|
Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PANCA BUDI AGRO PRATAMA |
|
|
|
|
Registered Office : |
Kawasan Pusat Niaga Terpadu, Jl. Daan Mogot Raya Km. 19,6 Blok D 8A – D, Tangerang
15122, Banten Province |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
10.05.2009 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-52931 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Subject is a member company of the PANCA BUDI Group, a small sized company group focusing its business on trading and distribution of rubber and plastic products, textile industry, cosmetic industry, rubber slab industry |
|
|
|
|
No. of Employees : |
180 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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. PANCA BUDI AGRO PRATAMA
Head Office
Kawasan Pusat Niaga Terpadu
Jl. Daan
Mogot Raya Km. 19,6 Blok D 8A - D
Tangerang 15122, Banten Province
Indonesia
Phones -
(62-21) 5436 5555 (hunting)
F a x -
(62-21) 5436 5559
Email - Thomas.torana@pancabudi.com
Building Area - 3 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Branch
Jl.
Kol. Sugiono No. 12-12A
Medan 2014, North Sumatra
Indonesia
Phone -
(62-61) 453 3138
F a x -
(62-61) 453 3145
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Factory
Jl.
Kilang Bi, 1, Desa Securai Selatan
Kec. Babalan, Kabupaten Langkat
North Sumatra 20857
Indonesia
Phones -
(62-62) 021927
F a x -
(62-62) 0322524
Email - Thomas.torana@pancabudi.com
Land Area - 38,000 sq. meters
Building Area - 26,000 sq. meters
Region - Industrial Zone
Status - Owned
10 May 2009
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-22561.AH.01.Tahun 2009
Dated 25 may 2009
b. No. AHU-AH.01.10-52931
Dated 06 December 2013
National Private Company
The Department of Finance
Not available
a. P.T. PANCA BUDI (Trading and Distribution of Rubber and
Plastic Product)
b. P.T. SEKARNUSA KREASI INDONESIA (Textile Industry and
Investment Holding)
c. P.T. POLYPACK INDO MEYER (HDPE, LLDPE and PP Poly-bag
Manufacturing)
d. P.T. SPARINDO MUSTIKA (Cosmetic Product Manufacturing)
e. P.T. PANCA ADI AGRO PRODUCTS (Slab Rubber Industry)
f. P.T. REKA MEGA
INTI PRATAMA (Trading and Industry of Slab Rubber and Plastic Packaging)
Capital Structure :
Authorized Capital - Rp.
10,000,000,000.-
Issued Capital -
Rp. 3,000,000,000.-
Paid up Capital -
Rp. 3,000,000,000.-
Shareholders/Owners :
a. Mr. Djonny Taslim - Rp. 2,250,000,000.- (75%)
Address : Green
Ville B.I/14,RT.010,RW.014
Kelurahan Kepa Duri
Jakarta Barat
Indonesia
b. Mr. Tan Kie Tong - Rp.
750,000,000.- (25%)
Address : Jl.
Muara Karang -F5S/24, RT.008,RW.017
Kelurahan Pluit
Jakarta Utara
Indonesia
Lines of Business :
Crumb Rubber Manufacturing
Production Capacity :
Crumb Rubber (SIR 20) - 12,000
tons p.a.
Total Investment :
a. Owned Capital - Rp.
3.0 billion
b. Loan Capital - Rp. 6.0 billion
c. Total Investment - Rp. 9.0 billion
Started Operation :
January 2011
Brand Name :
PBAP Crumb Rubber
Technical Assistance :
None
Number of Employee :
180 persons
Marketing Area :
Export - 80% and the rest (20%) for local market
Main Customers :
a. Overseas buyers in Europe, China, India and others
b. Tire industry and rubber products in the country
Market Situation :
Very Competitive
Main Competitors :
a. PT. Aneka Bumi Pratama
b. PT. Asahan Crumb Rubber
c. PT. Adei Crumb Rubber Industry
d. PT. Batanghari Tembesi
e. PT. Djambi Waras
f. PT. Madjin Crumb Rubber
Factory
g. PT. Sunan Rubber
h. PT. Bumi Nusa Makmur
i. PT. Gadjah Ruku
j. PT. Muara Kelingi
k. PT. Badja Baru
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Daan Mogot Branch
Jl. Daan Motor No.
