MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. PRAMBANAN KENCANA |
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Formerly Known as : |
C.V. PRAMBANAN TRADING COMPANY |
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Registered Office : |
DELTA Building, Blok A 28-29, Jalan Suryopranoto No. 19, Jakarta 10130 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.12.1953 |
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Com. Reg. No.: |
C-UM.02.01.6323 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and a
Distributor of Bakery, Pastry and Confectionery Ingredients, Pharmaceutical
Products, Fruits and Nuts, Raisin, Biscuits, etc. |
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$
970,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. PRAMBANAN
KENCANA
A d d r e s s
Head Office
DELTA Building, Blok A 28-29
Jalan Suryopranoto No. 19
Jakarta 10130
Indonesia
Phones - (021) 3806464 (10 lines)
Fax - (021) 3843281, 3806470
Telex - 44639 PRBJKT IA
Cable - PRAMBANANCO JAKARTA
Website - http://www.prambanan-kencana.co.id
Email - delta@prambanan-kencana.co.id
Building Area - 6 storey
Office Space - 280 sq. meters
Region - Commercial
Status - Owned
Branches
a. Jalan Kaji No. 11-A
Jakarta Pusat
Phone- (021) 6332127
Fax.- (021) 6332128
b. Jalan Suci No. 129
Bandung, West Java
Phone - (022) 74044
c. Jalan Dr. Mawardi No. 79
Solo, Central Java
Indonesia
d. Jalan Jenderal Sudirman No. 3206
Palembang, South Sumatra
Indonesia
e. Jalan Perak Timur No. 146
Surabaya, Surabaya
Phone - (031) 270840
Telex- 31838 PRBSBY IA
f.
Jalan Airlangga IV/No. 4
Semarang
Central Java
Phone- (024) 316719
g. Jalan Raya Ngurah Rai No. 99
Denpasar
B a l i
Date of Incorporation
a. 2 December 1953
as C.V. PRAMBANAN TRADING COMPANY
b. 26 September
as P.T. PRAMBANAN KENCANA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No.
The
Ministry of Justice and Human Rights
No.
C-UM.02.01.6323
Dated 11 November 2005
Company Status
National Private
Company
Permit by the Government
Department
a. The
Department of Trade
-
No. 1011/09-03/PDB/NAS/5
Dated 27 May 1982
- No. 2844/1011-P/09-01/PB/V/87/6
b. The Department of Finance
NPWP No. 01.313.261.8-032.000
Related Companies
a. P.T. SELINDO
SEJAHTERA (Investment Holding)
b. P.T. SELINDO SEJAHTERATAMA
(Bakery, Pastry Pharmaceutical Ingredient Industry
c. P.T. GANDUM MAS KENCANA (Baking
Chocolates and Desert Mixes Industry)
d. P.T. GIRI MANUNGGAL (General
Trading)
e. P.T. TANDES LAUTAN (General
Trading)
f.
Etc.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp.
1,260,000,000.-
Issued Capital - Rp.
1,260,000,000.-
Paid up Capital - Rp.
1,260,000,000.-
Shareholders/Owners :
a. Mrs. Sunny Liawati Solichin -
Rp. 252,000,000.-
Address : Jl. Tirtayasa Raya
No. 50, RT.005/003
Jakarta
Selatan
b. Mr. Dani Hidayat Solichin -
Rp. 151,200,000.-
Address : Jl. Kaji No. 24,
RT.008/007
Jakarta Pusat
c.Mrs. Susana Suriani Solichin -
Rp. 151,200,000.-
Address : Jl. Kaji No. 24,
RT.008/007
Jakarta Pusat
d. Mrs. Kristiawaty Solichin -
Rp. 151,200,000.-
Address : Jl. Buana Biru
Besar II No. 24, RT.005/009
Jakarta
Selatan
e. Mr. Wahyudi Solichin -
Rp. 252,000,000.-
Address : Jl. Pakubuwono VI
No. 4, RT.005/006
Jakarta
Selatan
f. Mrs. Ingrid Farida Solichin -
Rp. 151,200,000.-
Address : Jl. Kaji No. 24,
RT.008/007
Jakarta Pusat
g. Mrs. Agnes Alida Solichin -
Rp 151,200,000.-
Address : Jl. Kaji No. 24,
RT.008/007
Jakarta Pusat
BUSINESS ACTIVITIES
Lines of Business:
A. Trading and a Distributor of Bakery, Pastry
and Confectionery Ingredients, Pharmaceutical
Products, Fruits and Nuts, Raisin,
Biscuits, etc.
