MIRA
INFORM REPORT
|
Report Date : |
31.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PUTRA MANDIRI INTIPACK |
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|
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Registered Office : |
Desa Watesari, Kecamatan
Balongbendo, Krian – Siddoarjo, 61263, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
18.05.2005 |
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Com. Reg. No.: |
No.
AHU-47676.AH.01.02.TH.2009 |
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Legal Form : |
P.T. (Perseroan Terbatas)
or Limited Liability Company |
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|
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Line of Business : |
Flexible
Plastic Packaging Manufacturing |
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No. of Employees : |
130 |
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$ 1,000,000 |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
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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 |
BASIC SEARCH
Name of
Company :
P.T. PUTRA MANDIRI INTIPACK
Address :
Head Office & Factory
Desa Watesari,
Kecamatan Balongbendo
Krian –
Siddoarjo, 61263
East Java
Indonesia
Phones -
(62-31) 8986026, 8986027, 8986028, 8986029
Fax - (62-31) 8986025
E-mail - ptpmi@windowslive.com
Land Area - 25,000 sq.
meters
Building Space - 17,200 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
18 May 2005
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-20817 HT.01.01.TH.2005
Dated 28 July 2005
- No. AHU-28865.AH.01.02.TH.2008
Dated 29 May 2008
- No. AHU-47676.AH.01.02.TH.2009
Dated 5 October 2009
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.370.464.6-603,000
The Department of Industry and Trade
TDP No.
13.17.1.52.02165
Dated 29 July
2008
The Capital Investment Coordinating Board
No.
109/I/PMDN/2005
Dated 13 July
2005
Related
Company :
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
20,000,000,000.-
Issued Capital : Rp. 8,000,000,000.-
Paid up Capital : Rp. 8,000,000,000.-
Shareholders/Owners
:
a. Mrs. Fransisca Fifi Yong Widya Tan -
Rp. 1,880,000,000.-
Address :
Jl. Durian 4/HE 97, Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
b. Mr. Iwan Widyanto -
Rp. 1,620,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
c. Mr. Djohan Warsono, SE - Rp. 860,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
d. Mr. Tjoa Mie Sik -
Rp. 720,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
e. Mr. Tjoa Mie Kiong -
Rp. 720,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
f. Mr. Senjaya Widya -
Rp. 720,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
g. Mr. Tedjo Widyanto -
Rp. 640,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
h. Mr. Julius Widyanto - Rp. 540,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
i. Mrs. Ninik Puspa -
Rp. 260,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
j. Mr. Soepriyanto -
Rp. 40,000,000.-
Address : Jl. Durian 4/HE 97,
Pondok Citra Indah
Kel.
Tambaksumur, Kec. Waru
Sidoarjo, East
Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Flexible Plastic
Packaging Manufacturing
Production
Capacity :
Flexible Plastic
Packaging - 7,000 tons p.a.
Total
Investment :
a. Equity Capital - Rp.
8.0 billion
b. Loan Capital - Rp. 11.6 billion
c. Total Investment - Rp. 19.6 billion
Started
Operation :
June 2007
Brand Name :
Putra Mandiri
Intipack
Technical
Assistance :
None
Number of
Employee :
130 persons
Marketing Area
:
Local - 93%
Export - 7%
Main Customer
:
Food Processing
Industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CIPTA
KEMAS ABADI
b. P.T. ILUVA
GRAVURE
c. P.T.
INDOGRAVURE
d. P.T. SURABAYA
PERDANA ROTOPACK
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
RAKYAT INDONESIA Tbk
Jalan Simpang Dukuh No. 38
Surabaya, East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Darmo No. 5
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 73.0
billion
2010 – Rp. 76.0
billion
2011 – Rp. 80.0
billion
Net Profit
(estimated) :
2009 – Rp. 5.1
billion
2010 – Rp. 5.7
billion
2011 – Rp. 6.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Tjoa Mie Sik
Directors -
a. Mr. Iwan Widyanto
b. Mr. Djohan Warsono, SE
Board of Commissioners :
President Commissioner -
Mrs. Fransisca Fifi Yong Widya Tan
Commissioners -
a. Mr. Tjoa Mie Kioh
b. Mr. Senjaya Widya
c. Mr. Tedjo Widyanto
Signatories :
President Director (Mr.
