MIRA INFORM REPORT
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Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. PURA BARUTAMA |
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Registered Office : |
Jl. Agil
Kusumadya No. 203, Kudus 59347, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
31.07.1981 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-08549 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of paper products, coating products, corrugated boxes, offset printing, rotogravure printing & covering and holography products. |
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No. of Employees
: |
8,260 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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$ 23.3 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) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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. PURA BARUTAMA
Head Office & Factory
Jl. Agil
Kusumadya No. 203
Kudus 59347
Central Java
Indonesia
Phones -
(62-291) 444361 - 5
Fax - (62-291) 44440, 439253
Email - info@puragroup.com
Website - http://www.puragroup.com
Land Area - 22,800 sq.
meters
Building Area - 1,600 sq. meters
Region - Industrial
Zone
Status - Owned
Representatives
a. Graha Pura
Jalan Pancoran Indah I No. 52
Jakarta Selatan 12780
Phones - (021) 79193585, 79193686
Fax. - (021) 79193586-87, 79193774-75
b. Jalan K.H. Hasyim Ashari No. 125
Jakarta
Pusat
Phones - (021) 3856063-64,
3868452
Fax. - (021) 3856062
c. Jalan Manyar Tirtomoyo IX/6
Surabaya,
East Java
Phones - (031)
597072, 597503
Telex - 34195 PURA IA
31 July 1981
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No. C-10840
HT.01.04.TH.2001
Dated
18 October 2001
b. No. AHU-71167.AH.01.02.Tahun 2008
Dated 08 October 2008
c. No.
AHU-30736.AH.01.02.Tahun 2009
Dated
06 July 2009
d. No.
AHU-AH.01.10-08549
Dated
21 March 2011
National Private
Company
a. The Department of Finance
NPWP No. 01.121.427.7-092.000
b. The Department of Trade and Industry
SIUP No. 155/M/SK/6/1987
Dated 12 June 1987
A member of the
PURA Group (see attachment)
Capital
Structure :
Authorized Capital - Rp. 1,000,000,000,000.-
Issued Capital - Rp. 670,000,000,000.-
Paid up Capital - Rp. 670,000,000,000.-
Shareholders/Owners
:
a. Mr. Jacobus
Busono - Rp.
634,760,000,000.-
Address: Jl. Mangga No. 4
Kudus, Central Java
Indonesia
b. Mr. Albertus Pranoto Busono - Rp. 19,200,000,000.-
Address: Jl. Mangga No. 11
Kudus, Central Java
Indonesia
c. Mrs. Dini
Anggreani - Rp. 40,000,000.-
Address: Jl. Mangga No. 4
Kudus, Central Java
Indonesia
d. P.T.
PURAWIDYA GRAHA - Rp. 16,000,000,000.-
Address: Jl. Agil Kusumadya 203
Kudus, Central Java
Indonesia
Lines of
Business :
a. Manufacturing
of paper products, coating products, corrugated boxes, offset printing,
rotogravure
printing & covering and holography
products.
b. Workshop
c. Investment
Holding
Production
Capacity :
a.
Paper products - 62,485 tons p.a.
- Cork tipping base paper
- Carbonless base paper
- Self containing base paper
- Computer base paper
- Siliconized base paper
- Kraft
& medium liner
- Security Paper
b.
Coating Products - 5,320 tons p.a.
- Carbonless paper (NCR)
- Selt container paper
- Telex paper
- Art paper
- Beer label
- Alu paper board
- Thermal paper
- Wax paper
c.
Corrugated Boxes - 11,400 tons
p.a.
- Corrugated boards
- Corrugated sheets
- Corrugated sleeves
- Paper tubes
d.
Offset Printing - 322.9
million sq.m. p.a.
- Folding box
- Microflute box
- Label
- Display
- Sticker
-
Hanger
e. Rotogravure Printing and
Converting, Holography Products - 322.9 million sq.m. p.a.
- Transfer printing for
plastic products
- Flexible packaging
- Cork tipping paper
- Siliconized release paper
- Cold & heat sealed paper
- Holography paper
- Holography board
- Holography aluminum foil
- Holography polynum
- Holography sticker
Total
Investment :
a. Equity Capital - Rp. 670.0
billion
b. Loan Capital - Rp --
billion
c. Total
Investment - Rp.
