MIRA INFORM REPORT
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Report Date : |
06.01.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
P.T. NINDYABINA ABADISENTOSA |
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Formerly Known As : |
P.T. NINDYABINA
ADISARANA |
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Registered Office : |
Jalan Mojopahit
No. 27, Surabaya 60264, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
06.04.1990 |
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Com. Reg. No.: |
No. AHU-28455.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and
Export of Gum Resin, Gum Copal, Turpentine Oil and Seed Lac |
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No. of Employees
: |
10 |
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$ 200,000,000 |
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Status : |
Satisfactory |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Name of Company
P.T. NINDYABINA
ABADISENTOSA
company Address
Head Office
Jalan Mojopahit
No. 27
Surabaya 60264
East Java
Indonesia
Phones -
(62-31) 5683580, 5680789, 5685043
Fax - (62-31) 5680821
Building Area - 2 storey
Office Space - 500 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
a. 6 April 1990
as P.T. NINDYABINA ADISARANA
b. 12 July 2000
as P.T. NINDYABINA ABADISENTOSA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of Law and Human Rights
- No. C2-486.HT.01.01.TH.92
Dated 17 January 1992
- No. C-UM.02.01.3562
Dated 6 March 2006
- No. AHU-28455.AH.01.02.TH.2009
Dated 25 June 2009
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.941.509.0-607.000
Related Companies
a. P.T. MILATRONIKA KARYANIAGA (Trading,
Distribution and Export of Gum Resin, Gum
Copal, Turpentine Oil and Seed Lac)
b. P.T. MILATRONIKA KARYANIPAH SETIABADI
(General Trading and Export Services)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
350,000,000.-
Issued Capital : Rp.
105,000,000.-
Paid up Capital : Rp.
105,000,000.-
Shareholders/Owners
:
a. Mr.
Franciscus Budhi Santoso Suwandi Putra -
Rp. 73,500,000.-
Address : Jl, Pakis Argosari 4/4
Surabaya, East Java
Indonesia
b. Mr. Ir. Mahamadaru -
Rp. 5,250,000.-
Address : Jl. Ketintang Baru 14/11
Surabaya, East Java
Indonesia
c. Mr. Djoko
Soeprijono -
Rp. 5,250,000.-
Address : Jl. Petemon 4/134
Surabaya, East Java
Indonesia
d. Mr. Taufan
Sandjaja -
Rp. 5,250,000.-
Address : Jl. Kaliasin 5/9
Surabaya, East Java
Indonesia
e. Mr. Bambang
Triatmodjo -
Rp. 5,250,000.-
Address : Jl.
Indra Giri V/1 Kav. 50
Malang, East Java
Indonesia
f. Mr. David
Roedijanto -
Rp. 5,250,000.-
Address : Jl. Manyar Tirtoasri 10/23
Surabaya, East Java
Indonesia
g. Mr. Raden
Mas Agung Tjahyono -
Rp. 2,625,000.-
Address : Jl. Deltasari Indah BE - 12
Surabaya, East Java
Indonesia
h. Mr. Irwan
Syafrani -
Rp. 2,625,000.-
Address : Jl. Lidah Harapan Block V-1
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Export of Gum Resin, Gum Copal, Turpentine Oil and Seed Lac
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1992
Brand Name :
Nindyabina
Abadisentosa
Technical Assistance
:
None
Number of
Employee :
10 persons
Marketing Area
:
Export - 100%
Main Customers
:
a. Distributors
such as ARAKAWA Corp., and MITSUI Corp., both are from Japan
b. Buyers in
Singapore, India, Pakistan, Japan, Australia, Europe Union, the USA, Middle
East etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ALAM JAYA
LOKA
b. P.T. DUTA PERMATA MURNI
c. P.T. ISPAK
d. P.T. MILATRONIKA KARYANIAGA
e. P.T. PERHUTANI ANUGERAH KIMIA
f. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
RAKYAT INDONESIA Tbk
Jalan Rajawali No. 25-27
Surabaya, East
Java
Indonesia
b. P.T. Bank PAN
INDONESIA Tbk
Jalan Coklat No. 16
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 14.5
billion
2010 – Rp. 15.2
billion
2011 – Rp. 16.4
billion
Net Profit
(estimated) :
2009 – Rp. 0.9
billion
2010 – Rp. 0.9
billion
2011 – Rp. 1.1
billion
Payment Manner
:
Almost Promptly
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director - Mr. Djoko Soeprijono
Directors -
a. Mr. Taufan Sandjaja
b. Mr. Ir. Bambang WSS
c. Mr.
