|
Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PRIMA MULTI ARTHA |
|
|
|
|
Registered Office : |
Wisma Kelai 7th
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
14.02.2005 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-45442.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
P.T. (Perseroan
Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Trader and
Exporter of Coal |
|
|
|
|
No. of Employees : |
37 |
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$ 2,500,000 |
|
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 of
Company :
P.T. PRIMA MULTI ARTHA
A d d r e s s
:
Head Office
Wisma Kelai 7th
Floor, Suite 701
Jalan Jend. Sudirman Kav. 3
Jakarta Selatan, 10270
Indonesia
Phones -
(62-21) 572 3809, 572 3810 (Hunting)
Fax - (62-21) 572 3811
E-mail - info@primamultiartha.com
Website - http://www.primamultiartha.com
Building Area - 5 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Representative Office
Jalan Puyau 1 No.
1
Sungai Besar, Banjarbaru
Banjarmasin, 70714
South Kalimantan
Indonesia
Phones -
(62-511) 478 0563 (Hunting)
Fax - (62-511) 478 0563
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
14 February 2005
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-17114.HT.01.01.TH.2005
Dated 21 June 2005
- No. AHU-35527.AH.01.02.TH.2009
Dated 27 July 2009
- No. AHU-45442.AH.01.02.TH.2009
Dated 14 September 2009
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.426.767.6-022.000
Related
Company :
A Member Company
of the PRIMA MULTI ARTHA Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
40,000,000,000.-
Issued Capital : Rp.
10,000,000,000.-
Paid up Capital : Rp.
10,000,000,000.-
Shareholders/Owners
:
a. Mr. Suwanto Sutono -
Rp. 9,991,000,000.-
Address :
Jl. Haruan No. 256 Ratu Elok RT. 008 RW. 002
Kelurahan
Sungai Besar, Kecamatan Banjarbaru
Selatan, South
Kalimantan
Indonesia
b. Mr. Raden Bambang Wiranto - Rp. 9,000,000.-
Address : Jl. Hang Lekir XI No.
12, RT. 005 RW. 006
Kelurahan Gunung, Kecamatan Kebayoran
Baru, Jakarta Selatan
Indonesia
Lines of
Business :
Trader and Exporter
of Coal
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2006
Brand Name :
Prima Multi Artha
Technical
Assistance :
None
Number of
Employee :
37 persons
Marketing Area
:
Export -
80%
Local - 20%
Main Customer
:
Buyers in China
and India
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. LAMINAR
INTERNATIONAL
b. P.T. MULTI
AGUNG SENTOSA
c. P.T. PUTRA
SADAYA PRIBUMI
d. P.T. SIGMA
CEMERLANG SINERGI
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Mitra Plaza Block B-1 No. 37-38
Jalan Pangeran Antasari
Banjarmasin, South Kalimantan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Lambung Mangkurat 11-13
Kertak Baru Ilir, Banjarmasin
South Kalimantan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 378.0
billion
2010 – Rp. 398.0
billion
2011 – Rp. 421.0
billion
Net Profit
(estimated) :
2009 – Rp. 22.7
billion
2010 – Rp. 23.9
billion
2011 – Rp. 25.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Suwanto Sutono
Directors -
a. Mr. Denny Susilo
b. Mr. Denny Chandra
Board of Commissioners :
President Commissioner -
Mr. Sukamto Rianto
Commissioner -
Mrs. Yeni Imelda Mirsa
Signatories :
President Director (Mr.
Suwanto Sutono) or one of the Directors (Mr. Denny Susilo or Mr. Denny Chandra)
which must be approved by Board of Commissioner
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$ 2,500,000 on
90 days D/A
P.T. PRIMA MULTI
ARTHA (P.T. PMA) was incorporated in Jakarta based on notary deed of Mr. Imam
Wahyudi, SH., No. 01 dated 14 February 2005 with an authorized capital of Rp.
60,000,000 wholly issued and paid up. The company was founded by Mr. Indra
Darmawan, Mr. Pang Gumilang and Mr. Ir. Didi Sunarwinadi, they are indigenous
businessmen. The company notary deed has been changed a couple of times. Then
based on notary deed of Mrs. Desy Yunita, SH., No. 01 dated 4 July 2009 Mr.
Indra Darmawan, Mr. Pang Gumilang and Mr. Ir. Didi Sunarwinadi pulled out and
the whole shares taken over by Mr. Suwanto Sutono and Mr. Raden Bambang
Wiranto, both are indigenous businessmen. The deed of amendments was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-35527.AH.01.02.TH.2009 dated July 27, 2009. Then according to the latest
revision of notary documents of Mrs. Lenny Janis Ishak, SH., No. 07 dated 14
August 2009 the authorized capital was increased to Rp. 40,000,000,000 issued
capital to Rp. 10,000,000,000 fully and paid up. With this development the
composition of its shareholders has been changed to become Mr. Suwanto Sutono
(99.91%) and Mr. Raden Bambang Wiranto (0.09%). The latest revision of notary
documents was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-45442.AH.01.02.TH.2009 dated September 14, 2009.