B.
Sole Agent for
:
a. KONINKLIJKE ZEELANDIA, Bakery, Pastry and Confectionery Ingredients
of the Netherlands
b. US Drien Fruits and Nuts of
the USA
c. FABBRI Confectionery Ingredients of France
d. MARIANI CALIFORNIA Raisins of the USA
d. JULES DESTROOPER Premium Belgian Biscuit of Belgium
e. Etc.
C. Sole Distributor for :
a. P.T. SELINDO SEJAHTERATAMA Bakery and Pastry Basic Materials of
Indonesia
b. P.T. GANDUM MAS KENCANA, baking chocolates and dessert mixes of
Indonesia
D. Investment Holding
Production
Capacity :
N o n e
Total Investment :
Owned Capital – Rp. 15.0 billion
Started Operation :
a. 1954 as C.V. PRAMBANAN TRADING COMPANY
b. 1972 as P.T. PRAMBANAN
KENCANA
Brand Name :
PRAMBANAN KENCANA
Technical Assistance :
None
Number of Employee :
166 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. Food and
Beverage Industries
b. Snack and
Biscuit Factories
c. Bakery
Industries
d. Restaurant
Managements
e. Hotel
Management
f. Hypermarket and Supermarket Management
g. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AVANTI RAYA
b. P.T. PRAKARSA LANGGENG BERSAMA
c. P.T. MASYUYA
GRAHA TRIKENCANA
d. P.T. SEMESTA
INDO PANGAN
e. P.T. TRISTARA
MAKMUR
f. P.T. JAYAMURNI TRITUNGGAL
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank MANDIRI Tbk.
Komp. Duta Merlin Bl. A/26-28
Jalan Gajah Mada No. 3-5
Jakarta Pusat
b. P.T. Bank CENTRAL ASIA Tbk.
Wisma BCA
Jalan Jenderal Sudirman Kav.22-23
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Gross Sales/Turnover (estimated) :
2004 – Rp. 49.0 billion
2005 – Rp. 55.0 billion
2006 – Rp. 62.0 billion
2007 – Rp. 71.0 billion
Net Profit
(estimated) :
2004 – Rp. 2.2 billion
2005 – Rp. 2.6 billion
2006 – Rp. 3.2 billion
2007 – Rp. 3.7 billion
Payment Manner :
Average
Financial Comments :
Average
KEY EXECUTIVES
Board of Management :
President Director - Mr. Dani Hidayat
Solichin
D i r e c t o r s -
Mrs. Sri Anggraini Irwan Sentausa
Board of Commissioner :
President Commissioner - Mrs. Susana Suriani Solichin
Commissioners -
a. Mrs. Emiliana Solichin
b. Mr. Edwan Hartawan Solichin
c. Mrs. Kristiawaty Solichin
Signatories :
President Director (Mr. Dani Hidayat Solichin) or Director
(Mrs. Sri Anggraini Irwan Sentausa) which must be approved by the President
Commissioner (Mr. Wahyudi Solichin) or the board of commissioners (Mrs. Susana
Suriani Solichin or Mrs. Kristiawaty Solichin).
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally for
US$ 500,000.- on 90 days D/A
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 970,000.-
on the 90 days D/A
OVERALL PERFOMANCE
Originally named C.V. PRAMBANAN TRADING COMPANY, the company was
established in December 1953 under the
style of C.V. (Commanditaire Vennotschap) or limited partnership. Its founding
owners are Mr. Gregorius Hidayat Solichin and his wife Mrs. Elizabeth Herawaty,
both Indonesians of Chinese extraction. In September 1972 the company’s legal
status was converted into P.T. (Perseroan Terbatas) or Limited Liability Company
and its name changed to P.T. PRAMBANAN
KENCANA (P.T. PK). The company’s notarial act was since revised a number of
times, lastly in January 1991 when its authorized capital was increased to Rp
630,000,000.- entirely issued and paid up.
