MIRA
INFORM REPORT
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Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. THE FIRST NATIONAL GLASS WARE |
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Formerly Known As : |
P.T. THE FIRST NATIONAL GLASS WARE LIMITED |
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Registered Office : |
Jalan Pulolentut No. 11 Kawasan Industri Pulogadung Jakarta Timur, 13920 |
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Country : |
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Date of Incorporation : |
30.06.1971 |
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Com. Reg. No.: |
No. AHU-AH.01.10-01992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Glassware Manufacturing |
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No. of Employees : |
2,180 persons |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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. THE FIRST
NATIONAL GLASS WARE
Address
Head Office & Factory
Jalan Pulolentut No. 11
Kawasan Industri Pulogadung
Phones -
(62-21) 4609135 (Hunting)
Fax - (62-21) 4609141
E-mail - firna@firnaglass.com
Website - http://www.firnaglass.com
Land Area - 10,500 sq.
meters
Building Area - 8,700 sq. meters
Region - Industrial
Estate
Status - Owned
Registration data
Date of Incorporation :
30 June 1971 as
P.T. THE FIRST NATIONAL GLASS WARE LIMITED changed to P.T. THE FIRST NATIONAL
GLASS WARE, on August 31, 1999
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
AHU-43919.AH.01.02.TH.2008
Dated
23 July 2008
b. No.
AHU-44727.AH.01.02.TH.2010
Dated
20 September 2010
c. No.
AHU-AH.01.10-01992
Dated
19 January 2012
Company Status
:
Domestic
Investment (PMDN) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.002.862.9-004.000
b. The Department of Trade and Industry
- No. 2354/DY/XI/1974
Dated 5 November 1974
- No.
490/DJAI/IUT-6/PMDN/X/1986
Dated 16 October 1986
c. The Capital Investment Coordinating Board
- No. 1076/Sekr/Sp.PMDN/1972
Dated 17 July 1972
- No. 193/II/PMDN/1989
Dated 1 December 1989
- No. 142/II/PMDN/1995
Dated 23 May 1995
Related
Companies :
a. P.T. HEINZ
GLASS FIRNA
b. SUPER VALUE
STORES Ltd.,
Merchandise)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital - Rp.
900,000,000,000.-
Issued Capital - Rp. 235,799,000,000.-
Paid up Capital - Rp.
235,799,000,000.-
Shareholders/Owners
:
a. Mr. Wahyu Hanafi -
Rp. 235,789,000,000.-
Address :
Propinsi Morobe
- Guinea
Papua New
Guinea
b. Mr. Wilfred Hanafi -
Rp. 10,000,000.-
Address : Jl. Cempaka No. 1-B,
RT.010/03
Sawah Besar -
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
a. Glassware
Manufacturing
b. Investment
Holding
Production
Capacity :
a. Basic Items
b. Gift Items
c.
Printing/Decorative Items 120,500
tons (2,400,000 gross p.a.)
d. Packaging
e. Other Products
Total
Investment :
a. Owned Capital - Rp. 28.8 billion
b. Loan
Capital -
Rp. 84.1 billion
c. Total Investment - Rp. 112.9 billion
Started
Operation :
1974
Brand Name :
FIRNA
Technical
Assistance :
None
Number of
Employee :
2,180 persons
Marketing Area
:
Local -
15%
Export - 85%
Main Customer
:
Buyers in Europe
Union, Africa, the USA, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. The KEDAUNG
Group
b. PT.
PASIR SARI RAYA
c. PT. OPAL INDAH GLASS
d. PT. KWARSA INDAH MURNI
e. PT. ISHIZUKA MASPION INDONESIA
f. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r :
P.T. Bank MANDIRI
Tbk
Pulogadung
Industrial Estate
Jalan Raya Bekasi
Km. 21
Jakarta Timur
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 Rp. 440.0 billion
2009 Rp. 490.0
billion
2010 Rp. 550.0
billion
2010 Rp. 618.0
billion
Net Profit
(estimated) :
2008 Rp. 24.0
billion
2009 Rp. 26.8
billion
2010 Rp. 30.2
billion
2011 Rp. 34.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Muhammad Herman Hanafi
Directors -
a. Mr. Agus Harsojo Gunawan
b. Mr. Henry Tenardi Susanto
c. Mrs. Ameta Linda Sutekno
Board of Commissioners :
President Commissioner -
Mr. Wahyu Hanafi
Commissioner -
Mr. Tjan Tjan Hia
Signatories :
President Director (Mr.
Muhammad Herman Hanafi) or one of the Directors (Mr. Agus Harsojo Gunawan, Mr.
Henry Tenardi Susanto or Mrs. Ameta Linda Sutekno) which must be approved by
Board of Commissioner (Mr. Wahyu Hanafi).
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
OVERALL PERFORMANCE
Initially named
P.T. THE FIRST NATIONAL GLASS WARE LIMITED, it was established in June 1971
with an authorized capital of Rp. 50,000,000 issued and paid up capital of Rp.
10,000,000. The previous founding shareholders are Mr. Tjandra Kusuma AKA Tjan
Boen Hwa, Mr. Ali Susanto and Mr. Darmawan Tjahja, they are Chinese-Indonesian
businessmen. The company's notarial deed has frequently been amended. In July 1991 the authorized capital was
raised to Rp. 800,000,000 entirely issued and paid up. The company's whole
shares were instantly controlled by Mr. Tjandra Kusuma AKA Tjan Kok Hui and Mr.
