MIRA INFORM REPORT
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Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. DNP |
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Formerly Known As : |
P.T. DAI NIPPON PRINTING INDONESIA |
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Registered Office : |
Jl. Pulogadung Kav. 11 Block H No. 2-3, Jakarta
Industrial Estate Pulogadung , Jakarta Timur 13920 |
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Country : |
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Date of Incorporation : |
28.04.1971 |
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Com. Reg. No.: |
No. AHU-AH.01.10.21751 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Offset and
Gravure Printing |
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No. of Employees
: |
1,510 |
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 |
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Maximum Credit Limit : |
US$ 27.4 million |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
b1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
P.T. DNP
INDONESIA
Head Office & Factory I
Jl. Pulogadung Kav. 11 Block H No. 2-3
Jakarta Industrial Estate Pulogadung
Jakarta Timur 13920
Indonesia
Phones - (62-21) 4610313, 4605790, 4616061
Fax -
(62-21) 4605790, 4609934
Telex - 63694 NDPI IA
Land Area - 3,500 sq.
meters
Building Area - 2,200 sq.
meters
Region - Industrial
Estate
Status - Rent
Factory II
Jl. Maligi Raya Lot F1/F2
Kawasan Industri KIIC, Karawang
Bekasi, West Java
Phones - (62-21)
89107223-25, 89108156
Fax. - (62-21)
89108157
Land Area - 53,809 sq.
meters
Building Area - 28,500 sq.
meters
Region - Industrial
Estate
Status - Rent
a. 28 April 1971
as P.T. DAI NIPPON GITAKARYA PRINTING
b. 19 December
1986 as P.T. DAI NIPPON PRINTING INDONESIA
c. 22 October
2003 as P.T. DNP INDONESIA
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
C-29542.HT.01.04.TH.2003
Dated
18 December 2003
b. No.
AHU-AH.01.10-2476
Dated
31 January 2008
c. No.
AHU-AH.01.10.19064
Dated 04 August 2008
d. No. AHU-16265.AH.01.02.Tahun 2009
Dated 28 April 2009
e. No.
AHU-AH.01.10.21751
Dated 11 July 2011
Foreign
Investment (PMA) Company
a. The Department of Finance
NPWP No. 01.000.594.0-092.000
b. The President of the Republic of Indonesia
No. B-113/Pres/8/1970
Dated 04 August 1970
c. The Capital Investment Coordinating Board
- No. 210/III/PMA/1992
Dated 16 March 1992
- No. 101/II/PMA/1993
Dated 07 October 1993
- No. 178/II/PMA/1996
Dated 06 September
1996
- No. 164/II/PMA/2000
Dated 20 July 2000
d. The Department of Industry
No. 631/SK/II/1974
Dated 23 November 1974
a. DAI NIPPON
PRINTING CO. LTD., of Japan (Investment Holding)
b. A member of
the RODA MAS Group (see attachment)
Capital
Structure :
Authorized
Capital -
US$ 30,000,000.-
Issued Capital - US$ 26,000,000.-
Paid up Capital - US$ 26,000,000.-
Shareholders/Owners
:
a. P.T. RODA
MAS CO. LTD., of Indonesia -
US$. 12,740,000.- (49%)
Address: Jl. Let. Jend. S.
Parman Kav. 32-34
Jakarta 11480
Indonesia
b. DAI NIPPON
PRINTING CO. LTD., of Japan - US$.
13,260,000.- (51%)
Address: 1-1-1,
Ichigaya-Kogfacho,
Jakarta 11480
Indonesia
Lines of
Business :
Offset and
Gravure Printing
Production
Capacity :
Factory I (Pulogadung) :
a. Gravure
Printing -
371,274,000 sq. meters p.a.
b. Offset
Printing -
361,720,000 sq. meters p.a.
c. Coating - 18,000,000 sq. meters p.a.
d. Laminating - 24,000,000 sq. meters p.a.
e. Cutting &
Crushing - 18,000,000 sq. meters p.a.
f. Decorative Paper Printing -
24,000,000 sq. meters p.a.
g. LDDPE Film - 4,821 sq. meters p.a.
Factory II (Karawang) :
a. Gravure
Printing -
213,840,000 sq. meters p.a.
b. LLDPE Film - 8,784 sq. meters p.a.
c. CPP Film - 2,257 sq. meters p.a.
d. Metalizing -
181,440,000 sq. meters p.a.
e. Bag in Box - 3,456,000 units p.a.
