|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. NINDYABINA ABADISENTOSA |
|
|
|
|
Formerly Known As : |
P.T. NINDYABINA ADISARANA |
|
|
|
|
Registered Office : |
Jalan Mojopahit No. 27 Surabaya 60264 East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
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Date of Incorporation : |
06.04.1990 |
|
|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-37298 |
|
|
|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Trading and Export of Gum Resin, Gum Copal, Turpentine Oil and Seed Lac |
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|
|
|
No. of Employees : |
10 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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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.
NINDYABINA ABADISENTOSA
Head Office
Jalan Mojopahit
No. 27
Surabaya 60264
East Java
Indonesia
Phones -
(62-31) 5683580, 5680789, 5685043
Fax - (62-31) 5680821
Building Area - 2 storey
Office Space - 500 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
a. 6 April 1990
as P.T. NINDYABINA ADISARANA
b. 12 July 2000
as P.T. NINDYABINA ABADISENTOSA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-486.HT.01.01.TH.92
Dated 17 January 1992
- No. C-UM.02.01.3562
Dated 6 March 2006
- No. AHU-28455.AH.01.02.TH.2009
Dated 25 June 2009
- No. AHU-AH.01.10-37298
Dated 21 November 2011
Company Status
:
Private National
Company
Permit by the Government Department :
The Department of Finance
NPWP No.
01.941.509.0-607.000
Related
Companies :
a. P.T. MILATRONIKA KARYANIAGA (Trading,
Distribution and Export of Gum Resin, Gum
Copal, Turpentine Oil and Seed Lac)
b. P.T. MILATRONIKA KARYANIPAH SETIABADI
(General Trading and Export Services)
Capital
Structure :
Authorized
Capital : Rp.
350,000,000.-
Issued Capital : Rp.
105,000,000.-
Paid up Capital : Rp.
105,000,000.-
Shareholders/Owners
:
a. Mr. Franciscus Budhi Santoso Suwandi Putra - Rp. 81,375,000.-
Address : Jl, Pakis Argosari 4/4
Surabaya, East Java
Indonesia
b. Mr. Ir.
Mahamadaru -
Rp. 5,250,000.-
Address : Jl. Ketintang Baru 14/11
Surabaya, East Java
Indonesia
c. Mr. Djoko Soeprijono - Rp. 5,250,000.-
Address : Jl. Petemon 4/134
Surabaya, East Java
Indonesia
d. Mr. Taufan Sandjaja - Rp. 5,250,000.-
Address : Jl. Kaliasin 5/9
Surabaya, East Java
Indonesia
e. Mr. Bambang Triatmodjo - Rp. 5,250,000.-
Address : Jl.
Indra Giri V/1 Kav. 50
Malang, East
Java
Indonesia
f. Mr. Irwan Syafrani -
Rp. 2,625,000.-
Address : Jl. Lidah Harapan Block V-1
Surabaya, East Java
Indonesia
Lines of
Business :
Trading and Export
of Gum Resin, Gum Copal, Turpentine Oil and Seed Lac
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1992
Brand Name :
Nindyabina
Abadisentosa
Technical
Assistance :
None
Number of
Employee :
10 persons
Marketing Area
:
Export - 100%
Main Customers
:
a. Distributors
such as ARAKAWA Corp., and MITSUI Corp., both are from Japan
b. Buyers in
Singapore, India, Pakistan, Japan, Australia, Europe Union, the USA, Middle
East etc.
Market
Situation :
Very Competitive
Main Competitors
:
a. P.T. ALAM JAYA
LOKA
b. P.T. DUTA PERMATA MURNI
c. P.T. ISPAK
d. P.T. MILATRONIKA KARYANIAGA
e. P.T. PERHUTANI ANUGERAH KIMIA
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
RAKYAT INDONESIA Tbk
Jalan Rajawali No. 25-27
Surabaya, East
Java
Indonesia
b. P.T. Bank PAN
INDONESIA Tbk
Jalan Coklat No. 16
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 15.2
billion
2011 – Rp. 16.4
billion
2012 – Rp. 17.3
billion
Net Profit
(estimated) :
2010 – Rp. 0.9
billion
2011 – Rp. 1.1
billion
2012 – Rp. 1.2
billion
Payment Manner
:
Almost Promptly
Financial Comments :
Satisfactory
Board of
Management :
President Director - Mr. Djoko Soeprijono
Directors -
a. Mr. Ir. Mahamadaru
b. Mr. Bambang Triatmodjo
c. Mr. Ir. Bambang WSS
Board of
Commissioner :
President Commissioner -
Mr. Fransciscus Budhi Santoso Suwandi Putra
Commissioner -
Mr. Taufan Sandjaja
Signatories :
President Director (Mr. Djoko Soeprijono) or one of the Directors (Mr.
