|
Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PELITA CENGKARENG PAPER |
|
|
|
|
Formerly Known
as: |
P.T. PELITA
CENGKARENG PAPER CO. |
|
|
|
|
Registered Office : |
Jalan Daan
Magot Km. 18, Batuceper, Kebon Besar, Tangerang, 15122, Banten Province |
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|
|
Country : |
Indonesia |
|
|
|
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Date of Incorporation : |
09.01.1974 |
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|
|
|
Com. Reg. No.: |
No.
AHU-20570.AH.01.02.TH.2013 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
producer
of various kinds of papers such as kraft liner, corrugating medium, duplex
board, chipboard and wrapping papers Subject
also engaged in Electric Steam Power Plant Development and Management |
|
|
|
|
No. of Employees : |
1,700 |
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 : |
Satisfactory |
|
|
|
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Payment Behaviour : |
No Complaints |
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|
|
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. PELITA CENGKARENG PAPER
Head Office &
Factory
Jalan Daan Magot
Km. 18
Batuceper, Kebon
Besar
Tangerang, 15122
Banten Province
Indonesia
Phone -
(62-21) 6194428, 6194791, 6197012-14, 6197522, 5522592
Fax - (62-21) 5522593, 5408028, 6197021
E-mail - info@pcp.co.id
Website - http://www.pcp.co.id
Land Area - 10,700 sq.
meters
Building Area - 9,200 sq.
meters
Region - Industrial Zone
Status - Owned
Subang Factory
Jalan Raya
Pabuaran Km. 1.8
Desa Karang
Mukti, Kecamatan Cipeundeuy
Subang, 41211
West Java
Indonesia
Phone -
(62-260) 7613598 (Hunting)
Fax - (62-260) 7613599
Land Area - 331,000 sq.
meters
Building Area - 250,000 sq.
meters
Region - Industrial
Zone
Status - Owned
a. 9 January 1974
as P.T. PELITA CENGKARENG PAPER CO.
b. 29 December
2006 as P.T. PELITA CENGKARENG PAPER
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. W7-HT.01.04-5522
Dated 20
April 2007
- No. AHU-AH.01.10-12357
Dated 21
May 2008
- No. AHU-AH.01.10-02586
Dated 27
March 2009
- No. AHU-42710.AH.01.02.TH.2012
Dated 7 August 2012
- No. AHU-AH.01.10-29574
Dated 9 August 2012
- No. AHU-20570.AH.01.02.TH.2013
Dated 17 April 2013
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP No.
01.215.917.4-415.000
The Capital
Investment Coordinating Board
- No. 136/V/PMA/2001
Dated 27
November 2001
- No. 489/III/PMA/2004
Dated 25
May 2004
- No. 1736/III/PMA/2006
Dated 29 December 2006
- No. 110/II/PMA/2007
Dated 4 April 2007
The Department of
Industry
No.
168/T/Industri/2004
Dated 11 June
2004
a. P.T. SARI RASA
(Tea Manufacturing)
b. P.T. SUMBER
PELITA (Nylon Rope Manufacturing)
Capital
Structure :
Authorized Capital :
Rp. 2,000,000,000,000.-
Issued Capital :
Rp. 500,702,400,000.-
Paid up Capital :
Rp. 500,702,400,000.-
Shareholders/Owners
:
a. P.T. ASIAMAKMUR SEJAHTERA - Rp. 250,000,000,000.-
b. ALLIED SMART LIMITED., Jersey - Rp. 75,341,998,000.-
c. P.T. SARIRASA SEJAHTERA -
Rp. 64,799,182,000.-
d. P.T. WIJAYARAYA SEJAHTERA - Rp. 58,896,125,000.-
e. P.T. ASIAPACIFIC INVESTINDO -
Rp. 28,886,638,000.-
f. P.T. SINARINTI WIJAYAKARYA -
Rp. 6,270,569,000.-
g. P.T. GOLDENMITRA KARYATAMA -
Rp. 5,118,659,000.-
h. P.T. GOLDENMITRA SEJAHTERA -
Rp. 4,764,871,000.-
i. P.T. ASIAPACIFIC INVESUTAMA - Rp. 4,416,239,000.-
j. P.T. METROMAS ABADITAMA -
Rp. 2,208,119,000.-
Lines of
Business :
a. Paper Making
b. Electric Steam Power Plant
Development and Management
Production
Capacity :
A. Initial Plant
a. Wrapping Papers - 153,000 tons p.a.
b. Corrugated Medium Papers -
27,000 tons p.a.
c. Electric Steam Power Plant - 11 MW
B. Expansion Plant (Subang)
a. Medium Liner, Kraft Liner,
In Liner -
350,000 tons p.a.
