MIRA INFORM REPORT

 

 

Report Date :

15.12.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. NIPRESS TBK

 

 

Registered Office :

Jalan Raya Narogong Km. 26, Cileungsi – Bogor, 16820, West Java,

 

 

Country :

Indonesia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.04.1975

 

 

Com. Reg. No.:

No. AHU-02584.AH.01.02.TH.2009

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Manufacturer of Battery

 

 

No. of Employees :

873 persons

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 5,200,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address of the Company

 

P.T. NIPRESS TBK

 

Head Office & Factory

Jalan Raya Narogong Km. 26, Cileungsi – Bogor, 16820, West Java, Indonesia

Phones             - (62-21) 8230968 (Hunting)

Fax                   - (62-21) 8230935, 8230936

E-mail               - corporate@nipress.com

Website            - http://www.nipress.com

Land Area         - 100,000 sq. meters

Office Space      - 70,000 sq. meters

Region              - Industrial Zone

Status               - Owned

 

Date of Incorporation :

24 April 1975

 

Legal Form :

P.T. Tbk (Perseroan Terbatas Terbuka) or Public Listed Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

-           No. Y.A.5/271/22

            Dated 19 August 1975

-           No. AHU-02584.AH.01.02.TH.2009

            Dated 12 January 2009

 

Company Status :

Private National and Domestic Investment (PMDN) Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.105.442.6-054.000

 

The Capital Investment Coordinating Board

- No. 22/II/[PMDN/1991

            Dated 5 February 1991

- No. 454/III/PMDN/1991

            Dated 5 June 1991

 

The Capital Market Supervisory Agency

No. S-852/PM/1991

Dated 24 July 1991

 

Related Company :

A Member Company of the NIPRESS Group (see attachment)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital          : Rp. 80,000,000,000.-

Issued Capital                : Rp. 20,000,000,000.-

Paid up Capital              : Rp. 20,000,000,000.-

 

Shareholders/Owners :

a. P.T. TRITAN ADHITAMA NUGRAHA                - Rp. 7,422,500,000.-

b. Mr. Hariyanto                                                 - Rp. 1,220,000,000.-

c. Mr. Ferry Joedianto Robertus Tandiono            - Rp. 1,090,000,000.-

e. Mr. Joelistio Robertus Tandiono                       - Rp.    790,000,000.-

f. Mrs. Ratnawati                                                - Rp.    300,000,000.-

g. Mr. Feliawati Robertus Tandiono                      - Rp.    300,000,000.-

h. Publics                                                          - Rp. 8,877,500,000.-

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Battery Manufacturing

 

Production Capacity :

Battery (Accumulator)    - 3,700,000 unit p.a.

 

Total Investment :

a.         Owned Capital               - Rp. 20.0 billion

b.         Loan Capital                  - Rp.   6.3 billion

c.         Total Investment - Rp. 26.3 billion

 

Started Operation :

1975

 

Brand Name :

Nipress

 

Technical Assistance :

None

 

Number of Employee :

873 persons     

 

Marketing Area :

Local                - 85%

Export               - 15%

 

Main Customer :

P.T. ANUGERAH IDEALESTARI (Distributors)

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. GS BATTERY

b. P.T. INDOBATT INDUSTRI PERMAI

c. P.T. MUHTOMAS

d. P.T. YUASA BATTERY INDONESIA

e. Etc.

 

Business Trend :

Declining

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.         P.T. Bank CENTRAL ASIA Tbk

                        Jalan Raya Narogong

                        West Java

                        Indonesia

b.         P.T. Bank MANDIRI Tbk

                        Jalan Raya Narogong

                        West Java

                        Indonesia

 

Auditor :

MUHAEMIN (KAP/Public Accountant)

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales :

2008 – Rp. 480.4 billion

2009 – Rp. 279.1 billion

2010 – Rp. 400.9 billion

2011 – Rp. 256.9 billion (as per 30 June)

 

Net Profit :

2008 – Rp.   1.5 billion

2009 – Rp.   6.9 billion

2010 – Rp. 12.7 billion

2011 – Rp.   8.9 billion (as per 30 June)

 

Payment Manner :

Average

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                      - Mr. Ferry Joedianto Robertus Tandiono

Directors                                   - a. Mrs. Feliawati Robertus Tandiono

                                                  b. Mr. Drs. Herman Selamat, MBA

                                                  c. Mr. Jackson Tandiono, BA

 

Board of Commissioners :

President Commissioner - Mr. Joelistio Robertus Tandiono

Commissioners                          - a. Mrs. Ratnawati

                                                  b. Dr. Richard Marcus Sutrisno

 

Signatories :

President Director (Mr. Ferry Joedianto Robertus Tandiono) or one of the Directors (Mrs. Feliawati Robertus Tandiono, Mr. Drs. Herman Selamat, MBA or Mr. Jackson Tandiono, BA) which must be approved by Board of Commissioner.