Ir. Mahamadaru, Mr. Bambang Triaatmodo or Mr. Ir. Bambang WSS) which must be
approved by Board of Commissioners
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical review
According to our
investigation that initially at P.T. NINDYABINA ABADISENTOSA located and
address registered at Jalan Raya Darmo No. 92 (Perum Perhutani), Surabaya, as
stated in your order Ref. No. 165151 dated 31 December 2011. However as from
April 2011 the address was moved into new address Jalan Mojopahit No. 27,
Surabaya, East Java.
Originally named
P.T. NINDYABINA ADISARANA, the company was established in Jakarta in April 1990
with an authorized capital of Rp. 200,000,000 of which Rp. 40,000,000 was
issued and paid up. The company was founded by Mr. Fransiscus Budhi Santoso
Suwandi Putra and Mrs. Budiati Indarnanto, both Indonesians of Chinese
extraction, as the original shareholders. The company's notary deed was since
revised a couple of times. In March 1991 Mr. Ir. Deni Pasha, also an Indonesian
of Chinese extraction, joined the company as a new shareholder, on which
occasion the issued and paid up capital was increased to Rp. 60,000,000. In the
end 1999 the company's entire shares were taken over by Mr. Fransiscus Budhi
Santoso Suwandi Putra. Then in July 2000 the company's name was changed to P.T.
NINDYABINA ABADISENTOSA (P.T. NAS) and its legal domicile was moved to Surabaya
(East Java). Then in February 2006, Mr. Djoko Soeprijono, Mr. Taufan Sandjaja,
Mr. Raden Mas Agung Tjahyono, Mr. Irwan Syafrani, Mr. David Reodijanto and Mr.
Bambang Triatmodjo joined the company as new shareholders.
Concurrently the
authorized capital was raised to Rp. 350,000,000 issued capital to Rp. 105,000,000
entirely paid up. With this development the composition of its shareholders has
been changed (see profile of this report). The deed of amendment was made by
Mr. Triwinarno, SH, M.K., No. 06 and approved by the Ministry of Law and Human
Right in its Decision Letter No. C-UM.02.01.3562, dated March 6, 2006. Then
based on notary deed of Mrs. Felicia Imantaka SH., No. 63 dated April 27, 2009
the board of directors and the board of commissioners reappointed to lead and
runs of the company’s operation (see profile of this report). The revision of
notary documents was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-28455.AH.01.02.TH.2009 dated June 25, 2009. Then
according to the latest revision of notary documents of Mrs. Felicia Imantaka,
SH., No. 69 dated 20 September 2011 Mr. David Roedijanto and Mr. Raden Mas
Agung Tjahyono withdrew and the whole shares sold to Mr. Fransiscus Budhi
Santoso Suwandi Putra. With this time the composition of its shareholders has
been changed to become Mr. Franciscus Budhi Santoso Suwandi Putra (77.5%), Mr.
Ir. Mahamadaru (5%), Mr. Djoko Soeprijono (5%), Mr. Taufan Sandjaya (5%), Mr.
Bambang Triatmodjo (5%) and Mr. Irwan Syafrini (2.5%). The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-37298 dated November 21, 2011.
We observe that
Mr. Fransiscus Suwandi Putro is also the majority business stakes owner of P.T.
MILATRONIKA KARYANIAGA which operates in trading, distribution and export of
gum resin, gum copal, and turpentine oil, and P.T. MELATRONIKA KARYANIPAH
SETIAABADI which operates in general
trading and export.