Tjoe Mie Sik) or one of the Directors (Mr. Iwan Widyanto or Mr. Djohan Warsono,
SE) which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Satisfactory
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$ 1,000,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. PUTRA MANDIRI INTIPACK (P.T. PMI) was incorporated in Sidoardjo,
East Java based on notary deed of Mrs. Happy Herawati Chandra, SH., No. 16
dated 18 May 2005 with the authorized capital of Rp. 8,000,000,000 issued
capital of Rp. 4,000,000,000 entirely paid up. The founding and shareholders of
the company are Tjoa Mie Sik, Mr. Iwan Widyanto, Mr. Djohan Warsono SE, Mrs.
Fransisca Fifi Yong Widya Tan, Mr. Tjoa Mie Kiong, Mr. Senjaya Widya, Mr. Tedjo
Widyanto, Mr. Julius Widyanto, Mr. Soepriyanto and Mrs. Ninik Puspa. They are
Indonesian businessmen of Chinese extraction. The deed of notary document was
approved by the Ministry of Law and Human Rights in its decision letter No.
C-20817 HT.01.01.TH.2005 dated July 28, 2005. The company notary documents has
been changed and based on notary deed of Mrs. Happy Herawati Chandra, SH., No.
42 dated 29 April 2008 the board of director and the board of commissioner
reappointed to lead and runs of the company’s operation. The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-28865.AH.01.02.TH.2008 dated May 29, 2008. The latest based on notary deed
of Mrs. Happy Herawati Chandra, SH., No. 2 dated 2 September 2009 the company’s
authorized capital was increased to Rp. 20,000,000,000 issued capital to Rp.
8,000,000,000 fully paid up. The latest revision of notary deed was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-47676.AH.01.02.TH.2009 dated October 5, 2009.
P.T. PMI is a
domestic investment (PMDN) company to operate in
flexible packaging industry. It’s plant located at Watesari village,
Balongbendo district, Krian-Sidoarjo, East Java standing on a land of 25,000 sq.
meters. The plant has been in commercial operation since June 2007 by produces
of flexible plastic packaging with annual production capacity of 7,000 tons.
The company has absorbed an investment of Rp. 19.6 billion come from owned
capital of Rp. 8.0 billion and the rest is loans. The plants produces flexible
packaging for biscuits & snack, soap & detergent, shampoo,
pharmaceuticals, liquid packaging, candies, food & beverages and other
packaging applications. P.T. PMI core business is converting & flexible
packaging, with rotogravure printing (a photomechanical
process by which pictures are transferred onto a cylinder so that the image can
be transferred to a continuously moving sheet of paper or plastic) and
laminating (the application of plastic film, printed or
non-printed, to the surface of material to enhance packaging appearance and
durability) process. At present, the company produces many kinds of
packaging for almost all kinds of products (meat and cheese, frozen foods,
coffee, snacks and confectionery, dry nuts, detergents, cigarette paper, etc).
Some 90% of the products are marketed domestically to a number of industries
including food, drink, candy, pharmaceutical, cosmetic industries, etc. and
among others, P.T. UNILEVER INDONESIA Tbk in East Java., P.T. SIANTAR TOP Tbk.,
P.T. WINGS SURYA, P.T. SAYAP MAS UTAMA, P.T. KARUNIA ALAM SEGAR, and others. It
plans to export 7% of its production with the bulk to be disposed of on the
domestic market. The operation of P.T.
PMI has been growing in the last three years.
Demand for
plastic packaging has kept on increasing in the last five years in line with
the growth of local consumer industries such as food and beverages, soap &
detergent industries, agriculture, agrochemical (fertilizer), chemical, mining,
and other sectors. The competition is very tight on account of many similar
companies operating in the country. The business position of P.T. SPMI is good
because some the whole product is supplied to food & snack processing,
beverages processing and other industries as customers.
Until this time
P.T. PMI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T. PMI 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. 73.0 billion
rose to Rp. 76.0 billion in 2010 increased to Rp. 80.0 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. 6.4 billion and the company has an
estimated total net worth of at least Rp. 21.0 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. PMI is led by Mr. Tjoa Mie Sik (54) a businessman and professional
manager with experience in flexible plastic packaging manufacturing. 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. PUTRA MANDIRI INTIPACK is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.50 |
|
|
1 |
Rs.77.73 |
|
Euro |
1 |
Rs.65.18 |
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.