Total
Investment :
Factory I (Pulogadung)
a. Equity Capital - US$. 30.0 million
b. Reinvested
Profit - US$. 29.4 million
c. Loan Capital - US$. 51.4 million
d. Total
Investment -
US$. 110.8 million
Factory II (Karawang)
a. Equity Capital - US$. 0 million
b. Loan Capital - US$. 41.0 million
c. Total
Investment -
US$. 41.0 million
Started
Operation :
1973
Brand Name :
DNP INDONESIA
Technical
Assistance :
DAI NIPPON
PRINTING CO. LTD., of Japan
Number of
Employee :
1,510 persons
Marketing Area
:
Domestic (Local) - 95%
Export -
5%
Main Customers
:
a. P.T. RASA
MURNI UTAMA
b. P.T. GENERAL
FOOD INDUSTRY
c. P.T. SUPERMIE
INDONESIA
d. P.T. NUTRIFOOD
INDONESIA
e. P.T. NISSIN
BISCUIT FACTORY
f. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. SAMAFITRO
b. P.T. PUTRA MANDIRI ABADI
c. P.T. HOLOCAD
INDONESIA
d. P.T. EXPRESS
GRAFIKA PRINTING
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Bekasi
Branch
Jalan
Raya Bekasi Km. 21
Jakarta Timur
b. P.T. Bank
BUANA INDONESIA Tbk
Kota Branch
Jalan Asemka
No. 32-35
Jakarta Barat
c. The Bank of
Tokyo Mitsubishi Ltd.
Main Branch
Jalan Jend. Sudirman Kav. 10-11
Jakarta Selatan
Auditor :
None
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2008 – Rp.
1,590.0 billion
2009 – Rp.
1,710.0 billion
2010 – Rp.
1,860.0 billion
2011 – Rp.
2,020.0 billion
Net Profit
(estimated) :
2008 – Rp. 69.0
billion
2009 – Rp. 76.0
billion
2010 – Rp. 83.5
billion
2011 – Rp. 92.0
billion
Payment Manner
:
Promptly
Financial Comments :
Satisfactory
Board of
Management :
President Director - Mr. Shuichi Kobayashi
Directors -
a. Mr. Yasushi Tanda
b. Mr. Masayuki Emori
c. Mr. Bong Harli
d. Mr. Nuryadi Thaher
e. Mr. Joseph Harry Irwanto Imam
Board of
Commissioner :
President Commissioner -
Mr. Tan Pei Ling
Commissioner -
Mr. Yujiro Kuroda
Signatories :
President Director (Mr. Shuichi
Kobayashi) or one of the Director (Mr. Yasushi Tanda, Mr. Masayuki Emori, Mr.
Bong Harli, Mr. Nuryadi Thaher and Mr. Joseph Harry Irwanto Imam) which must be approved by Board of
Commissioners (Mr. Tan Pei Ling and Mr. Yujiro Kuroda).
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit
Limit :
US$ 27.4 million on 90 days D/A
Originally when its establishment in 1971, the company was named P.T.
DAI NIPPON GITAKARYA PRINTING. Initially the company was a joint venture between
two foreign companies of Japan
namely DAI NIPPON PRINTING Co. Ltd., and
SUMITOMO Shoji Kaisha Ltd.,
with a state-owned
enterprise named P.T. Pertjetakan, Penerbit dan Pabrik Tinta
GITA KARYA. The venture had an authorized capital of US$ 1,100,000 and the
entirely was issued but it was just paid up of US$ 900,000. In 1986, SUMITOMO
Shoji Kaisha Ltd, and P.T. Percetakan,
Penerbit dan Pabrik Tinta GITA KARYA pulled out and they
were replaced by P.T. TUMBAK MAS, a
private company. Concurrently the authorized capital was raised to US$
10,000,000.-, entirely issued and paid up, and the company was renamed P.T. DAI
NIPPON PRINTING INDONESIA. In March 1994 the authorized capital was raised to
US$ 20,000,000.-, issued and paid up capital to US$ 10,000,000.-. By the same
time P.T. TUMBAK MAS pulled out and joined in a new shareholder P.T. RODA MAS
CO., LTD., a private company dealing with trading and investment holding.
The company's notary deed has frequently been revised, lastly in
December 2001 the authorized capital was raised again to US$ 30,000,000.-,
issued and paid up capital to US$ 21,660,000.-. In October 2003, the company
renamed to P.T. DNP INDONESIA (P.T. DNPI) and in 2008, the issued capital was
raised to US$ 26,000,000.- and fully paid up.