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Satisfactory

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

Proposed Credit Limit :

Small amount – periodical review

 

Maximum Credit Limit :

US$ 5,200,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. NIPRESS was established based on notary deed of Mr. Ridwan Suselo, SH., No. 295 dated 24 April 1975 with the authorized capital of Rp. 200,000,000 of which Rp. 100,000,000 was issued and fully paid up. The founding shareholders are Mr. Robertus Tandiono, a businessman of Chinese extraction and NIPPON DENCHI KOGYO Co. Ltd of Japan. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. Y.A.5/271/22 dated August 19, 1975. The company notary deed had been changed a couple of times. In May 1976, its foreign business partner withdrew and replaced by Mr. Joelistion Robertus Tandiono, Mr. Ferry Joedianto Robertus Tandiono, Mrs. Ratnawati, Mrs. Ratnadewi and Mrs. Felliawati, all are children of Mr. Robertus Tandiono. In June 1990, the authorized capital was raised to Rp. 25,000,000,000 of which Rp. 16,000,000,000 was issued and fully paid up. In July 1991, P.T. NIPRESS went public by selling its 20% shares to the public and its name was changed into P.T. NIPRESS Tbk. In August 1995, the authorized capital was increased to Rp. 100,000,000,000 of which Rp. 20,000,000,000 was issued and fully paid up. Later based on notary deed of Mr. Buntario Tiggris, SH., No. 76 dated 10 December 2008 the authorized capital was reduced to Rp. 80,000,000,000 issued capital of Rp. 20,000,000,000 entirely paid up. The latest shareholders are P.T. TRITAN ADHITAMA NUGRAHA (37.11%), Mr. Hariyanto (6.10%), Mr. Ferry Joedianto Robertus Tandiono (5.45%), Mr. Joelistio Robertus Tandiono (3.95%), Mrs. Ratnawati (1.50%),  Mr. Feliawati Robertus Tandiono (1.50%) and Publics (50.34%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-02584.AH.01.02.TH.2009 dated January 12, 2009.

 

We observe the majority shareholders namely P.T. TRITAN ADHITAMA NUGRAHA is a private national company dealing with investment holding and majority shares is controlled by Mr. Robertus Tandiono and his family members. They also founders and business stakes owner of the NIPRESS Group, a small sized business group in the country.

 

P.T. NIPRESS Tbk has been in operation since 1975 dealing with battery (accumulator) manufacturing by managing a plant located at Jalan Raya Narogong Km.26, Cileungsi, Bogor, West Java on a land of 10 hectares. The Company are producing the widest range of product of automobile batteries, motorcycle batteries, golf cart batteries, and motive power batteries. And up till today P.T. NIPRESS Tbk is the only public listed company for lead acid battery manufacturer in Indonesia since 1991 at the stock trade at Indonesia Stock Exchange. The plant has frequently been expanded to increase the production capacity. Currently the plant produces of 3.7 million batteries per annum comprising automotive batteries, motorcycle batteries, golf cart deep cycle batteries, heavy duty batteries and industrial batteries. The company products are marketed using NS Battery brand having obtained a certificate from TUV ISO 9001 – 2001. P.T. NIPRESS Tbk marketed of its products through sole agent and distributor P.T. ANUGERAH IDEALESTARI and the rest is also sells to shops and retailers in whole country. Besides, the company also exports its products to Europe (Italy, the Netherlands, Belgium, Germany, etc), South/Far East Asia (Singapore, Brunei, Vietnam, Myanmar, Hong Kong, etc), Middle East Asia (UEA, Saudi Arabia, Kuwait, Lebanon, etc) and Africa (Sudan, Burkina Faso, Nigeria, Ivory Cost, Senegal, Mauritania, etc). We observe the operation of P.T. NIPRESS Tbk has been declining in the last three years.

 

We note that the demand for automotive and motorcycle batteries is closely correlated with the development of the automotive industry in the country. In general, the demand for automotive component is in line with the progress achieved by Indonesian automotive manufacturing industry.