Gunawan Tjandra AKA Tjan Kok Kwang. In August 1999 the company was renamed P.T.
THE FIRST NATIONAL GLASS WARE or known as P.T. FIRNA. The latest in July 2008,
Mrs. Henny Muljatiwanadihardja and Mr. Gunawan Tjandra pulled out and replaced
by Mr. Wahyu Hanafi (80.4%) and Mr. Tjandra Kusuma (19.6%), as new
shareholders.
Latest, on
January 2012, the authorized capital was raised again to Rp. 900,000,000,000.-
of which Rp. 235,799,000,000.- was issued and fully paid up. Since then, the shareholders of the company
are Mr. Wahyu Hanafi (99.996%) and his younger brother Mr. Wilfred Hanafi
(0.004%). The deed of amendment was made by Mr. Musa Muamarta, SH., was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-44727.AH.01.02.TH.2010, dated September 20, 2010 and No. AHU-AH.01.10-01992
dated January 19, 2012.
We observe that
Mr. Wahyu Hanafi is also business stakes owner of SUPER VALUE STORE Ltd., (SVS)
a private company engaged in importer, wholesaler and retailer of general
merchandise in Papua New Guinea.
P.T. FIRNA has
been in operation since 1974 in glassware manufacturing by managing a plant and
doubling as head-office located at Jalan Pulo Lentut No. 11, Pulogadung
Industrial-Estate, East Jakarta on a land of 10,500 sq. meters. The plant is
adjacent with sister company P.T. HEINZ GLASS FIRNA INDONESIA. The plant has
produced 120,500 tons types of glass per annum. The plant produces : Basic
Items consisting of Press Tumbler, Cup & Mug, Blow Tumbler, Jar, Vase, Bowl
& Plate, Table Set, Ashtry & Candle Holder, Jug, Lamps; Gift Items
consisting of Cake Plate Set, Salad Bowl Set, Serving Bowl Set, Starter Set,
Dinner Set, Tea Set, Punch Set, Chip & Dip Set, Divider Set;
Printing/Decoration Items consisting of Some Printing/FIRNA's Decoration Items;
Packaging consisting of Gift Box and Window Pack; Other Products consisting of
various Candles. Mrs. Linda Sutekno a senior marketing said to our inquiry that
some 85% of the products is exported to Singapore, Malaysia, Hong Kong, South
Africa, the USA, Germany and other European countries, while the other 15% is
marketed locally through grocers, supermarkets, wholesalers and stores in the
country. The operation of P.T. FIRNA has been running quite well because the
products are largely exported and it has controlled a wide marketing network.
Besides, P.T.
FIRNA is also engaged in investment holding by controlling some 40% shares of
P.T. HEINZ GLASS FIRNA INDONESIA (P.T. HGFI) and the rest is held by foreign
partner, BELGER GLASS SA, of Belgium. P.T. HGFI dealing with glass bottles
manufacturing for cosmetic, pharmaceuticals and beverages.
In overall we
find the demand for glassware as told above had been rising by 10% to 12% per
years in the last five years, both local and international market. It links
closely with the growth of hotel, restaurant and fast food development
including entertainment activities requiring such products for prizes. It is
projected the demand will be higher by 6% per year within the coming three
years. Competition is very tight due to a large number of similar local and
imported products are being offered for sales in local and international market. Some of the glassware producers in the
country such as the KEDAUNG Group, PT. PASIR SARI RAYA, P.T OPAL INDAH GLASS,
P.T. KWARSA INDAH MURNI, P.T. ISHIZUKA MASPION INDONESIA and others. We find that P.T. FIRNA's operation is good
on account of its products are well-known and it controls wide marketing
network within and outside the country.
Until this time
P.T. FIRNA has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
FIRNA 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. 1,720.0 billion increased to Rp. 1,910.0 billion in 2010
rose again to Rp. 2,015.0 billion in 2011 and projected to go on rising by at
least 8% in 2012. The operation in 2011 yielded an estimated net profit of at
least Rp. 147.0 billion and the company has an estimated total net worth of at
least Rp. 380.0 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. FIRNA
is led by Mr. Muhammad Herman Hanafi (58) a professional manager with experience
in glassware manufacturing and trading. In daily activities he is assisted by
three directors namely Mr. Agus Harsojo Gunawan (57), Mr. Henry Tenardi Susanto
(48) and Mrs. Ameta Linda Sutekno (42).
But we are sure the prime mover of the company is Mr. Wahju Hanafi (53),
founder of SUPER VALUE STORES Ltd. (SVS) is a large-size company in importer,
wholesaler and retailer of general merchandise in Papua New Guinea. The management is also handled by a number of
professional managers in this business, having maintained a wide business
relation with private businessmen at home and abroad as well as with government
authorities. So far, we did not hear that the companys management involved in
a dirty business practice or detrimental cases that settled in the country.
P.T. FIRNA is
appraised fairly good for business transaction. But owing to economic condition
in the country is still unstable, we recommend to treat prudently in extending
any new loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.85 |
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1 |
Rs.86.88 |
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Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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 SCs 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.