The shareholders of the company are P.T. RODA MAS Co. Ltd., of Indonesia
(49%) and DAI NIPPON PRINTING Co. Ltd., of Japan (51%). The latest amendment to notary deed was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-21751, dated July 11, 2011.
No changes have been effected in term of its shareholding composition
and capital structures to date.
The local partner of P.T. DNPI, P.T. RODA MAS CO.LTD., is the parent company of the RODAMAS Group, a business group headed by and the majority business stakes is controlled by Mr. Tan Siong Kie and his family members. The main businesses of the RODAMAS Group are in G.I. sheet manufacturing, food seasoning, flat glass and sheet glass manufacturing, property management, trading, etc.
P.T. DNPI is a foreign capital investment company (PMA) dealing with printing business. Its printing-house used to be located at Jalan Ceylon No.14-16, Central Jakarta, equipped with modern printing machines managed by P.T. Pertjetakan, Penerbitan dan Pabrik Tinta CITA KARYA. But since 1983 the printing-house was relocated to Jakarta Industrial Estate (JIEP), East Jakarta, using the newest and modern machines. In 1992 the company was licensed by BKPM (Investment Coordinating Board) to change its machines/equipment under the restructuring scheme which is expected to improve quality and to increase production capacity. Besides, in 1993 and 1996 it was also licensed by BKPM to expand and to increase production capacity as depicted in point 8 of this report.
The development and expansion have absorbed an investment of US$ 110.8
million coming from company's capital of US$ 30.0 million, reinvested profit of
US$ 29.4 million and the rest from loans. P.T. DNPI is now printing leaflets,
posters, calendars, books, labels, stickers, packages and other printed matters
all of high quality. In July 2000 P.T.
DNPI was also licensed by the BKPM to build a new plant located at Kawasan
Industri KIIC, Karawang, West Java, on a land of some 53,809 sq. meters and it
has been operating commercially since the end 2000. P.T. DNPI
is using super modern and high-tech machines. The new plant has a production capacity as
depicted in page-4 (business activities) of this report, with an investment of
US$ 41.0 million, entirely from loans.
Major customers of P.T. DNPI are large and potential companies using
printed matters, such as, P.T. RASA MURNI UTAMA, P.T. GENERAL FOOD INDUSTRY,
P.T. SUPERMIE INDONESIA, P.T. NUTRIFOOD INDONESIA, P.T. NISSIN BISCUIT FACTORY
INDUSTRIES, P.T. KHONG GUAN BISCUIT FACTORY, P.T. MANDOM INDONESIA Tbk., (the
then P.T. TANCHO INDONESIA Tbk.), P.T. UNILEVER INDONESIA Tbk., P.T. RADIANCEE,
P.T. TANABE ABADI, etc. P.T. DNPI is
classified as a big sized company in gravure and offset printing industry in
Indonesia and its business operation has kept on running smoothly and growing
to date.
Generally, the demand for gravure and offset printed products in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of food and beverage industries, snack food industries including instant noodle, biscuit, confectioneries, pharmaceutical, cosmetic industries, etc. But, as from October 2008, the demand growth for flexible packaging and printing has kept on dwindling as an impact of global economic crisis as told above. Beside, the competition is very tight on account many similar companies operating in the country such as PT. Samafitro, PT. Putra Mandiri Abadi, PT. Holocad Indonesia, PT. Express Grafika Printing, PT. Ancol Terang Metal Printing, Indonesia Multi Color Printing, etc. P.T. DNPI is considered to be in a favorable business position in view of the company's experience in the above business.
Until this time P.T. DNPI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of the company strongly rejected to disclose its financial condition, but we estimated that the company sales turnover in 2009 reached Rp 1,710.0 billion increased to Rp 1,860.0 billion in 2010 rose again to Rp 2,020.0 billion in 2011 and projected to rise by 8% to 10% in 2012. Its operation in 2011 is estimated to have booked a net profit of Rp 92.0 billion with a total networth of Rp 1,120.0 billion. So far, we did not hear that P.T. DNPI having been black listed by Bank Indonesia (Central Bank) and registered in district court for detrimental cases. The company has a punctual payment habit within 1 to 3 months.