 

We observe that motorcar and motorcycles assembling industries have kept on increasing in the last five years. However, the competition is very tight due to a number of automotive and motorcycle industries in the country like GS, NS, YUASA and others. The development of motorcycle production in the country in detail is as illustrated in the following table:

 

Indonesia’s Wholesales of Motorcar, 2005-2010*

 

Year

Production (AISI) (Units)

Wholesales (Units)

2005

500,710

534,000

2006

296,008

319,000

2007

411,638

433,000

2008

600,628

604,000

2009

464,816

483,000

2010*

500,000

720,000

 

Indonesia’s Production and Wholesales of Motorcycle, 2005-2010*

Year

Production (AISI) (Units)

Wholesales (Units)

2005

5,113,487

5,089,426

2006

4,459,000

4,470,722

2007

4,722,000

4,713,895

2008

6,264,265

6,280,799

2009

5,884,000

5,882,000

2010*

5,600,000

5,650,000

             *) Projected

             Source: AISI

 

According to financial statement that sales turnover of P.T. NIPRESS Tbk in 2008 amounted at Rp. 480.4 billion with a net profit of Rp. 1.5 billion declined to Rp. 279.9 billion with a net profit of Rp. 3.7 billion in 2009 increased to Rp. 400.9 billion with a net profit of Rp. 12.7 billion in 2010. As per 30 June 2011 the sales turnover has amounted at Rp. 256.9 billion with a net profit of Rp. 8.9 billion and projected to go on rising by at least 6% in 2012. We observe that P.T. NIPRESS Tbk is supported by the NIPRESS Group, a small sized business group with has financially strong and sound behind it. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers. The company usually pays its debts punctually to suppliers. The condense financial statement is shown.

 

                                                                                                                               (In million Rp)

 

Descriptions

30 June

2011

31 December

2010

2009

2008

A.  ASSETS

 

 

 

 

a. Current Assets

257,040

178,510

168,642

180,982

b. Non Current Assets

165,955

159,060

145,836

144,026

c. Other Assets

1,916

1,693

804

808

TOTAL ASSETS = TOTAL

LIABILITIES & EQUITY

422,995

337,606

     314,478

325,008

B. LIABILITIES

    &STOCKHOLDERS EQUITY

 

 

 

 

a. Current Liabilities

240,061

175,506

169,916

174,852

b. Non Current Liabilities

25,905

13,933

17,558

26,837

c. Stockholders Equity :

Paid Up Capital

Additional in paid Capital

Retained Earnings

Total Stock holders Equity

 

20,000

16,000

13,376

157,029

 

20,000

16,000

4,514

148,167

 

20,000

16,000

(8,149)

127,003

 

20,000

16,000

(11,834)

123,318

C. INCOME STATEMENT

 

 

 

 

a. Sales Net

256,879

400,894

279,929

480,458

b. Operating Profit

16,696

23,722

7,251

32,428

c. Net Profit (loss)

8,862

12,662

3,685

1,551

Notes: 31 December 2008, 2009, 2010 by KAP Muhaemin; *30 June 2011 un audited

The management of P.T. NIPRESS Tbk is led by Mr. Ferry Joedianto Robertus Tandiono (59) a businessman with more than 30 years of experience in battery manufacturing and trade. Daily operation he is assisted by Mrs. Feliawati Robertus Tandiono (58), Mr. Drs. Herman Selamat, MBA (55) and Mr. Jackson Tandiono, BA (36) as directors. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. NIPRESS Tbk is sufficiently fairly good for business transaction.

 

 

 

 

 

 

 

 

 

Attachment:

 

List of the NIPRESS Group Members

 

CAMCO OMYA INVESTAMA, P.T. (Investment Holding)

INDOBATT INDUSTRI PERMAI, P.T. (Car and Motorcycle Battery Manufacturing)

INDONESIA CAMCOCROWN CHEMICAL INDUSTRY P.T. (Investment Holding)

INDONESIA KALSIUM KABONATE AGUNG, P.T. (Investment Holding)

NIPRESS Tbk., PT. (Car and Motorcycle Battery Manufacturing)

PURI NUSA LESTARI, P.T. (Investment Holding)

OMYA INDONESIA, P.T. (Calcium Carbonate Industry)

TRANSINDO PERMAI, P.T. (Investment Holding)

TRITAN ADHITAMA NUGRAHA, P.T. (Investment Holding)

10. Etc.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.58

UK Pound

1

Rs.82.97

Euro

1

Rs.69.89

 

 

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

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

----

NB

New Business

----

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.