MIRA
INFORM REPORT
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Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. PABRIK KERTAS TJIWI KIMIA |
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Registered Office : |
Jl. Raya Surabaya-Mojokerto Km. 44 Desa Kramat Temanggung
Kecamatan Tarik, Sidoarjo, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
02.10.1972 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Cultural and Industrial Paper Manufacturing |
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$ 119.0 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. Pabrik Kertas
TJIWI KIMIA
A d d r e s s
Head Office &
Factory
Jl. Raya Surabaya-Mojokerto Km. 44
Desa Kramat Temanggung
Kecamatan Tarik,
Sidoarjo, East Java
Indonesia
Phones - (0321) 361552,
361574-77
Fax - (0321)
361615
Telex - 31094 TJIWI
MR
P.O. Box - 115 Mojokerto
Land Area - 36.0 hectares
Building Space - 4.5 hectares
Region - Industrial
Zone
Status - Owned
Branches
a. Plaza
BII, Menara II, 7th Floor
Jalan M.H. Thamrin No. 51
Jakarta 10350
Phones - (021) 392966-69
Fax - (021) 3926179
E-mail - app_investors@app.co.id
b. Room
1609, 16th Floor, SHENTON HOUSE
3 Shenton Way
Singapore
Phones - (65) 2209166-69
c. Jalan
Rajawali No. 31-33
Surabaya
East Java
Phones - (031) 3530520, 33524130, 3524133
Fax - (031) 3525409
Date of Incorporation
a. 02 October 1972 as P.T. Pabrik Kertas
TJIWI KIMIA
b. 08 July 1996 as P.T. Pabrik Kertas TJIWI
KIMIA Tbk.
Legal Form
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of
Law and Human Rights
No.
C-5893.HT.01.04.TH.99
Dated 1 April 1999
Company Status
Domestic Investment (PMDN) Company
Permit by the Government
Department
A. The
Department of Industry
No. 2040/St-J/XII/1974
Dated
14 December 1974
B. The
Capital Investment Coordinating Board
-
No. 564/III/PMDN/1987
Dated 11 November 1987
-
No. 212/III/PMDN/1996
Dated 31 May 1996
Related Companies
A Member of the SINAR MAS Group
(see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital - Rp. 5,000,000,000,000.-
Issued Capital - Rp. 1,335,285,225,000.-
Paid up Capital - Rp. 1,335,285,225,000.-
Shareholders/Owners :
a. P.T. PURINUSA EKAPERSADA - Rp
846,172,037,000 (63.40%)
b. Cooperative -
Rp 1,808,666,000 (
0.10%)
c. The
Public - Rp
487,304,522,000 (36.50%)
BUSINESS ACTIVITIES
Lines of Business:
a. Cultural
and Industrial Paper Manufacturing
b. Caustic
Soda Manufacturing
c. Investment
Holding
Production Capacity
a. Industrial
and Cultural Papers - 194,000 tons p.a.
b. Corrugated
Paper Boxes - 98,300 tons p.a.
c. Kraft Papers -
186,000 tons p.a.
d. Caustic
Soda - 14,900
tons p.a.
e. Computer
and Telex Papers - 10,800 tons p.a.
f. NRC, Coated and Cultural Papers - 130,800 tons p.a.
g. Fine Papers for Laminating - 7,200 tons p.a.
h. Lining Papers - 7,200 tons p.a.
i. Tissue
Papers -
3,600 tons p.a.
j. Duplex
Coated Papers - 51,600
tons p.a.
k. Cardboards - 14,600 tons p.a.
l. Pulps
and Baggases - 117,600 tons p.a.
m. Writing
Books - 30 million pcs.p.a.
n. HVS
and Writing Papers -
210,000 tons p.a.
o. Silicon
Papers -
20,000 tons p.a.
p. Cast
Coating Papers - 10,000 tons p.a.
q. High
Quality Exercise Book, Note
Book,
Computer Continuous Form
Box Stationery -
300,000 tons p.a
r. Calcium
Hypochloride - 7 ,200
tons p.a.
s. Liquid
Calcium Hypochloride - 64,000 tons p.a.
t. Calcium
Oxide - 36,000
tons p.a.
Total Investment
a. Equity
Capital - Rp. 1,335.3
billion
b.
Loan Capital - Rp. 15,295.0
billion
c.
Total Investment -
Rp. 16,630.3 billion
Started Operation
1 9 7 7
Brand Name
Bola Dunia, Anchor
Brand, Betet, Clean Coated Board, Evergreen, Globe Brand, Golden Art, etc
Technical Assistance
None
Number of Employee
14,900 persons
Marketing Area
Domestic - 70%
Export - 30%
Main Customers
a. P.T. SURYA JAYA
PLACE (Distributor)
b. P.T. PERMATA
BIRU INDAH (Distributor)
c. P.T. SUTIO
JAYATAMA (Distributor)
d. P.T. MARGONO
(Distributor)
e. Buyers in Middle East, Africa, Europe, USA, Australia and Asia
Market Situation
Very Competitive
Main Competitors
a. P.T. SURABAYA
AGUNG KERTAS
b. P.T. RIAU
ANDALAN KERTAS
c. P.T. KERTAS
LECES
d. P.T. SUPARMA
Tbk
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank INTERNATIONAL INDONESIA Tbk.
