|
Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PABRIK KERTAS INDONESIA |
|
|
|
|
|
|
Registered Office : |
Jalan Kertopaten No. 3 Surabaya, East Java |
|
|
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Country : |
Indonesia |
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|
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Date of Incorporation : |
25.05.1974 |
|
|
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|
|
|
Com. Reg. No.: |
No. AHU-74513.AH.01.02.TH.2008 |
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|
|
|
|
Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Industrial Paper Manufacturing |
|
|
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|
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|
No. of Employees : |
1,540 persons |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government
made economic advances under the first administration of President YUDHOYONO
(2004-09), introducing significant reforms in the financial sector, including
tax and customs reforms, the use of Treasury bills, and capital market
development and supervision. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment
grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T.
PABRIK KERTAS INDONESIA
(PAKERIN)
Head
Office
Jalan
Kertopaten No. 3
Surabaya,
East Java
Indonesia
Phones -
(62-31) 3716173 (hunting)
Fax - (62-31) 3714345, 3717223
P.O. Box - 1990 SBY 61364
Email - contact@pakerin.co.id
Website - http://www.pakerin.co.id
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Factory
Desa
Bangun
Kecamatan Pungging
Mojosari, Mojokerto 61384
East Java
Indonesia
Phones -
(62-321) 591377-78
Fax - (62-321) 591376
Land Area - 38,000 sq.
meters
Office Space - 23,000 sq. meters
Region - Industrial
Zone
Status -
Owned
Jakarta Office
Jalan Malaka II / 21-H
Jakarta
11230
Indonesia
Phones -
(62-21) 6910974
Fax - (62-21) 6910973
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
25
May 1974
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-74513.AH.01.02.TH.2008
Dated
16 October 2008
Company
Status :
Domestic
Investment Company (PMDN)
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.122.763.4-092.000
The Department of Industry and Trade
-
No. 020/IUS/DJ/XI/76
Dated 11 November 1976
-
No. 425/DJ.IKD/IZ/1993
Dated 9 October 1993
The Capital Investment Coordinating
Board
-
No. 62/A/Sp.01/BKPM/VI/77
Dated 10 June 1977
-
No. 10/VI/PMDN/1980
Dated 12 June 1980
-
No. 17/II/PMDN/1983
Dated 17 March 1983
-
No. 60/II/PMDN/1984
Dated 26 November 1984
-
No. 53/II/PMDN/1988
Dated 9 March 1988
-
No. 184/II/PMDN/1990
Dated 26 March 1990
-
No. 18/II/PMDN/1994
Dated 9 October 1994
Holding
Companies :
a. P.T. INTI ANUGERAH (Investment Holding)
b. P.T. SUPREME AGUNG (Investment Holding)
Affiliated/Associated
Companies :
a.
P.T. ASIA CARTON LESTARI (Corrugated Carton Box and Paper Tube Industry)
b.
P.T. INDOPACK PRATAMA (Corrugated Carton Box Manufacturing)
c.
P.T. PRIMA MASTER Bank (Banking Services)
d. P.T. ARATIKA (General Trading)
e. C.V. TRISAKTI (General Trading)
f. Etc.
Capital
Structure :
Authorized Capital - Rp. 1,000,000,000,000.-
Issued Capital - Rp. 261,000,000,000.-
Paid up Capital - Rp. 261,000,000,000.-
Shareholders/Owners
:
a. P.T. INTI ANUGERAH - Rp. 169,600,000,000.-
(64.98%)
b. P.T. SUPREME AGUNG - Rp. 88,200,000,000.- (33.79%)
c. Mr. Soegiharto - Rp. 3,200,000,000.- ( 1.23%)
Lines
of Business :
Industrial
Paper Manufacturing
Production
Capacity :
a.
Coated Duplex - 45,000 tons p.a.
b.
Paper Board - 6,000 tons p.a.
c.
Kraft Liner & Corrugated Medium - 30,000 tons p.a.
d.
NCR Papers - 4,600 tons p.a.
e.
Industrial Papers -
354,000 tons p.a.
f.
Cultural Papers - 45,000 tons p.a.
g.
Tissue Papers - 6,000 tons p.a.
h.
Pulps Papers -
129,000 tons p.a.
i.
Caustic Soda - 15,000 tons p.a.
Total
Investment :
a.
Equity Capital -
Rp. 261.0 billion
b.
Reinvested Profit -
Rp. 8.5 billion
c.
Loan Capital -
Rp. 304.4 billion
d.
Total Investment -
Rp. 573.5 billion
Started
Operation :
1980
Brand
Name :
PAKERIN
Technical
Assistance :
None
Number
of Employee :
1,540
persons
Marketing
Area :
Local -
70%
Export - 30%
Main
Customer :
Trading
and Distributor of Papers
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. Pabrik Kertas TJIWI KIMIA Tbk
b.
P.T. INDAH KIAT PULP & PAPER Tbk
c.
P.T. LONTAR PAPYRUS
d.
P.T. RIAU ANDALAN PULP & PAPER
e.
P.T. RIAU ANDALAN KERTAS
f. P.T. PELITA CENGKARENG PAPER
g. P.T. SURABAYA AGUNG KERTAS
h. P.T. SUPARMA Tbk
i. P.T.
SURABAYA MEKA BOX
j. Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Jembatan Merah 25
Surabaya, East
Java
Indonesia
b.