We observe that
Mr. Suwanto Sutono is an Indonesian businessman of Chinese descent who controls
majority business stakes of the PRIMA MULTI ARTHA Group, a small sized business
group dealing with coal mining, coal mining contracting, coal transportation
services, shipping services, and trucking rental and management services.
P.T. PMA started
to be operating since 2006 to deal with trader and exporter of coal. The
company supply of coal for domestic market to various industries such as
electric power plant, textile industries and other industries in Sumatra, Java,
Sulawesi, Nusa Tenggara Timur and Nusa Tengga Barat islands. The whole coal
obtained from sister company P.T. PRIMA BARA INDONESIA, P.T. RIZKI ANUGERAH
PRATAMA and C.V. KELUARGA SEJAHTERA which holds mining authorization (KP) in
Banjarbaru and Binuang regency, South Kalimantan and Central Kalimantan. Later
the company expanded its marketing by export of coal for overseas markets, our
regular clients comes from countries such as China and India. By the end of
2011, PT. Prima Multi Artha signing a long-term contract deals with one of the
company in China with quantity 1,000,000 tons per year begin on January 2012.
Also in year 2011, P.T. PMA reach with the revenue growth of 135% compare to
the year of 2010. P.T. PMA has raises the selling target by 2,200,000 ton per
year for the year of 2012. P.T. PMA is able to export of coal with calorific
values as from 5,000 kcl/kg - 6,000 kcl/kg with low sulphur. Most of the coal
exported to China and India and transported through vessel with capacity 50,000
tons. Meanwhile P.T. PMA marketed of coal to local power generation and textile
industries in Sumatra, Bandung, West Java and power development in East Java.
We observe the operation of P.T. PMA is classified a small company of its kinds
which operation has been growing slowly in the last three years.
We find that the
demand for coal mining contracting services, heavy/mining equipment rental,
repair and maintenance services and mining contracting services was rising by about
7% to 8% on the average per year in the five years, in close correlation with
the fast development of mining companies in the country. The international
market demand for coal has kept on rising within the last five years as evident
from the data put-out by the Central Bureau of Statistic (BPS) regarding
Indonesian coal product export as bellows. The national coal industries in
Indonesia have swiftly been growing. According to the Central Bureau of
Statistics (BPS), the national coal export in 2005 amounted US$ 4,354.0 million
rocketed to US$ 6,085.7 million in 2006 to US$ 6,681.5 million in 2007 and rose
again to US$ 10,485.1 million in 2008 rocketed to US$ 13,817.3 million in 2009
to US$ 18,499.3 million in 2010 and projected to go on rising by at least 6% in
2011.
Whereas, the
national coal production in 2005 reached 152.7 million tons rocketed to 193.8
million tons in 2006 to 216.9 million tons in 2007 to 240.2 million tons in
2008 increased to 256.2 million tons in 2009 and rose again to 275.2 million
tons in 2010. The growth of coal production and export in Indonesia in 2005 to
2010 is pictured on the following table:
|
Year |
Production (thousand tons) |
Export (thousand tons) |
Value (US$ million) |
|
2005 |
152,722 |
110,790 |
4,354.0 |
|
2006 |
193,761 |
143,633 |
6,085.7 |
|
2007 |
216,946 |
163,000 |
6,681.5 |
|
2008 |
240,249 |
191,430 |
10,485.1 |
|
2009 |
256,181 |
198,366 |
13,817.3 |
|
2010 |
275,164 |
208,000 |
18,499.3 |
Source: Directorate General Coal and
Mineral, Statistic of Central Board and processed by ICB
Until this time
P.T. PMA has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T. PMA is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2009 amounted to Rp. 378.0 billion
rose to Rp. 398.0 billion in 2010 increased to Rp. 421.0 billion in 2011 and
projected to go on rising by at least 4% in 2012. The operation in 2011 yielded
an estimated net profit of at least Rp. 25.3 billion and the company has an
estimated total net worth of at least Rp. 20.0 billion. 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 management
of P.T. PMA is led by Mr. Suwanto Sutono (44) a businessman and professional
manager with experience in coal mining, coal mining contracting and trader and
exporter of coal. Daily operation he is assisted by Mr. Denny Susilo (53) and
Mr. Denny Chandra (40) 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. PRIMA MULTI ARTHA is sufficiently fairly good
for business transaction.
Attachment:
List of the PRIMA MULTI ARTHA Group Members
1.
ANDHIKA JAYA PERKASA, P.T. (Coal Transportation and Stock
Pile Management Services)
2.
ATRIND MARINA GRAHA, P.T. (Shipping Services)
3.
BATU ANUGRAH MINERAL RESOURCES, P.T. (Coal Mining
Contractor)
4.
KELUARGA SEJAHTERA,
C.V. (Coal Mining)
5.
PRIMA BARA INDONESIA, P.T. (Coal Mining)
6.
PRIMA DAYA INDONESIA, P.T. (Trucking and Rental Management
Services)
7.
PRIMA MULTI ARTHA, P.T. (Trader and Exporter of Coal)
8.
RIZKI ANUGRAH
PRATAMA, P.T. (Coal Mining)
9.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.56 |
|
|
1 |
Rs.81.04 |
|
Euro |
1 |
Rs.67.48 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.