b. Electric Steam Power Plant - 25 MW
Total
Investment :
A. Initial Plant
a. Equity Capital - Rp. 381.0 billion
b. Loan Capital - None
c. Total Investment - Rp. 381.0 billion
B. Expansion Plant (Subang)
a. Equity Capital - Rp. 1,000.0 billion
b. Loan Capital - None
c. Total Investment - Rp. 1,000.0 billion
Started
Operation :
a. 1976 (Cengkareng)
b. Subang (January 2013)
Brand Name :
None
Technical
Assistance :
ALLIED SMART Ltd., of Jersey
Number of
Employee :
1,700 persons
Marketing Area
:
Local - 55%
Export -
45%
Main Customer
:
Distributors and dealers
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. UNIPA DAYA
b. P.T. SURABAYA AGUNG INDSUTRY KERTAS
c. P.T. SOPANUSA TISSUE &
PACKAGING SARANA SUKSES
d. P.T. THE UNIVENUS
Business Trend
:
Growing
Bankers :
a. P.T. Bank UOB INDONESIA
Jalan Asemka No. 34-35
Jakarta Barat
Indonesia
b. DEUTSCHE Bank AG
Jalan Imam Bonjol 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 592.0 billion
2011 – Rp. 637.0 billion
2012 – Rp. 650.0 billion
2013 – Rp. 340.0 billion (January – June)
Net Profit
(estimated) :
2010 – Rp. 53.3 billion
2011 – Rp. 57.3 billion
2012 – Rp. 58.5 billion
2013 – Rp. 30.6 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Jotje Wantah AKA Oei Sui Tjon
Vice President Director - Mr. Harijanto Widjaja
Directors - a. Mr. Lie Sie Giem
b. Mr. Hendriko Wijaya
c. Mr. Tonny Wantah
d. Mr. Anwar Surya
e. Mr. Tommy Sumendap
Board of Commissioners :
President Commissioner - Mr. Tresno Gunarto Wijaya
Vice President Commissioner - Mr. Hidayat Hasan
Commissioners - a. Mr. Herman Rusli
b. Mr. Rudiyanto Hadi
c. Mrs. Henny Susan Mokoginta
d. Mr. Suherman Tjutarwy
e. Mr. Darmawirya Ali Djaya
f. Mr.
Segara Utama
g. Mrs. Ida Bagus Oka Nila
h. Mr. Edy Sugito
Signatories :
President Director (Mr. Jotje Wantah) or Vice President Director (Mr.
Harijanto Widjaja) or one of the Directors (Mr. Lie Sie Giem, Mr. Hendriko
Wijaya, Mr. Tonny Wantah, Mr. Anwar Surya or Mr. Tommy Sumendap) which must be
approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Initially named P.T. PELITA CENGKARENG PAPER CO was established in
January 1974 with an authorized capital of Rp. 200,000,000 and an issued and
paid up capital of Rp. 80,000,000. The founders and original shareholders of
the company are Mr. Tan Jin Kwie, Mrs. Ma Way Lan, Mr. Ganda Kusuma, Mrs.
Elfrida Djohari, Mr. Tan Malaka, Mr. Rudiyanto Hadi, Mr. Setiawan Mawardi, Mr.
Oei Tiong Ham, Mr. Wantah Zewet, Mr. Tjotje Wantah, Mr. Lie Po Tjioe, Mr.
Herman Rusli, Mrs. Lisnawati and Mr. Setiawan Martosuhardjo, all of them
Indonesian business persons of Chinese extraction. The company notary deed has
been changed a couple of times. In 1992 that it’s authorized capital was raised
to Rp. 100,000,000,000 the issued and paid up capital to Rp. 35,000,000,000.
In November 2001, the whole shares has been controlled by ALLIED SMART
Limited of Jersey, P.T. ASIAPACIFIC INVESTINDO, P.T. GOLDENMITRA SEJAHTERA,
P.T. WIJAYARAYA SEJAHTERA, P.T. ASIAPACIFIC INVESUTAMA, P.T. SINARINTI
WIJAYAKARYA, P.T. SARIRASA SEJAHTERA, P.T. GOLDENMITRA KARYATAMA, P.T. METROMAS
ABADITAMA, all are private national company. On the same occasion the company
status was converted to Foreign Investment (PMA) Company facility. Then in
December 2006, the authorized capital was raised to Rp. 1,000,000,000,000
issued capital to Rp. 250,702,400,000 entirely paid up. Concurrently the
company changed to P.T. PELITA CENGKARENG PAPER (P.T. PCP). Later in April 2008
Mr. Widianti Kusno Utomo withdrew and the whole shares sold to ALLIED SMART
LIMITED of Jersey. Then according to the latest revision of notary documents of
Mrs. Rini Yulianti, SH., No. 21 dated 28 July 2012 the company authorized
capital was raised again to Rp. 2,000,000,000,000 issued capital to Rp.
