot Subroto
Lippo Karawaci
Banten Province
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 435.0
billion
2006 – Rp. 445.0
billion
2007 – Rp. 460.0
billion
Net Profit
(estimated) :
2005 – Rp. 39.0 billion
2006 – Rp. 40.0 billion
2007 – Rp. 43.7 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Austen James Kernohan
Director - Mr. Sandiana Wirawan
Board of Commissioners :
President Commissioner - Mr. Jean-Paul Alfred Henri Meausoone
Commissioners - a.
Mr. Keith Graham Wilkins
b. Mr. Terence Tan
c. Mr. Herve Yves Louis Marie Marion
Francaise
Signatories :
President Director (Mr. Austen James
Kernohan) or the Director (Mr. Sandiana Wirawan) 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$ 6,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. INTERKEMAS FLEXIPACK was established in November
1996 with an authorized capital of Rp. 50,000,000,000 issued capital of Rp.
12,500,000,000 wholly paid-up. Founders and original shareholders are Mr. Tejo
Utomo, Mr. Hendra Adiwijaya and Mr. Nuralim Erlangga wholly Chinese origin
Indonesian businessmen. The company notary deed has frequently been revised. In
November 1997, its entire original shareholders withdrew as shareholders and
replaced by P.T. LINTANG ARUNA, a national private company and VAW EUROPACK
GmbH of Germany. In December 1999, the authorized capital was increased to Rp.
65,000,000,000 wholly issued and paid-up. In April 2003, whole shareholders of
the company withdrew and into the company entered ALCAN INC and ALUMINUM COMPANY
OF CANADA LTD, both of Canada as new shareholders. Concurrently the company
renamed P.T. ALCAN PACKAGING FLEXIPACK (P.T. APF). The deed of amendment was
made by Mrs. Mellyani Noor Shandra, SH., a public notary in Banten Province
under Company Registration Number C-UM.02.01.18106, dated December 13, 2005.
P.T. APF obtained a Foreign Investment (PMA) facility for dealing with
converting and plastic packaging industry. The plant has been operation as from
January 1998 by taking over and continuing the operation of plastic film
converting and plastic packaging unit of P.T. ARGHA KARYA PRIMA Tbk. The plant
is located in Tangerang, Banten Province standing on around 6 hectares land.
The plant has been expanded for a couple of times to increase its annual production
capacity to 55,000 tons of aluminum laminating & printing, 25,200 tons of
paper/film laminating, 1,875 tons of printed matters, 3,000 tons of plastic
packaging and 6,000 tons of cylinder matters. The development of the plant has
absorbed an investment of Rp. 135.0 billion coming from own capital of Rp. 65.0
billion and the rest from loans.
Whole company products are locally marketed to various foods processing
industries including the INDOFOOD Group, the ABC Group, P.T. ARNOTTS INDONESIA,
P.T. UNILEVER INDONESIA Tbk, P.T. MARSH INDONESIA, P.T. NESTLE INDONESIA, P.T.
KRAFT INDONESIA, P.T. TAKEDA INDONESIA, P.T. DINOKAO INDONESIA, P.T. ULTRA
PRIMA PANGAN MAKMUR and others. The plant produces flexible packaging for food,
non food, and pharmaceutical products. We observe that P.T. APF is classified
as a large sized company group in the country dealing with converting and
plastic packaging of which the operation had been running smoothly and growing
steadily in the last three years.
We note that the domestic demand for flexible packaging has fluctuated
in the last five years in line with the development of consuming industries
like industries processing food items like instant noodles, peppermint, candy,
chocolate, snacks, powdered coffee, as well as pharmaceuticals & cosmetics
and other consumer products. Competition is very tight on account of the many
companies operating in a similar business line in the country. The development
of flexible packaging production in Indonesia is shown in table below.
Production and value of flexible packaging, 2000 – 2007*
|
Year |
Production |
|||
|
Volume |
Growth |
Value |
Growth |
|
|
(Tons) |
(%) |
(Rp Million) |
(%) |
|
|
2000 2001 2002 2003 2004 2005 2006 2007* |
80,390 64,729 67,912 74,788 81,143 89,143 97,165 102,994 |
- 19.48 4.92 10.12 8.50 8.00 9.00 5.00 |
753,901 1,286,353 1,292,669 1,423,549 1,544,512 1,668,072 1,818,198 1,909,107 |
-- 74.80 0.49 10.12 8.50 8.00 9.00 5.12 |
Source :
ICB
*)
Estimated
Until this time P.T. APF 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. 435.0 billion, increased to Rp. 445.0
billion in 2006 to Rp. 460.0 billion in 2007 and projected to go on rising by
at least 8% in 2008. We estimated the company has yielded a net profit at least
Rp. 43.7 billion in 2007 and the company has an estimated total networth at
least Rp. 191.0 billion. We observe that P.T. APF is supported by foreign
partner with has financially strong behind it. So far, we did not hear that the
company having been black listed by the Central Bank (Bank Indonesia). The
company usually pays its debts punctually to suppliers.
The management of P.T. APF is led by Mr. Austen James Kernohan (41) a
professional manager of Canada with has 18 years of experience in plastic film
converting and plastic packaging industry. The management is quite creative and
dynamic, having maintained a wide business relation with private businessmen at
home and abroad and with the government sectors as well. We observed that
management’s reputation in said business is fairly good. 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. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. ALCAN PACKAGING FLEXIPACK 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.
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%)