P.T. NAS has
been in operation since 1991 in trading, distribution and export of forestry
industry products like gum resin, gum copal, turpentine oil and seed Lac. The
company has been appointed jointly with its sister company P.T. MILATRONIKA
KARYANIAGA as distributor of the above products by Perum PERHUTANI is a
state-owned forest enterprises in Indonesia. Mr. Ir. Mahamadaru, the company's
director, said the main products now being marketed by P.T NAS are gum resin
and turpentine oil. At present P.T. NAS and P.T.MILATRONIKA KARYANIAGA have
been given a gum resin allocation of about 30-40 containers of 20 feet (app.
568 tons) per month or some 6,800 tons per year, 45-50 tons of turpentine oil
per month, 24 tons of seed Lac per month and 15 tons of gum copal per three
months. But in reality in the case of
gum copal and seed Lac no supplies are obtained from Perum PERHUTANI in last
one year.
Mr. Bambang WSS,
is also director of the company explained that the above products are entirely
exported either directly by the company or through foreign trading houses to
several countries in Asia, Europe and America, including Japan, India,
Pakistan, Italy, Germany, the Netherlands, the UK, Columbia, Ecuador and Mexico
either directly or through a foreign trading house. Some of the company's
buyers in Japan include ARAKAWA Corporation and MITSUI Corp. Currently the
company's gum resin is marketed at the average price of US$ 815 - US$ 940 per
ton and turpentine oil at the average price of US$ 1,100 - US$ 1,200 per ton.
Sales are either in cash or on 14 - 30 days credit upon receipt of goods. We
find that on the whole the operations of P.T. NAS have been growing in the last
three years and have been much dependent on supplies from Perum PERHUTANI,
either Unit I (Central Java), Unit II (East Java) or Unit III (West Java). In
2007 P.T. NAS was able to export just 1,250 tons of gum resin increased to
1,400 tons in 2009, 1,620 tons in 2010 and 1,780 tons in 2011. We observe that
operation of P.T. NAS has been growing slowly in the last three years.
We note that
generally the domestic and international market demand for gum resin,
turpentine oil, gum copal and other Indonesian forestry industry products has
been rising in the last several years in line with the growing production of
paint, thinner, cosmetics and other consumer industry products. But domestic
production limitations have caused foreign buyer needs to be unfulfilled
sometimes. The following Indonesian turpentine production figures will serve as
an indicator. According to the Department of Industry and Trade, turpentine
production in 2002 was registered at 13,175.0 tons, falling sharply to 8,975.0
tons in 2003, rising again to 10,294.0 tons in 2004 and to 13,700.0 tons in
2005, before dropping again to 7,633.0 tons in 2006 and rose again to 9,260.0
tons in 2007. Meanwhile the production of turpentine oil in 2008 reached at
12,800 tons rose to 14,900 tons in 2009 and 16,532 tons in 2010. The demand is
projected to go on rising by at least 6% per year in the next five years.
Meanwhile, competition is very heavy in the forestry product business on
account of the many companies now operating in this business line in the
country, one being P.T. ALAM JAYA LOKA. P.T. NAS is a slightly difficult
position in the above business for being essentially dependent on limited
rationing by Perum PERHUTANI, which is also the case with other comparable companies.
Until this time
P.T. NAS has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
NAS 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. 15.2 billion increased to Rp. 16.4 billion in 2011 rose again
to Rp. 17.3 billion in 2012 and projected to go on rising by at least 5% in
2013. The company has yielded a net profit at least Rp. 1.2 billion and the
company has an estimated total net worth of at least Rp. 2.5 billion. We
observe that P.T. NAS is supported by the businessmen with has financially
fairly strong and sound behind it. So far, we did not heard that the company
having been black listed by the Central Bank (Bank Indonesia).
The company is
led by Mr. Djoko Soeprijono (57), as president director with has experienced
for more than 19 years in the field of trading and export of gum resin, gum copal,
turpentine oil and seed Lac. In daily activities, he is assisted by three
directors namely Mr. Ir. Mahamadaru (48), Mr. Bambang Triatmodjo (44) and Mr.
Ir. Bambang WSS (64). They have wide relations with private businessmen within
and outside the country. So far, we did not hear that the management of the
company being filed to the district court for detrimental cases or involved in
any business malpractices. The company’s litigation record is clean and it has
not registered with the black list of Bank of Indonesia. P.T. NINDYABINA
ABADISENTOSA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.96 |
|
|
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
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.