Plaza
BII, Menara II, 7th Floor
Jalan
M.H. Thamrin No. 51
Jakarta
10350
b. The Bank of AMERICA N.T. & S.A.
Gedung
Bursa Efek Jakarta, Menara I
Jalan
Jend. Sudirman Kav. 52-53
Jakarta
Selatan
c. The
LONG-TERM CREDIT Bank of Japan Ltd.
Singapore
d.
DEUTSCHE
Bank, AG
Jalan
Imam Bonjol No. 80
Jakarta
Pusat
e. P.T. INDOSUEZ INDONESIA Bank
Jakarta
Branch
SUMMITMAS
TOWER II, 19th Floor
Jalan
Jend. Sudirman Kav. 61-62
Jakarta
Selatan
f.
P.T.
INTERNATIONAL NEDERLANDEN
INDONESIA,
Bank
SUMMITMAS
TOWER II, 14th Floor
Jalan
Jend. Sudirman Kav. 61-62
Jakarta
Selatan
Auditor :
Jimmy Budhi & Partners (A member of Moores Rowland International)
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – US$. 900.3
million
2005 – US$. 926.4
million
2006 – US$. 956.7
million
2007 – US$. 566.9
million (January-June)
Net Profit (Loss)
:
2004 – US$.185.1 million
2005 – US$. 18.0 million
2006 – (US$. 63.1 million)
2007 – US$. 0.6 million (January-June)
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Yudi Setiawan Lin
Directors - a. Mr. Linda Suryasari Wijaya Limantara
b. Mr. Hendra Jaya Kosasih
c. Mr. Lu Ho Chang
d. Mr. Suresh Kilam
e. Mr. Raymond Liu, Ph.D.
f.
Mr. Ir. Buyung Wahab, MM.
g. Mr. Agustian R. Partawidjaja or
Yan Partawidjaja
Board of Commissioners
President
Commissioner - Mr. Teguh
Ganda Widjaja AKA Oei Tie Goan
Vice
Pres. Commissioner - Mr.
Ir. Gandi Sulistiyanto Soeherman
Commissioners - a. Mrs. Indah
Suryasari Wijaya Limantara
b. Drs. John Ferdinand Pandelaki
c. Mr. Arthur Tahja
Independent
Commissioners - a. Mr. Kamardy
Arief
b. Letjen TNI (ret) Soetedjo
c. Mrs. Hj. Ryani Soedirman
d. Mr. Ramelan, SH.
e. Drs. Pande Putu Raka, MA.
Signatories
President Director (Mr. Yudi Setiawan
Lin) or one of the Directors (Mr. Linda Suryasari Wijaya Limantara, Mr. Hendra
Jaya Kosasih, Mr. Lu Ho Chang, Mr. Suresh Kilam, Mr. Raymond Liu, Ph.D., Mr.
Ir. Buyung Wahab, MM., and Mr. Agustian R. Partawidjaja or Yan Partawidjaja) which must be approved by the 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$ 119.0 million on the 90 days of payments
OVERALL PERFOMANCE
Originally named P.T. Pabrik Kertas TJIWI KIMIA, it was established in
October 1972 with an authorized capital of Rp. 200,000,000.- issued capital of
Rp. 50,000,000.- wholly paid-up.
Founders and original shareholders are Dr. Eka Tjipta Widjaja AKA Oei Ek Tjhong
and the late his son-in-law Mr. Rudy Maeloa AKA Loa Bon Peang (died on 5 April
1988) Chinese origin Indonesian business family. Its articles of association
have subsequently been changed for a couples of times. In April 1990, the company
went public by releasing its 6.74% shares to the public through Jakarta Stock
Exchange (BEJ) and Surabaya Stock Exchange (BES). In July 1996, the company
renamed to P.T. Pabrik Kertas TJIWI KIMIA Tbk. (P.T. PKTKT). Later in June
1997, the authorized capital was increased again to Rp. 5,000,000,000,000.- In
July 1997, P.T. PKTKT undertook right issue I and the issued capital has from
that time on increased to Rp.
1,321,526,432,000.- Later of 1998, P.T. PKTKT issued the bonus shares and
concurrently the issued and paid-up capital rose again to Rp.
1,335,285,225.000.-
The majority business stakes of the company is controlled by P.T.
PURINUSA EKAPERSADA (63.4%), a private company whose majority business stakes
is controlled by ASIA PULP & PAPER Co. Ltd., (APP), a Singapore based
business firm owned by the Eka Tjipta Widjaja family. However, since March 2005 ASIA PULP & PAPERS Co. Ltd., (APP)
has released its whole shares in P.T. PURINUSA EKAPERSADA and a number
companies outside the country.
Therefore, since that time APP has had no business activities anymore.