670.0 billion
Started
Operation :
1982
Brand Name :
PURA BARUTAMA
Technical
Assistance :
None
Number of
Employee :
8,260 persons
Marketing Area
:
Domestic (Local) -
90%
Export - 10%
Main Customers
:
a. P.T. DJARUM
b. P.T. UNILEVER
INDONESIA Tbk.
c. P.T. PROCTER
& GAMBLE
d. P.T. HARTONO
ELECTRONICS
e. P.T. MASPION
f. P.T. FOOD SPECIALTIES INDONESIA
g. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BOSUNG
INDONESIA
b. P.T. KAGOE IGAR JAYA Tbk.
c. P.T. KEMAS CORRUPAD INDONESIA
d. P.T. MAKMUR INDAH KEMASINDO
e. P.T. PAPYRUS SAKTI, etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank NEGARA INDONESIA Tbk
Kudus Branch
Jalan A. Yani No. 55
Kudus, Central Java
b. P.T. Bank
RAKYAT INDONESIA Tbk
Kudus Branch
Jalan Jend. Sudirman No. 66
Kudus, Central Java
c. P.T. Bank CIMB
NIAGA Tbk.
Kudus Branch
Jalan M.H.
Thamrin 55
Kudus, Central
Java
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2008 – Rp.
1,210.0 billion
2009 – Rp.
1,355.0 billion
2010 – Rp. 1,520.0
billion
2011 – Rp.
1,712.0 billion
Net Profit
(estimated) :
2008 – Rp. 102.0
billion
2009 – Rp. 114.0
billion
2010 – Rp. 126.0
billion
2011 – Rp. 142.0
billion
Payment Manner
:
Prompt
Financial Comments :
Satisfactory
Board of
Management :
President Director - Mr. Jacobus Busono
Directors -
a. Mr. Albertus Pranoto Busono
b. Mr. Ir. Yohanes Moeljono Soebijanto
c. Mrs. Vilanta Busono
d. Mr. Anang Widodo
e. Mr. Handoyo Soputeranto
f. Mr.
Johanes Slamet Harjanto
Board of
Commissioner :
Commissioner -
Mr. Yulianto, SE
Signatories :
President Director (Mr. Jacobus Busono) or one of the Director (Mr.
Albertus Pranoto Busono, Mr. Ir. Yohanes Moejono Soebijanto, Mrs. Vilanta Busono,
Mr. Anang Widodo, Mr. Handoyo Soputeranto and Mr. Johanes Slamet Harjanto)
which must be approved by Board of Commissioner (Mr. Yulianto, SE)
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Low
Credit Recommendation
:
Credit can be proceeded promptly
Proposed Credit Limit :
Fairly large
amount
Maximum Credit
Limit :
US$ 23.3 million on 90 days D/A
The company originally named P.T. PURA BARU set-up in 1981 in Kudus, Central Java with an authorized capital of Rp. 5,000,000,000.- issued capital of Rp. 1,000,000,000.- was entirely paid-up. Founders and original shareholders of the company are Mr. Jacobus Busono, his wife Mrs. Lie May Hiang (both are Indonesian business family of Chinese extraction) and Mr. Kusprianto, an indigenous businessman. In 1983, the company was renamed to P.T. PURA BARUTAMA (P.T. PB). Besides that, its articles of association were converted for several times both in term of capitalization and shareholding composition.
In December 2000, the authorized capital was increased to Rp. 1,000,000,000,000.- issued capital to Rp. 670,000,0000,000.- was entirely paid-up. In the meantime, we observe that the company's shares were takeover by Mr. Jacobus Busono, Mrs. Dini Anggreani, Mr. Albertus Pranoto Busono and P.T. PURAWIDYA GRAHA (a national private company whose shares are controlled by Mr. Jacobus Busono and his family members). The notary deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-08549 dated March 21, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
Mr. Jacobus Busono and his family members are majority founder, prime-mover and majority business stakes owners of the PURA Group, a big-size national private business group in Kudus, Central Java. The PURA Group is mainly engaged in the manufacturing of paper products, coating products, corrugated boxes, offset printing, rotogravure printing & covering and holography products.