In November 1994 Mr. Gregorius Hidayat Solichin died and his shares
entirely was taken over by his son Mr. Dani Hidayat Solichin (40%) and his uncles Mr. Taufic Solichin (40%) and Mr.
Wahyudi Solichin (20%).
In
1998, the authorized capital was raised to Rp. 1,260,000,000 entirely issued
and paid up and concurrently Mr. Taufic Solichin and Mr. Wahyudi Solichin
withdrew and since that time whole shares of P.T. PK have been controlled by
Mr. Dani Hidayat Solichin and his relatives. The capital structures and shareholders
composition of the company in details are as shown on page 3-4 of this report.
The deed of amended was made by Mrs. Titi Sulistyowati, SH, a public notary in
Jakarta, under Company Registration Number C-UM.02.01.6323, dated May 11, 2005.
The
activities of P.T. PK is to continue the activities of C.V. PRAMBANAN TRADING
COMPANY having been in operation since 1953 dealing with trading and
distributor of agro chemicals. In 1969, the company diversified its business to
the distribution of fine chemicals and pharmaceutical ingredients and exporting
of foodstuffs to Europe. However, since 1983 P.T. PK has started focusing its
business in trading and distribution of bakery, pastry and confectionery
ingredients. The company is the sole agent of Koninklijke Seelandia of the
Netherlands. The company has wide marketing networks in the country covering
Jakarta, Bandung, Semarang, Surabaya, Bali and Palembang (South Sumatera). To
expand its business, in 1988 P.T. PK was in cooperation with Koninklijke
Zeeland of the Netherland by establishing P.T. SEELINDO SEJAHTERATAMA dealing
with bakery and pastry basic material industry. Its plant is located at Jalan
Raya Mauk Km. 3, Tangerang, Banten Province and whole products of the company
are marketed by P.T. PK. Then, P.T. PK also established P.T. GANDUM MAS KENCANA
producing baking chocolate and desert mixes of which the products are entirely
marketed by P.T. PK. Besides, P.T. PK is also selling functional ingredients
and pharmaceutical products including active ingredients, excipients, vitamins
& minerals, disintegrants,
preservatives, sweeteners and amino acids. The operation of the company has
been running smoothly and growing steadily in the last five years.
Generally,
demand for bakery, pastry and confectionery ingredients has been increasing by
5% to 6% per annum in the last five years having close relation with the
growing development of hotels, international standard restaurants, food courts,
fast food restaurants and the increase of the public’s purchasing power. However,
the competition is very tight on account of lots of similar companies operating
in country. The business position of P.T. PK is favorable for having been
experienced in the above business. We believed that the operation of the
company will be increasing in the coming years.
The
management of the company strongly rejected to disclose its financial
condition, but we estimated that total sales turnover of P.T. PK in 2004
amounted to Rp. 49.0 billion increased to Rp. 55.0 billion in 2005 to Rp. 62.0 billion in 2006 and rose again
to Rp. 71.0 billion in 2007, and projected to be rising by at least 12% in
2008. The operation of the company in
2006 is estimated to have gained a profit of Rp. 3.2 billion rose to Rp. 3.7
billion in 2007 with total networth of Rp. 20.0 billion. So far, we did not hear that P.T. PK has
been black listed by Bank Indonesia (Central Bank) and involved in detrimental
cases being settled in the court. The payment of habit of the company has been
running smoothly ranging from 1 to 3 months.
The management of the company is led by Mr. Dani Hidayat Solichin (49)
as the president director, a businessman with more than 27 years experience in
trading of bakery, pastry and confectionery ingredients. In his day-to-day activities, he is assisted
by Mrs. Sri Anggraini Irwan Sentausa (47) 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 sectors. So far, we have never heard of the
management of the company being filed to the district court for detrimental
cases.
P.T. PRAMBANAN KENCANA is considered to be good for business
transaction. Considering unstable economic condition in the country, we
recommend to treat prudently in extending loan to the company.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)