P.T. PKTK is the largest paper making plant in Indonesia whose plant is
located in Desa Kramat Temanggung, Kecamatan Tarik, Sidoarjo, East Java
operating as from 1977. Its major production is industrial and cultural papers,
corrugated papers, kraft papers, computer and telex papers, NRC, Coated and
Fine Papers, Lining and Tissue Papers, Duplex Coated Papers, HVS and Writing
papers, Cast Coating papers and others.
Besides that, it also produces paper chemicals including caustic soda,
calcium hypocloride, liquid calcium hypochloride and calcium oxide. Its production is marketed by the SINAR MAS
Group members which has controlled an extensive marketing network in many
countries including the USA, the European countries, Japan, the People's
Republic of China, Australia, India, Hong Kong, Thailand, Singapore and
Malaysia.
Beside that P.T. PKTK is also engaged in investment holding by
controlling 100% shares of Tjiwi Kimia
International Finance Co., B.V., and 100% shares of Tjiwi Kimia Commercial
Finance Co., B.V., both are located in Rotterdam, the Netherlands and 100%
shares of Tjiwi Kimia Finance Mauritius Ltd., based in Mauritius. All of the
above three companies are dealing with financing services. P.T. PKTK also
controls 99.2% shares of P.T. Mega Kertas Pratama dealing with trading and
distributor of writing paper and printed papers.
Mr. Yan Partawidjaja, a corporate secretary of P.T. PKTK, said that the
export sales of the company in 2005 reached 70% of the total production and the
rest is locally marketed. The export sales composition is 10% to Middle East,
2% Africa, 4% Europe, 12% the USA, 17% Australia and 55% Asia. While the sales
based on the product types, the paper products contributed 73% of the income of
the company and the remaining of 21% is from the sales of stationery, and 6%
from packaging products.
The national pulp and paper production realization in the period of 1996
to 2003 increased from year to year
despite economic crisis battering Indonesia in 1997. Within the period of
1995-1997, the increase in pulp and paper production was triggered by high
economic growth enabling manufacturing industry sector to grasping rapid
progress. The economic crisis striking Indonesia as from the middle of
1997 up to now has evidently brought no problem to national pulp and
paper production. But, the pulp and paper prices tended to decline on the international
market within the last four years until the end of 2006. The plunge down of
pulp and paper prices on the international market was attributable to over
supply of such commodity. But, we observed that Indonesian pulp and paper
export has kept on rising until the end
of 2006. Beside that the domestic price
of pulp has also been dwindling due to
the relatively large amount of pulp
supplies for domestic demand.
Projected Condition of National Paper Industries 2007 – 2010
(in thousand tons)
|
Description |
2007 |
2008 |
2009 |
2010 |
|
Paper Capacity |
10,707 |
10,957 |
10,957 |
10,957 |
|
Paper Production |
8,271 |
8,580 |
8,940 |
8,975 |
|
Imports |
245 |
214 |
208 |
245 |
|
Export |
2,513 |
2,571 |
2,700 |
2,900 |
|
Domestic Consumption |
6,004 |
6,223 |
6,449 |
6,320 |
Sources : Department of Industry (Depperin), BI, Tuesday, 2 October 2007
According to financial statement the total sales turnover of P.T. PKTK
in 2002 amounted to US$ 778.5 million with a net loss of US$ 47.4 million
increased to US$ 870.1 million with a net loss of US$ 30.3 million in 2003 to
US$ 900.3 million with a net profit of US$ 185.1 million in 2004 and to US$ 926.4 million with a net profit of
US$ 18.0 million in 2005. The company's
sales turnover in 2006 amounted to US$ 956.7 million with a net loss of US$
63.3 million and as per 30 June 2007 its amounted to US$ 566.9 million with a
net profit of US$ 0.6 million, and with a total assets of Rp. 2,137.0 million.
The occurring of
the economic crisis followed by sharp rupiah depreciation against the US$, Yen,
EURO and other hard foreign currencies in of 1997 caused The APP Group and its member companies to
face very serious financial problem
Debt payment allocation of four APP's
sister companies (US$ per month)
YEAR INDAH KIAT TJIWI KIMIA PINDO DELI LONTAR
PAPYRUS TOTAL
2003-2005
16.50 million 5.40 million 4.05 million 4.05 million
30.0 million
2006-2007
19.25 million 6.30 million 4.73 million 4.73 million
35.0 million
2008-2012 22.0 million 7.20 million 5.40 million 5.40
million 40.0 million
Source: APP
The management is headed by Mr. Yudi Setiawan Lin AKA Lim Yun Shiang (60)
an experienced professional manager in pulp & paper industry and marketing.
He graduated from China Culture Academy, Taiwan, ROC, in Pulp & Paper
Technology. He started his career in TA HUNG PAPER MILL (Taiwan). He joined the company since 1978 and posted as
director since 1991 and as president director since 1994. Daily, he is
supported by the WIDJAJA Family, such as, Mr. Teguh Ganda Widjaja AKA Oei Tjie
Goan (62), Mr. Muktar Widjaja AKA Oei Siong Lian (53) and Mr. Franky Oesman
Widjaja AKA Oei Jong Nuan (49) and a number of other local and foreign
professionals like Mr. Dipl. Ing. Sureh Kilam, MBA of India, Mr. Hendra Jaya
kosasih, Mr. Lu Ho Chang and others.