Ir. Mahamadaru
Board of
Commissioner :
President Commissioner -
Mr. Fransciscus Budhi Santoso Suwandi Putra
Commissioner -
Mr. Bambang Triatmodjo
Signatories :
President Director (Mr. Djoko Soeprijono) or one of the Directors (Mr.
Taufan Sandjaja, Mr. Ir. Bambang WSS or Mr. Ir. Mahamadaru) which must be
approved by Board of Commissioners
CAPABILITIES
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$ 200,000,000 on 90 days D/A
OVERALL PERFORMANCE
According to our investigation that initially at P.T. NINDYABINA ABADISENTOSA located and address registered at Jalan Raya Darmo No. 92 (Perum Perhutani), Surabaya, as stated in your order Ref. No. 165151 dated 31 December 2011. However as from April 2011 the address was moved into new address Jalan Mojopahit No. 27, Surabaya, East Java.
Originally named P.T. NINDYABINA ADISARANA, the company was established in Jakarta in April 1990 with an authorized capital of Rp. 200,000,000 of which Rp. 40,000,000 was issued and paid up. The company was founded by Mr. Fransiscus Budhi Santoso Suwandi Putra and Mrs. Budiati Indarnanto, both Indonesians of Chinese extraction, as the original shareholders. The company's notary deed was since revised a couple of times. In March 1991 Mr. Ir. Deni Pasha, also an Indonesian of Chinese extraction, joined the company as a new shareholder, on which occasion the issued and paid up capital was increased to Rp. 60,000,000. In the end 1999 the company's entire shares were taken over by Mr. Fransiscus Budhi Santoso Suwandi Putra. Then in July 2000 the company's name was changed to P.T. NINDYABINA ABADISENTOSA (P.T. NAS) and its legal domicile was moved to Surabaya (East Java). Then in February 2006, Mr. Djoko Soeprijono, Mr. Taufan Sandjaja, Mr. Raden Mas Agung Tjahyono, Mr. Irwan Syafrani, Mr. David Reodijanto and Mr. Bambang Triatmodjo joined the company as new shareholders.
Concurrently the authorized capital was raised to Rp. 350,000,000 issued capital to Rp. 105,000,000 entirely paid up. With this development the composition of its shareholders has been changed (see profile of this report). The deed of amendment was made by Mr. Triwinarno, SH, M.K., No. 06 and approved by the Ministry of Law and Human Right in its Decision Letter No. C-UM.02.01.3562, dated March 6, 2006. The latest based on notary deed of Mrs. Felicia Imantaka SH., No. 63 dated April 27, 2009 the board of directors and the board of commissioners reappointed to lead and runs of the company’s operation (see profile of this report). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-28455.AH.01.02.TH.2009 dated June 25, 2009.
We observe that Mr. Fransiscus Suwandi Putro is also the majority business stakes owner of P.T. MILATRONIKA KARYANIAGA which operates in trading, distribution and export of gum resin, gum copal, and turpentine oil, and P.T. MELATRONIKA KARYANIPAH SETIAABADI which operates in general trading and export.
