|
Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PURA BARUTAMA |
|
|
|
|
Registered Office : |
Jalan Agil
Kusumadya No. 203 Kudus 59347 Central Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
31.07.1981 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Manufacturing of paper products, coating products, corrugated boxes, offset printing, rotogravure printing & covering and holography products. · Workshop · Investment Holding |
|
|
|
|
No. of Employees : |
8,260 |
RATING & COMMENTS
|
MIRAs 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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices
Source
: CIA
P.T. PURA
BARUTAMA
Head Office &
Factory
Jalan Agil
Kusumadya No. 203
Kudus 59347
Central Java
Indonesia
Phones -
(62-291) 444 361- 5
Fax - (62-291) 444 403, 439253
Email - info@puragroup.com
Website - www.puragroup.com
Land Area - 22,800 sq.
meters
Building Area - 1,600 sq.
meters
Region - Industrial
Zone
Status - Owned
Representatives
a. Jalan Pancoran Indah I No. 52
Jakarta
Selatan, 12780
Indonesia
Phones - (62-21) 7919 3585, 7919 3686
Fax -
(62-21) 7919 3586, 7919 3687, 7919 3774, 7919 3775
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
b. Komplek
Perkantoran Delta Permai
Jalan Raya
Panjang Jiwo Permai 1m B 19 20
Surabaya, 60299
East
Java
Indonesia
Phones - (62-31) 842 1325, 842 1326, 842
1327
Fax -
(62-31) 842 1324
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
c. Thamrin Square Block C1
Jalan M.H. Thamrin No. 5
Semarang,
50134
Central Java
Indonesia
Phones -
(62-24) 765 88 200, 765 88 201
Fax -
(62-24) 765 88 203, 765 88 207
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
31 July 1981
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C-10840 HT.01.04.TH.2001
Dated
18 October 2001
- No.
AHU-71167.AH.01.02.Tahun 2008
Dated
08 October 2008
- No.
AHU-30736.AH.01.02.Tahun 2009
Dated
06 July 2009
- No.
AHU-AH.01.10-08549
Dated
21 March 2011
Company Status :
National Private Company
Permit by
the Government Department :
The Department of Finance
NPWP No. 01.121.427.7-092.000
The Department of Trade and Industry
SIUP No. 155/M/SK/6/1987
Dated 12 June 1987
Related Companies :
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 millions sq.m. p.a.
- Folding box
- Microflute box
- Label
- Display
- Sticker
- Hanger
e. Rotogravure Printing and
Converting, Holography
Products -
322.9 millions 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
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
B a n k e r s :
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) :
2010 Rp.
1,520.0 billion
2011 Rp.
1,712.0 billion
2012 Rp.
1,875.0 billion
2013 Rp. 980.0 billion (January June)
Net Profit
(estimated) :
2010 Rp. 126.0
billion
2011 Rp. 142.0
billion
2012 Rp. 157.0
billion
2013 Rp. 88.2 billion (January June)
Payment Manner
:
Average
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
Based on investigation the correct name of the Subject is P.T. PURA
BARUTAMA not P.T. PURA GROUP as stated in your order ref. no. 246538 dated 9
December 2013.
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.
The national pulp and paper industries will be better in 2012 than in
2011. Market estimates of production and sales will be the norm. Additional
capacity will continue price of pulp is still going up although with a slower
rise in pulp price increases triggered by the low stock of pulp due to the hard
efforts of pulp mills to reduce production, to balance the supply-demand, and
the purchase of pulp on a large scale by China also triggered a rise in pulp
prices. Ir. H. M. Mansur, Chairman of the Presidium APKI (Association of
Indonesian Pulp and Paper) said the increased price of paper is not as big and
as fast as the price of pulp, because the factories are not as intensive as
paper pulp mills to reduce production, so that the paper stock in the world
market is still quite great. Indonesia's pulp paper does not seem necessary to
limit and reduce production because production will be absorbed by the
market-domestic and export markets. Global crisis appears to have started over,
things would be normal, production, consumption and prices will rise again.
Indonesia has very good potential to be leader in the global pulp and paper
industry due to its geographical location.
Indonesian Pulp and Paper
Production, 2007 2012
(Tons)
|
Year |
Pulp Production |
Paper Production |
|
2007 |
5,200,000 |
11,000,000 |
|
2008 |
5,900,000 |
9,7000,000 |
|
2009 |
6,500,000 |
12,200,000 |
|
2010 |
7,900,000 |
12,900,000 |
|
2011 |
7,900,000 |
12,900,000 |
|
2012 |
8,216,000 |
13,416,000 |
Until this time P.T. PB has not
been registered with Indonesian Stock Exchange, so that they had 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 2010 amounted to Rp 1,520.0 billion
increased to Rp 1,712.0 billion in 2011 to Rp 1,875.0 billion in 2012. As from
January to June 2013 the sales turnover has amounted at Rp. 980.0 billion with
a net profit of Rp. 88.2 billion and the sales its projected to go on rising
by at lest 6% in 2014. 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 (76), a businessman with
more than 46 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 (50), Mr. Ir.
Yohanes Moejono Soebijanto (56), Mrs. Vilanta Busono (48), Mr. Anang Widodo
(47), Mr. Handoyo Soputeranto (46) and Mr. Johanes Slamet harjanto (39), 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.
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.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 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.