But the prime mover is Dr. Eka Tjipta Widjaja AKA Oei Ek Tjhong (84),
the main founder and prime mover of the SINAR MAS Group. The management has
maintained a wide business relation among private national and foreign
businessmen as well as among government agencies. As far as business is concerned the management of P.T. PKTKT has
never involved in any fraudulent dealings.
P.T. Pabrik Kertas TJIWI KIMIA Tbk., (P.T. PKTKT) 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 SINAR MAS Group Members
1.
ABHIPRAYA
INSAN PERKASA, P.T. (Sugar Refinery)
2.
ABSINARMAS
MULTIFINANCE, P.T. (Financing Services)
3.
AGROCARB
INDONESIA, P.T. (Pesticide Formulation)
4.
ALAM INDAH
INDO MAKMUR, P.T. (Trading and Mixed Fertilizer Processing)
5.
ALPHA
TANJUNG TANGKI, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
6.
ANEKA
SARAKINDO, P.T. (Investment Holding)
7.
ARARA
ABADI, P.T. (Forestry and Peat Mining)
8.
ARGO
INTIM RESPATI, P.T. (Oil Palm Plantation and Palm Oil Processing)
9.
ARGO
PANCA MODERN, P.T. (Oil Palm Plantation and Palm Oil Processing
10.
ARGOPURO,
P.T. (Land Transportation)
11.
ARTA
CUPU KENCANA MONEY CHANGER, P.T. (Money Changer)
12.
ASIA
PULP & PAPER CO., LTD. (Investment Holding)
13.
ASIA
TRADE LOGISTICS (International Freight Forwarder)
14.
ASIAN
DEVELOPMENT SECURITIES, P.T. (Brokerage and Underwriter Activities)
15.
ASIANINDO
UNITRADA, P.T. (Softdrink Industry)
16.
ASPIRASI
LUHUR, P.T. (Investment Holding)
17.
BERSAMA
SEJAHTERA SAKTI, P.T. (Oil Palm Plantation and Palm Oil Processing)
18.
BHAKTI
BERSAMA MAKMUR, P.T. (Soybean Flour Milling and Soybean Based Cooking Oil
Management)
19.
BHAKTI
BERSAMA SEJAHTERA, P.T. (Soybean Flour Milling and Soybean Based Cooking Oil
Refinery)
20.
BII
COMMONDEALTH Bank, P.T. (Banking)
21.
BII
FINANCE CENTER, P.T. (Multi Financing Services)
22.
BII
LEND LEASE INVESTMENT SERVICES, P.T. (Financing and Securities Services)
23.
BII
FINANCE (Hong Kong) Co., Ltd. (Merchant Banking, Centre Management)
24.
BINA
SINAR AMITY, P.T. (Warehouse Container Management and Freight Forwarder)
25.
BINA
SINAR UTAMA, P.T. (Container Transportation and Document Handling Services)
26.
BONO
CORPORATION INTERNATIONAL LTD. Hong Kong (Property Management)
27.
BORNEO
PULP & PAPER SDN. BHD., Malaysia (Pulp and Paper Manufacturing and Industrial
Forestation)
28.
BUANA
EKA GANDA, P.T. (Industrial Estate Management)
29.
BUANA
WIRALESTARI, P.T. (Oil Palm Plantation and Palm Oil Refinery)
30.BUMIMAS MEGAHPRIMA, P.T.
(Shopping Centre and Apartments Development and Management)
30.
BUMI PERMAI
LESTARI, P.T. (Oil Palm Plantation and Palm Oil Processing)
31.
BUMI
SAWIT PERMAI, P.T. (Oilpalm Plantation and Palm Oil Refinery)
32.
BUMI
SERPONG DAMAI, P.T. (Real Estate Development)
33.
BUMI
SHANGRIL LA JAYA, P.T. (Real Estate Development)
34.
CAHAYA
ANEKA KIMIA PERKASA, P.T. (Trading)
35.
CAHAYA
INTI PERKASA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Palletizing)
36.
CAHAYA
LESTARI SANTOSA, P.T. (Housing Development)
37.
CAHAYA
MAS JAYA, P.T. (Real Estate Development)
38.
CAHAYA
MAS, P.T. (Trading)
39.
CENDRAGO
UTAMA, P.T. (Oil Palm Plantation and Palm Oil Processing)
40.
CHINA
STRATEBIC INVESTMENT CORPORATION (Investment Holding)
41.
CHIP
LIAN (Pte) Ltd. Singapore (Trading and Investment Holding)
42.
CHIP
LIAN INVESTMENT (the USA) Inc., Property Management and Investment)
43.
CISCO
MAS SECURITAMA, P.T. (Commodities Transportation Security)
44.