P.T. NAS has been in operation since 1991 in trading, distribution and export of forestry industry products like gum resin, gum copal, turpentine oil and seed Lac. The company has been appointed jointly with its sister company P.T. MILATRONIKA KARYANIAGA as distributor of the above products by Perum PERHUTANI is a state-owned forest enterprises in Indonesia. Mr. Ir. Mahamadaru, the company's director, said the main products now being marketed by P.T NAS are gum resin and turpentine oil. At present P.T. NAS and P.T.MILATRONIKA KARYANIAGA have been given a gum resin allocation of about 30-40 containers of 20 feet (app. 568 tons) per month or some 6,800 tons per year, 45-50 tons of turpentine oil per month, 24 tons of seed Lac per month and 15 tons of gum copal per three months. But in reality in the case of gum copal and seed Lac no supplies are obtained from Perum PERHUTANI in last one year.
Mr. Bambang WSS, is also director of the company explained that the above products are entirely exported either directly by the company or through foreign trading houses to several countries in Asia, Europe and America, including Japan, India, Pakistan, Italy, Germany, the Netherlands, the UK, Columbia, Ecuador and Mexico either directly or through a foreign trading house. Some of the company's buyers in Japan include ARAKAWA Corporation and MITSUI Corp. Currently the company's gum resin is marketed at the average price of US$ 815 - US$ 940 per ton and turpentine oil at the average price of US$ 1,100 - US$ 1,200 per ton. Sales are either in cash or on 14 - 30 days credit upon receipt of goods. We find that on the whole the operations of P.T. NAS have been growing in the last three years and have been much dependent on supplies from Perum PERHUTANI, either Unit I (Central Java), Unit II (East Java) or Unit III (West Java). In 2007 P.T. NAS was able to export just 1,250 tons of gum resin increased to 1,400 tons in 2009, 1,620 tons in 2010 and 1,780 tons in 2011. We observe that operation of P.T. NAS has been growing slowly in the last four years.
We note that generally the domestic and international market demand for gum resin, turpentine oil, gum copal and other Indonesian forestry industry products has been rising in the last several years in line with the growing production of paint, thinner, cosmetics and other consumer industry products. But domestic production limitations have caused foreign buyer needs to be unfulfilled sometimes. The following Indonesian turpentine production figures will serve as an indicator. According to the Department of Industry and Trade, turpentine production in 2002 was registered at 13,175.0 tons, falling sharply to 8,975.0 tons in 2003, rising again to 10,294.0 tons in 2004 and to 13,700.0 tons in 2005, before dropping again to 7,633.0 tons in 2006 and rose again to 9,260.0 tons in 2007. Meanwhile the production of turpentine oil in 2008 reached at 12,800 tons rose to 14,900 tons in 2009 and 16,532 tons in 2010. The demand is projected to go on rising by at least 6% per year in the next five years. Meanwhile, competition is very heavy in the forestry product business on account of the many companies now operating in this business line in the country, one being P.T. ALAM JAYA LOKA. P.T. NAS is a slightly difficult position in the above business for being essentially dependent on limited rationing by Perum PERHUTANI, which is also the case with other comparable companies.
Until this time P.T. NAS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. NAS 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. 14.5 billion increased to Rp. 15.2 billion in 2010 rose again to Rp. 16.4 billion in 2011 and projected to go on rising by at least 5% in 2012. The company has yielded a net profit at least Rp. 1.1 billion and the company has an estimated total net worth of at least Rp. 2.0 billion. We observe that P.T. NAS is supported by the businessmen with has financially fairly 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 is led by Mr. Djoko Soeprijono (56), as
president director with has experienced for more than 18 years in the field of
trading and export of gum resin, gum copal, turpentine oil and seed Lac. In
daily activities, he is assisted by three directors namely Mr. Taufan Sandjaja
(71), Mr. Ir. Bambang WSS (63) and Mr. Ir. Mahamadaru (47). 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. NINDYABINA ABADISENTOSA is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
UK Pound |
1 |
Rs.82.33 |
|
Euro |
1 |
Rs.68.19 |
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 |
|
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.