48A
Jakarta Barat
Indonesia
b. P.T. Bank
PERMATA Tbk
Daan Mogot Branch
Jl. Daan Mogot Km. 3,5
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 45.0 billion
2012 – Rp. 92.0 billion
2013 – Rp. 53.0 billion (January – June)
Net Profit (estimated) :
2011 – Rp. 2.4 billion
2012 – Rp. 5.0 billion
2013 – Rp. 2.9 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments :
Satisfactory
Board of
Management :
President
Director - Mr. Vicky Taslim
Director -
Mr. Thomas Torana
Board of Commissioner :
President
Commissioner - Mr. Djonny Taslim
Commissioner - Mr. Tan Kie Tong
Signatories
:
President
Director (Mr. Vicky Taslim) or Director (Mr. Thomas Torana) which must be
approved by the Board of Commissioners (Mr. Djonny Taslim and Mr. Tan Kie Tong)
Management
Capability :
Good
Business Morality
:
Good
P.T. PANCA BUDI AGRO PRATAMA (P.T. PBAP) was established in May 2009 in Jakarta. However, we don’t know the amount of the company’s capital and initial shareholders. The Article of Association was made by Notary Esther, SH., a notary in Jakarta and it was approved by the Minister of Law and Human Rights through Decision Letter No. AHU-22561.AH.01.01.Tahun 2009 dated May 25, 2009. The articles of association of the company have been revised, most recently by notarial Deed of Notary Esther, SH., No. 02 dated October 3, 2013 the authorized capital was amount at Rp. 10,000,000,000.- of which Rp 3,000,000,000.- was issued and fully paid up. The capital structures and shareholder composition of the Company are Mr. Djonny Taslim (75%) and Mr. Tan Kie Tong (25), both are Indonesian businessmen of Chinese extraction. The amendment to Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-52931 dated December 6, 2013. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. PBAP is a member company of the PANCA BUDI Group, a small sized company group focusing its business on trading and distribution of rubber and plastic products, textile industry, cosmetic industry, rubber slab industry and others. The Group is headed by Mr. Djonny Taslim (54), an Indonesian businessman of Chinese extraction.
P.T. PBAP has been in operation since 2011 in crumb rubber (type SIR 20) industry. Its plant is located at Jl. Kilang, Desa Securai Selatan, Babalan district, Langkat regency, North Sumatra. Ms. Sondang, a marketing staff of the company explained that P.T. PBAP is new factory in which they are utilizing the current model of the processing machinery for natural rubber.
Their output is up to thousand metric tons per month and will be double in near future preparing against increasing global huge demand for raw material of tire industry and rubber products. Ms. Sondang added that most of the products (80%) are exported to USA, Japan, China, South Korea, Singapore, Germany, Italy, Spain, Belgium and others, and the rest (20%) are marketed locally to tire, tube and rubber products industries in the country. We observed that P.T. PBAP is classified as a new and small-sized company of its kind in the country of which the operation has been growing in the last three years.
We note that generally the domestic demand for crumb rubber and rubber products has been rising by about 6% - 8% per year in the last five years in line with the growing population of tire and tube industry, automotive industry and rubber product industry in the country. The demand of crumb rubber is projected to go on rising each year in the next three years. According to the Indonesia Car Manufacturers Association (GAIKINDO) explained that the total of car sales in 2007 amounted to 434 thousand units increased to 608 thousand units in 2008 and declined to 486 thousand units in 2009. The total of car sales in 2010 rose again to 765 thousand units and to 894 thousand units in 2011 and to 1,116 thousand units in 2012. It is estimated that the domestic market demand of the products mentioned above would still increase at least 5% per annum in the next two years. But the competition will remain tight because a lot of similar companies are operating in the country.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. The management is very reclusive and unlikely to expose its financial condition to outsider. We estimate that sales turnover of the company in 2011 amounted to Rp. 360.0 billion increased to Rp. 45.0 billion increased to Rp. 92.0 billion in 2012 and projected to be increasing by at least 12% in 2013. The operation of the company in 2012 is estimated to have gained a net profit of Rp. 5.0 billion with a net worth of Rp. 20.0 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. PBAP is headed by Mr. Vicky Taslim (40) as president director, a yang businessman with experience for some 4 years in crumb rubber industry and trading. He is the first son of Mr. Djonny Taslim (54). In his daily activities, he is assisted by Mr. Thomas Torana (51) as director. The management has maintained a wide relation with private businessmen at home and abroad as well as with government authorities. So far, we did not hear that the company's management having been involved in the business malpractices.
P.T. PBAP is appraised to be good for business
transaction. However, in view of the economic condition
in the country is still unstable, we recommend to treat prudently in extending
any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
UK Pound |
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
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.