CITRA
PERMATA SAKTI PERSADA, P.T. (Real Estate Development and Driving License
Services)
45.
CITRA
SIMAS ARTHA, P.T. (Management Information System Services)
46.
COLVEX
JAYA, P.T. (Palm Oil Plantation and Processing Plant)
47.
CREDIT
LYONNAIS INDONESIA, P.T. Bank (Banking)
48.
CULINDO,
P.T. (Pig Farming)
49.
DADI
CORPORATION N.V. (Trading)
50.
DAIRYVILLE,
P.T. (Ice Cream Manufacturing)
51.
DAYANETWORK
LESTARI, P.T. (Financing Services)
52.
DAYA
SINAR MAS, P.T. (Woodworking)
53.
DHAI SIN,
(Pte) Co., Ltd. Singapore (Trading)
54.
DIAN
TARUNAGUNA, P.T. (Trading and Distribution of Cosmetic Products)
55.
DJAKARTA
1945, P.T. Maskapai Asuransi (Sea and Fire Insurance)
56.
DJUANDASAWIT
LESTARI, P.T. (Integrated Palm oil Refinery)
57.
DUTA
DHARMA BHAKTI, P.T. (Low Cost Housing Development)
58.
DUTA
PERTIWI Tbk., P.T. (Properties Development and Management; Investment Holding)
59.
DWIMAS
INTIWISESA, P.T. (Financing Services)
60.
EKA
LIFE, P.T. Asuransi Jiwa (Life Insurance Service)
61.
EKAMAS
FORTUNA, P.T. (Corrugated Medium Paper Making Manufacturing)
62.
EKO
RAYON, P.T. (Viscose Rayon, Staple Fibre and Pulp Rayon Manufacturing)
63.ELANG PERMATA, P.T. (General
Contracting and Telecommunication Development)
63.
ERIHATU,
P.T. (Logging)
64.
ESA
SINAR PERKASA, P.T. (Trading)
65.
EXCOMM
REMAJA, P.T. (Trading and Investment Holding)
66.
FERRO
MAS DINAMIKA, P.T. (Ceramic and Enamel Frits Industry)
67.
FINDECO
JAYA, P.T. (Alkyl Benzene Sulfonate Processing)
68.
FILMA,
P.T. (Coconut Oil Based Cooking Oil Refinery)
69.
FORESTALESTARI
DWIKARYA, P.T. (Integrated Palm Oil Refinery)
70.
FUJI
INTERNATIONAL INDONESIA, P.T. Bank (Banking)
71.
GAJAH
PERDANA INDAH, P.T. (Housing Development)
72.
GELORA
MUDA PERKASA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Meal Processing)
73.
GEMA
KREASI, P.T. (Real Estate Management)
74.
GLOBAL
AGRONUSA INDONESIA, P.T. (Banana Plantation)
75.
GOLDEN
AMCOL Pte. Ltd. (Manufacturing of Electronics, Electrical Household Appliances,
Electrical Equipment, Lighting Equipment, Property Development and Investment
Holding)
76.
GRAHAMAS
INDOJAYA, P.T. (Transportation)
77.
GREEN WINDHU
LINES, P.T. (Special Shipping)
78.
GRIYAMAS
ADIPRATAMA, P.T. (Real Estate and Developer)
79.
GUNUNG
MAS RAYA, P.T. (Rubber and Oil Palm Plantation)
80.
HADEKA
FEEDMILL, P.T. (Animal Feed Milling)
81.
HARAPAN
ANANG BAKRI & SON'S, P.T. (Industrial Estate Development and Management)
82.
HARMONI
MAS, P.T. (Housing Development)
83.
HARMONI
SEJAHTERA, P.T. (Housing Development)
84.
HASTA
BUANA MANDIRI, P.T. (Trading)
85.
HASTA
DHARMA KARYA, P.T. (General Contracting and Trading)
86.
HENKEL
INDONESIA, P.T. (Industrial Chemical Processing)
87.
HERCULES
MAS INDONESIA, P.T. (Industrial Chemical Processing)
88.
HIAP
CHUN TIMBER (Pte) Ltd. (Trading)
89.
HONGKONG
UNION BANK CO., LTD. (Banking)
90.
HONGZHOU
ZHONGCE RUBBER CO., LTD. (Manufacturing of Motorcar Tubes and Tyres and Rubber
Components)
91.
HORIGUCHI
ENGINEERING INDONESIA, P.T. (Machinery and Heavy Equipment Maintaining
Services)
92.
IBI
FAR EAST (Hong Kong) Co., Ltd. (Property and Securities)
93.
INDAH
KIAT PULP & PAPER Tbk., P.T. (Integrated Paper Making and Pulp Processing)
94.INDOJAYA MARKONRAD, P.T.
(Trading)
94.
INDRI
PLANT, P.T. (Oil Palm Plantation)
95.
INDOMILK,
P.T. (Milk Processing)
96.
INTERCIPTA
KIMIA PRATAMA, P.T. (Paper Chemicals Processing)
97.