Since mid 2007 the management of P.T. DNPI has been led by Mr. Shuichi Kobayashi (53), a professional manager of DAN NIPPON CO. LTD., of Japan with broad experience in offset and gravure printing. In his daily activities, he is assisted by five directors namely Mr. Yasushi Tanda (49), Mr. Masayuki Emori (52), both are from Japan, Mr. Bong Harli (51), Mr. Nuryadi Thaher (55) and Mr. Joseph Harry Irwanto Imam (63), all are from Indonesia. The management is handled by professional managers of home and overseas having wide relation with local and foreign businessmen as well as with the government sectors. So far, we did not hear that the management of the company having been involved in business malpractices. P.T. DNPI is still good for normal business transactions.
Attachment:
The RODAMAS Group is a national
private business group established in 1960-s by Mr. Tan Siong Kie (94) and his
wife Mrs. Liao Man Hua who was died on 24 June 2000. They are wholly Indonesian
of Chinese extraction. Mr. Tan Siong Kie
married with the late Mrs. Liao Man Hua in Shanghai in 1947. At present, Mr. Tan Siong Kie owned 3
children respectively Mrs. Tan Lien Chu (62), Mrs. Tan Yu Yen (59) and Mr.
Mucky Tan AKA Tan Pei Ling (54). They are wholly married son and daughters.
Parent company of the RODAMAS
Group is P.T. RODAMAS Co., Ltd., established in 1959 by Mr. Tan Siong Kie and
his family members. Originally P.T. RODAMAS Co Ltd was dealing with trading and
distribution of electrical parts and components, air conditioners, technical
goods, industrial chemicals and building materials, agricultural products
including copra, coconut oil, cooking oil and others.Apart from general trading
business, P.T. RODAMAS Co. Ltd., from 1990-s focused its operation in
investment holding business and management trust of the RODAMAS Group
members. P.T. RODAMAS Co., Ltd owns
shares directly and indirectly in 23 companies of the RODAMAS Group members.
The sister companies of the RODAMAS Co,. Ltd can be seen on the following
table:
|
No. |
Subsidiary Company |
P.T. Rodamas Co. Ltd,'s Shares |
Line of Business |
|
1. |
P.T. Tumbakmas Inti Mulia |
100.0% |
G.I. Sheet Manufacturing |
|
2. |
P.T. Dicky Metals |
100.0% |
Office Equipment Manufacturing |
|
3. |
P.T. Mitratama Kencana Sejati |
100.0% |
Food Product Manufacturing |
|
4. |
P.T. Mitratama Rasa Sejati |
100.0% |
Food Seasoning Manufacturing |
|
5. |
P.T. Esti Pura Kencana |
100.0% |
Investment Holding |
|
6. |
P.T. Tumbakmas Niaga Sakti |
100.0% |
Investment Holding |
|
7. |
Rodamas International Holdings |
100.0% |
Investment Holding |
|
8. |
Rodamas Marketing (s) Pte. Ltd. |
100.0% |
Overseas Marketing |
|
9. |
P.T. Sasa Inti |
50.0% |
Food Seasoning Manufacturing |
|
10 |
P.T. Sasa Fermentasi |
50.0% |
Food Seasoning Manufacturing |
|
11. |
P.T. Ajinomoto Indonesia |
50.0% |
Food Seasoning Manufacturing |
|
12. |
P.T. Kao Indonesia |
49.97% |
Consumer Goods Manufacturing |
|
13. |
P.T. DNP Indonesia |
49.0% |
Flexible Packaging and Printing |
|
14. |
P.T. Asahimas Flat Glass Tbk. |
39.69% |
Sheet Glass Manufacturing |
|
15. |
P.T. Sanwamas Metal Industry |
36.74% |
Rolling Door Manufacturing |
|
16. |
P.T. Nabisco Foods |
30.0% |
Biscuit and Snack Manufacturing |
|
17. |
P.T. Salonpas Indonesia |
25% |
Pharmaceutical Manufacturing |
|
18. |
P.T. Saint Gobain Winter Damas |
25.0% |
Tools Manufacturing |
|
19. |
P.T. Eratex Djaja Tbk. |
19.6% |
Textile Manufacturing |
|
20. |
P.T. Asahimas Chemical |
18.0% |
Industrial Chemical Processing |
|
21. |
P.T. Riken Asahi Plastic Indonesia |
10.0% |
PVC Compound Manufacturing |
|
22. |
P.T. Kao Indonesia Chemical |
5.0% |
Chemical (S03) Processing |
|
23. |
P.T. Video Display Glass Indonesia |
5.0% |
TV Bulbs Manufacturing |
Source: P.T. Rodamas Co. Ltd.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
|
UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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.