P.T. PB started with operation in 1982, originally in the paper manufacturing industry, with its plant also being equipped with a converting unit. Since 1983, P.T. PB took over all the activities and assets of four affiliated companies, which were merged into the company. The merged companies were P.T. Percetakan PUSAKA RAYA (operating in off-set printing), P.T. PURA BOXINDO in corrugated box manufacturing, P.T. PURA ROTO in the rotogravure printing and converting industry and P.T. PURA KERTAS in the paper milling industry.
At present P.T. PB operates 4 units of plant entirely located in Kudus, Central Java. The plant has been frequently expanded and the current production capacity is as listed on point 8 of this report. P.T. PB's products is marketed through its parent company P.T. PURAWINDYA GRAHA which has secured a number of regular customers like P.T. DJARUM, P.T. UNILEVER INDONESIA, P.T. PROCTER & GAMBLE, P.T. HARTONO ELECTRONICS, P.T. MASPION, P.T. FOOD SPECIALTIES INDONESIA, P.T. Pabrik Djamu AIR MANCUR, and many others. Besides that, P.T. PB also succeeded to export around 10% of its products to several countries including Somalia, Malaysia, Taiwan, Pakistan, the Philippines and others. Besides, the company also has a workshop for making rotogravure and coating machines and other products based on order from customers. Products of the company are marketed by using PURA brand. P.T. PB in March 2000 succeeded to win a tender to procure security papers for the printing of Rp. 1,000 and Rp. 5,000 bank notes with a total contract of US$ 3.0 million. P.T. PB is the first company in South East Asia region which is able to produce security paper for bank notes. Besides that, the company has been trusted to export its security paper product to Somalia. P.T. PB is classified as a large-size company in the above business in Indonesia.
Generally, 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. Beside that the domestic price of pulp has also been dwindling due to the relatively large amount of pulp supplies for domestic demand. Business position of P.T. PB is not so critical for it has controlled permanent customers and wide marketing netowork in many major cities in Java. We are sure the company is in the position to maintain its business in the future.
Until this time P.T. PB has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management is very reclusive to outsider and rejected to disclose its financial condition. But we estimate the total sales turnover of P.T. PB in 2009 amounted to Rp 1,355.0 billion increased to Rp 1,520.0 billion in 2010 to Rp 1,712.0 billion in 2011 and projected it will be higher by 10% in 2012. The operation in 2011 yielded an estimated profit at about Rp 142.0 billion and the company has an estimated total networth at around to Rp 920.0 billion. We observe that P.T. PB is supported by financially strong behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
P.T. PB's management is led Mr. Jacobus Busono (75), a businessman with more than 45 years experience in trading and manufacturing of paper products, rotogravure printing and offset printing. In his day-to-day business operation he is respectively assisted by Mr. Albertus Pranoto Busonoo (49), Mr. Ir. Yohanes Moejono Soebijanto (55), Mrs. Vilanta Busono (47), Mr. Anang Widodo (46), Mr. Handoyo Soputeranto (45) and Mr. Johanes Slamet harjanto (38), all as directors. We observed that the management is also handled by professional management team having wide relation with home and overseas private businessmen as well as with the government sectors.
P.T. PURA BARUTAMA is appraised quite feasible for normal business transaction. But owing to economic and political condition in the country to remain unstable, we recommend to treat prudently in extending any new loans to the company.
Attachment:
List of the PURA
Group Members
1.
P.T. PURA BARUTAMA (Investment Holding and Manufacturing of
Paper Products, Coating Products, Corrugated Boxes, Offset Printing)
2.
P.T. PURA NUSAPERSADA (Manufacturing of Holography Products
and Paper Making)
3.
P.T. PURAWIDYA GRAHA (Sole Distribution of Industrial Papers
and Investment Holding)
4.
P.T. PURA WISATA BARUTAMA (Hotelry and Recreation Centre
Management)
5.
P.T. PURA INDOSTAMPING (Manufacturing of Hot Stamping Foil)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.79 |
|
UK Pound |
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.