INTERMAS
TATA TRADING, P.T. (Distribution of Cooking Oils)
98.
INTERNATIONAL
INDONESIA, P.T. Bank (Banking)
99.
INTERNATIONAL
MONEY CHANGER, C.V. (Money Changer)
100.
INTERNATIONAL
NINGBO Bank (China), (Banking)
101.
INTI
GERAKMAJU, P.T. (Oil Palm and Coconut Plantation)
102.
INTITAMA
MAS, P.T. (Cold Rolled Stainless Steel Coils/Sheets Manufacturing)
103.
ISTANA
MUTIARA MAS, P.T. (Liquid Tanker Shipping)
104.
IVOMAS
TRADING, P.T. (Trading and Suppliers)
105.
IVO
MAS TUNGGAL, P.T. (Palm Oil Based Cooking Oil Refinery and Oil Palm Plantation)
106.
JAGOTAMA
INDAH RATTAN INDUSTRIES, P.T. (Rattan Furniture Manufacturing)
107.
JATI
CAHAYA CEMERLANG PLYWOOD, P.T. (Integrated Woodbased Industry)
108.
JATI
DHARMA INDAH PLYWOOD INDUSTRIES, P.T. (Integrated Woodbased Industry)
109.
JATI
MALUKU TIMBER, P.T. (Logging, Sawmilling and Shipping)
110.
JATI
MULIA SEMESTA, P.T. (Plywood Industry)
111.
JU LIE
(Pte) Co. Ltd. Singapore (Trading)
112.
KALI
BESAR RAYA UTAMA, P.T. (Insurance Brokerage Services)
113.
KARTIKA
INTI PERKASA, P.T. (Palm Plantation)
114.
KARYA
DUNIA MAKMUR, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
115.
KARAWANG
TATABINA INDUSTRIAL ESTATE, P.T. (Industrial Estate Management and Development)
116.
KELAPA
MURNI, P.T. (Coconut Oil Refinery)
117.
KEMAKMURAN
TANITERNA INDONESIA, P.T. (Integrated Poultry Farming)
118.
KERTAS
INDAH, P.T. (Trading)
119.
KOPO
PERMAI, P.T. (Housing Development)
120.
KRAWANG
BUKIT GOLF, P.T. (Golf Course and Real Estate Management)
121.
KRESNA
DUTA AGROINDO, P.T. (Oil Palm Plantation and Refinery)
122.
LEIDONG
KREASITAMA, P.T. Maskapai Perkebunan (Oilpalm Plantation and Palm Oil Refinery)
123.
LAHAN
TANI SAKTI, P.T. (Oil Palm Plantation)
124.
LANGGENG
KREASITAMA, P.T. (Adhesive Glue Manufacturing)
125.
LLOYD
INDONESIA, P.T. (Sea and Fire Insurance)
126.
LONTAR
PAPYRUS PULP & PAPER INDUSTRY, P.T. (Pulp and Paper Industry, Industrial
Chemical Processing)
127.MAKINDO PERKASA, P.T.
(Industrial Power Engine Agent and Distribution)
127.
MALIGI
PERMATA INDUSTRIAL ESTATE, P.T. (Industrial Park Development and Management)
128.
MAKTO
JAYA, P.T. (Trading)
129.
MARGA
TULUS ENTERPRISE LTD., P.T. (Leasing)
130.
MARISON
NUSANTARA AGENCY, P.T. (Investment Holding)
131.
MASKAPAI
PERKEBUNAN LEIDONG WEST INDONESIA, P.T. (Oil Palm Plantation)
132.
MEDISON
SECURITIES LTD. Hong Kong (Property and
Security)
133.
MEGAH
UTAMA MOTOR, P.T. (Car Distribution)
134.
MENARA
MAJU, P.T. (Trading and Distributor)
135.
MITRA
ADIGUNA SENTOSA, P.T. (Printing & Corrugated Packaging Manufacturing)
136.
MITRABANGUN
ADIGRAHA, P.T. (Contracting Services)
137.
MITRA
NUGRAHA, P.T. (Plastic Container Manufacturing)
138.
MULTIMAS
DINAMIKA, P.T. (Ceramic Goods Manufacturing)
139.
MURINI
TIMBER, P.T. (Woodbased Industry)
140.
MUSTIKA
ARTA MAS, P.T. (Investment Holding)
141.
MUTIGUNA
PERKASA INDONUSA, P.T. (Trading)
142.
NALA
VINI EKA BEVERAGES, P.T. (Carbonated Softdrink Industry)
143.
NILAM
TERANG OFFSET PRINTING, P.T. (Graphic Printing and Fire Packaging)
144.
NINGBO
INTERNATIONAL BANK LTD. (Banking)
145.
NINGBO
PULP AND PAPER CO., LTD. (Pulp and Paper Manufacturing, Corrugated Carton Box
Making and Packaging)
146.
NUMBING
JAYA, P.T. (Oil Palm Plantation)
147.