500,702,400,000 fully and paid up. On the same occasion P.T. ASIAMAKMUR
SEJAHTERA entered into the company as new shareholder. So the composition of
its shareholders has been changed (see
profile of report). The revision of notary documents was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-29574
dated August 9, 2012.
Then based on notary deed Mrs. Rini Yulianti, SH., No. 16 dated 18 March 2013 the company 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-20570.AH.01.02.TH.2013 dated April 17, 2013.
We observe that majority of the company is controlled by Mr. Jotje Wantah AKA Oei Sui Tjon. He also founder and majority business stakes owner of P.T. SARI RASA dealing with tea manufacturing and P.T. SUMBER PELITA dealing with nylon rope manufacturing.
P.T. PCP operates under the framework of Foreign Investment (PMA) facility to deal with paper making. The plant is located at Jalan Daan Mogot Km. 18, Tangerang, Banten Province on a land of 10,700 sq. meters. P.T. PCP is responsible for the production of Kraft Liner, Corrugating Medium, Duplex Board, Chipboard, and Wrapping Paper. Current total production capacity: 180.000 ton per year. P.T. PCP paper has grown to be one of the leading producers of industrial paper in Indonesia. We produce high quality industrial paper product using the latest and most modern technology and expertise available in the industry. The company primary inputs are derived from recycled paper to produce many of our products. However, often pulp paper is used as a secondary input to meet specializes needs in production, such as, Kraft Liner and Duplex Board.
The plant produces various kinds of papers such as kraft liner, corrugating medium, duplex board, chipboard and wrapping papers. The plant has been expanding frequently to increasing production capacity and produce high quality industrial paper product using the latest and most modern technology and expertise available in the industry. The plant produces packaging (wrapping paper) of 153,000 tons and corrugating medium papers of 27,000 tons respectively per annum. Development of the plant has absorbed an investment of Rp. 122.3 billion originally coming from owned capital. Then in April 2007, P.T. PCP got expansion permit from Capital Investment Coordinating Board (BKPM) to expanding its activity in power plant development with an investment of Rp. 130.3 billion. The construction of electric power is used for its own purposes the paper industry, given supply of electricity from P.T. PLN is considered expensive. Construction of the power plant began in late 2010 and is expected to be operational since the end 2012.
In January 2013, P.T. PCP has expanded its factory by build and developed Subang Plant will start commencing with total production capacity of 350.000 tons per annum. P.T. PCP provide the paper mill with sustainable energy independent by building an 11 MW gas turbine at Tangerang Mill and 25 MW at Subang Mill to secure its power needs. At the same time, PCP has used its waste heat as the feed for the boilers. Quality control is provided by professional technicians who closely monitor each production stage to maintain the highest quality standard. To ensure purity, both raw material and chemicals added are thoroughly checked, resulting in high paper strength. Some of 55% of its products is marketed domestically while the rest is exported to a number of Asian countries, the Middle East and Europe. We observe that the operation of P.T. PCP has been growing and had been yielded a net profit in the last three years on account of the increasing of paper prices in the global markets.
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 |
Sources: APKI (Indonesian Pulp and
Paper Association
Until this time P.T. PCP has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. PCP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 592.0 billion, increased to Rp. 637.0 billion in 2011 to Rp. 650.0 billion in 2012. As from January to June 2013 the sales turnover has reached at least Rp. 340.0 billion with a net profit of Rp. 30.6 billion and projected to go on rising by at least 5% in 2014. We estimated the company has a total net worth of at least Rp. 800.0 billion. We observe that P.T. PCP is supported by foreign partner with has financially fairly strong and sound 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.
The management of P.T. PCP is led by Mr. Jotje Wantah AKA Oei Sui Tjon (79) a businessman with 35 years of experience in paper making and trading. In the operation of the company, he is assisted by Mr. Harijanto Widjaja (64) as Vice President Director, and other Directors namely Mr. Lie Sie Giem (58), Mr. Hendriko Wijaya (48) and Mr. Tonny Wantah (52). The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good.
So far, we did not hear that the company’s management involved in any business malpractice 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. P.T. PELITA CENGKARENG PAPER is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
UK Pound |
1 |
Rs.102.15 |
|
Euro |
1 |
Rs.85.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.