P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Darmo
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2008
– Rp. 1,150.0 billion
2009
– Rp. 1,240.0 billion
2010
– Rp. 1,385.0 billion
2011
– Rp. 1,572.0 billion
Net
Profit (estimated) :
2008
– Rp. 80.5 billion
2009
– Rp. 87.0 billion
2010
– Rp. 95.0 billion
2011
– Rp. 106.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. David Siemens Kurniawan
Director -
Mr. Njoo Steven Tirtowidjojo
Board of Commissioners :
President Commissioner - Mr. Soegiharto
Commissioner - Mr. Njoo Henry Susilowidjojo
Signatories :
President
Director (Mr. David Siemens Kurniawan) or the Director (Mr. Njoo Steven
Tirtowidjojo) which must be approved by Board of Commissioners
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
7Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate
amount
P.T.
PABRIK KERTAS INDONESIA abbreviated P.T. PAKERIN was established in May 1974 in
Surabaya, East Java. The founders and original shareholders are Mr. Njono
Soetjipto, Mr. Kusuma Sudarga, Mr. Iwan Kentjana, Mr. Sulistio Hadiwidjojo, Mr.
Harianto Simka, Mr. Siswanto Godjali (all of them ethnic Chinese businessmen)
and Mr. Soebijono, an indigenous businessman. The company's authorized capital
was set at Rp. 500,000,000 issued capital at Rp. 100,000,000 entirely paid up.
The company's articles of association were converted for several times. The
latest in November 1994 the authorized capital was raised to Rp.
800,000,000,000 issued and paid up capital to Rp. 164,046,600,000. By the same
time the above shareholders have all pulled out and replaced by P.T. INTI
ANUGERAH and P.T. SUPREME AGUNG, both are national private companies owned by
Mr. Njono Soetjipto and family.
The
latest in September 2008, the authorized capital was increased to Rp.
1,000,000,000,000 issued capital to Rp. 261,000,000,000 fully and paid up. On
the same occasion Mr. Soegiharto joined the company as new shareholder. The
deed of amendment was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-74513.AH.01.02.TH.2008, dated October 16, 2008. No
changes have been effected in term of its shareholding composition and capital
structures to date.
P.T. PAKERIN deals with industrial paper
manufacturing by operating a plant located in Desa Bangun, Kecamatan Pungging,
Mojosari, Mojokerto, East Java. Since
starting commercial production in 1980, the company has expanded its installed
capacity from 15,000 tonnes per annum (tpa) to 700,000 tpa in 1998 and
continually increased the range of products it manufactures. PT. PAKERIN is committed to increase its
market share through low cost, high efficiency and advanced manufacturing. PT. PAKERIN has a vertically integrated
operation with its own plants producing several pulps, caustic soda,
electricity and steam and pouring raw water, and various waste paper which are
the main ingredients in the paper production process. PT. PAKERIN manufactures
industrial paper which is used to make boxes and a wide range of packaging
material for industrial and consumer goods. Its main products are Kraft liner,
corrugating medium, coated duplex board, chip board, and core board.
In 1997, P.T. PAKERIN took over a corrugated
carton Box and Paper Tube factory totally with its assets and established a
Corrugated Carton Box and Paper Tube company under the name PT. ASIA CARTON LESTARI.
The establishment of PT. ASIA CARTON LESTARI was one of the expansion projects
of PT. PAKERIN to supply Corrugated Carton Boxes and Paper Tubes to Jabotabek
and its surrounding area. Present, some 70% of P.T. PAKERIN's products are sold
domestically while the rest 30% are exported to more than 20 countries such as
Singapore, Malaysia, Hong Kong, the People's Republic of China, Sri Lanka,
Australia and Pakistan. P.T. PAKERIN is classified as a large sized company in
the country dealing with paper making of which the operation had been running
smoothly and growing in the last three years.
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. But, we observed that Indonesian pulp and paper
export has kept on rising until the end of 2011. Beside that the domestic price
of pulp has also been dwindling due to the relatively large amount of pulp
supplies for domestic demand.
Projected Condition of National Paper Industries 2007 –
2010
(In thousand tons)
|
Description |
2007 |
2008 |
2009 |
2010 |
|
Paper Capacity |
10,707 |
10,957 |
10,957 |
10,957 |
|
Paper Production |
8,271 |
8,580 |
8,940 |
8,975 |
|
Imports |
245 |
214 |
208 |
245 |
|
Export |
2,513 |
2,571 |
2,700 |
2,900 |
|
Domestic Consumption |
6,004 |
6,223 |
6,449 |
6,320 |
Source: Department of
Industry (Depperin)
Until
this time P.T. PAKERIN has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. We
observed that total sales turnover of the company in 2009 amounted to Rp.
1,240.0 billion increased to Rp. 1,385.0 billion in 2010 to Rp. 1,572.0 billion
in 2011 and projected to go on rising by at least 8% in 2012. The operation in
2011 gained an estimated net profit of at least Rp. 106.0 billion and the
company has an estimated total asset of at least Rp. 730.0 billion. So far, we
did not heard that the company having been black listed by the Central Bank
(Bank Indonesia). The payment habit of the company ranging from 1 to 3 months
is running smoothly.
The
management of P.T. PAKERIN is headed by Mr. David Siemens Kurniawan (56) as
President Director, a professional manager with wide experience in industry and
trading of paper. In his daily activities, he is assisted by Mr. Njoo Steven
Tirtowidjojo (54) as director. The management of the company is handled by
professional managers having wide relation with overseas and national private
businessmen as well as with the government sectors. So far, we did not hear
that the company’s management involved in a dirty business practice or
detrimental cases that settled in the country. The company’s litigation record
is clean and it has not registered with the black list of Bank of
Indonesia.
Based
on the compiled information, it can be concluded that PT. PAKERIN is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
|
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.