NUSA
PIRANTI RIANA, P.T. (Industrial Chemical Manufacturing and Trading)
148.
ONWARD
PAPER CORPORATION, P.T. (Sanitary Napkin and Tissue Paper Manufacturing)
149.
ORIENTAL
INDAH BALI HOTEL, P.T. (Hotelry)
150.
OTO
MULTIARTHA, P.T. (Consumer Finance Services)
151.
PAKUAN
REAL ESTATE, P.T. (Real Estate Development)
152.
PALMINDO
RAYA, P.T. (Oil Palm Plantation and Palm Oil Processing)
153.
PANGERAN
PLAZA UTAMA, P.T. (Real Estate Development)
154.
PARAGA
ARTAMIDA, P.T. (Investment Holding)
155.
PERBAWA
DUTA PERSADA, P.T. (Trading)
156.
PERWITA
MARGASAKTI, P.T. (Real Estate Development)
157.
PETRO
CENTRAL, P.T. (Industrial Chemical Processing)
158.
PILINTI
PERKASA ALAM, P.T. (Oil Palm Plantation and Palm Oil Refinery)
159.
PINDO DELI,
P.T. (Paper Making)
160.
PLAZA
INDONESIA REALTY, P.T. (Hotel, Shopping Centre and Recreation Centre
Management)
161.
PONDOK
CANDRA INDAH, P.T. (Housing Development)
162.
PONDOK
NIRWANA, P.T. (Housing Development)
163.
PRIMA
VIJAYA INDAH TOUR, P.T. (Tour and Travel Agency)
164.
PRODUKSI
INDONESIA, P.T. (Marketing Promotion Services)
165.
PULO
GEBANG INDAH, P.T. (Housing Development)
166.
PURINUSA
EKAPERSADA, P.T. (Carton Packaging Manufacturing and Investment Holding)
167.
PURIMAS
SASMITA, P.T (Banana Porridge Processing)
168.
PURNAMALA
INTERNATIONAL INDONESIA, P.T. Asuransi Jiwa (Life Insurance)
169.
PUSAKA
MAKMUR ABADI, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
170.
PUTRAMAS
PRIMA PERKASA, P.T. (Investment Holding)
171.
RAMAJA
PRAMUKTI, P.T. (Oil Palm Plantation and Processing)
172.
REKSA
ARTHA MUSTIKA, P.T. (Integrated Poultry Farming and Food Crop Plantation)
173.
RIMBA
TUNGGAL PERKASA, P.T. (Cocoa Plantation)
174.
RIVERA
HOLDINGS (Hong Kong) Ltd., (Property Management and Investment Holding)
175.
ROLIMEX
CORPORATION, P.T. (General Trading)
176.
ROYAL ORIENTAL
LTD., P.T. (Office Block Owner and Rental Management)
177.
SADANG
MAS, P.T. (Investment Holding)
178.
SARANAPAPAN
EKASEJATI, P.T. (Real Estate Development)
179.
SARPINDO
SOYABEAN, P.T. (Soybean Flour Milling and Plantation)
180.
SATRIA
PERKASA AGUNG, P.T. (Investment Holding)
181.
SATYA
KISMA UTAMA, P.T. (Oil Palm Plantation)
182.
SAWIT
MALINDA, P.T. (Palm Oil Refinery and Oil Palm Plantation)
183.
SAWIT
MAS SEJAHTERA, P.T. (Oil Palm Plantation and Processing, Investment Holding)
184.
SAYANG
HEULANG, P.T. (Palm Oil Based Cooking Oil Refinery)
185.
SEMBADA
KRIYA PRIMA, P.T. (Trading)
186.
SERIKAT
PUTRA, P.T. (Oil Palm Plantation)
187.
SIANTAN
SHIPPING, P.T. (Interinsulair Shopping)
188.
SIANTAN
WINDHU, P.T., (Freight Forwarding)
189.
SINAR
CULINDO PERKASA, P.T. (Pig Farming)
190.
SINAR
DAYA MARINA, P.T. (Investment Holding & Fishing)
191.
SINAR
DUNIA MAKMUR, P.T. (Industrial Paper Manufacturing)
192.
SINAR
DUNIA THIRTA KIMIA, P.T. (Industrial Chemical Processing)
193.
SINAR
KENCANA INTI PERKASA, P.T. (Oil Palm Plantation and Processing)
194.
SINAR
KILAT BUANA, P.T. (Investment Holding)
195.
SINAR
LUCKY PLASTICS INDUSTRY, P.T. (Pipes and Plastic Hoses Industry)
196.
SINAR
MAS, P.T. (Investment Holding)
197.
SINAR
MAS AGRO RESOURCES AND TECHNOLOGY CORPORATION (SMART CORPORATION), P.T. (Oil
Palm Plantation and Palm Oil Refinery)
198.
SINAR MAS
CIPTA, P.T. Asuransi Kerugian (Sea and Fire Insurance)
199.
SINAR
MAS EKA GRAHA, P.T. (Security)
200.
SINAR
MAS GRIYA, P.T. (Housing Development and Investment Holding)
201.
SINAR
MAS MULTIARTHA, P.T. (Financing, Treasury Management & Investment
Holding)
202.
SINARMAS
MULTIFINANCE, P.T. (Financing)
203.
SINAR
MAS TELADAN, P.T. (Palm Oil Based Cooking Oil Refinery and Real Estate
Development)
204.
SINAR
MAS TUNGGAL, P.T. (Investment Holding and Trading)
205.
SINAR
MAS WISESA, P.T. (Real Estate Development and Management)
206.
SINAR
MEADOW INTERNATIONAL INDONESIA, P.T. (Fat and Food Products
Processing)
207.
SINAR
OBOR MAS, P.T. (Coconut Oil Based Cooking Oil Refinery)
208.
SINAR
OLEOCHEMICAL INTERNATIONAL, P.T. (Fatty Acid and Glycerin
Manufacturing)
209.
SINAR
PUREFOODS INTERNATIONAL, P.T. (Marine Product Processing and Canning)
210.
SINAR
SYNO KIMIA, P.T. (Industrial Chemical Manufacturing)
211.
SINARSURYA
LAND, P.T. (Luxury Apartment Development and Management)
212.
SINARTAMA
GUNITA, P.T. (Commodity Future Trading Services)
213.
SINARWIJAYA
EKAPRATISTA, P.T. (Real Estate and Property Management)
214.
SINAR
WISATA LESTARI, P.T. (Hotelry)
215.
SINDOPEX
FEROTAMA, P.T. (Hydrogen Peroxides Manufacturing)
216.
SINGGA
RIMBA MAKMUR, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
217.
SMART
CORPORATION Tbk. P.T. (Integrated Palm Oil Refinery and Investment Holding)
218.
SMARTINDO
BLUEBIRD SNACKS, P.T. (Snack Foods Industry)
219.
SPININDO
MITRADAYA, P.T. (Industrial Estate Development and Management, Investment
Holding)
220.
SUKMA
SUCI KENCANA MONEY CHANGER, P.T. (Money Changer)
221.
SUMBER
INDAHPERKASA, P.T. (Integrated Oil Palm Plantation)
222.
SUMMIT
SINARMAS FINANCE, P.T. (Financial Institution)
223.
SUPRA
VERITAS, P.T. (Investment Holding and Trading)
224.
SURYA
MITRA SEJATI, P.T. (White Carbon & Water Glass Industry and Investment
Holding)
225.
SURYA
SUKMA MAS MONEY CHANGER, P.T. (Money Changer)
226.
SUPER
KAOLINDO PERDANA, P.T. (Kaolin Mining and Processing)
227.
SWADAYA
BHAKTI NEGARA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Meal
Processing)
228.
TAI
SANG LAND DEVELOPMENT CO., LTD., Hong Kong (Property and Real Estate
Development)
229.
TAN
ENG (Pte) Ltd., (Trading)
230.
TAPIAN
NADENGGAN, P.T. (Palm Oil Refinery and Oil Palm Plantation)
231.
THE
UNIVENUS COMPANY, P.T. (Manufacturing of Tissue Paper, Toilet Paper and
Sanitary Napkins and Napkin Paper)
232.
TIMUR
AGRO KARYA, P.T. (Oil Palm Plantation and Palm Oil Processing)
233.
TJIWI
KIMIA Tbk., P.T. Pabrik Kertas (Cultural and Industrial Paper Manufacturing)
234.
TOMSON
PACIFIC (Hong Kong) Ltd., (Property Management)
235.
TUNGGAL
MITRA PLANTATION, P.T. (Oil Palm Plantation)
236.
TUNGGAL
PERKA CORPORATION, P.T. (Industrial Chemical Processing)
237.
UNGGUL
INDAH CORPORATION, P.T. (Industrial Chemical Processing)
238.
UNI-CHARM
INDONESIA, P.T. (Sanitary Napkin Industry)
239.
UNITED
WARU BISCUIT MANUFACTORY, P.T. (Biscuit and Dry Cookies Processing)
240.
USAHA
MANGGAR, P.T. (Coconut Oil Based Cooking Oil Refinery)
241.
VIVA
KARYAWISATA, P.T. (Hotelry Restaurant and Recreation Centre Management)
242.
WANA
KRIDA UTAMA, P.T. (Logging)
243.
WASTUNIDYA
UTAMA, P.T. (Soybean Flour Milling and Soybean Based Cooking
Refinery)
244.
WENANG
PERMAI, P.T. (General Contracting and Housing Development)
245.
WENANG
SAKTI, P.T. (Wood Working)
246.
WESTERN
OCEANIC BANK (Banking)
247.
WIDJAJA
PERMAI, P.T. (Real Estate Development and Management)
248.
WIDJAJA
PRATAMA RAYA, P.T. (Real Estate Development and Management)
249.
WIRAKARYA
SAKTI, P.T. (Wood Working)
250.
ZETA
ANEKA KIMIA, P.T. (Sole Agent and Distributor)
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%)