|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PIPA MAS PUTIH |
|
|
|
|
Registered Office : |
Gedung Cipta Graha Jalan Kramat Asem Raya No. 1 Utan Kayu Utara Jakarta Timur, 13120 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
27.09.1984 |
|
|
|
|
Com. Reg. No.: |
Limited Liability Company |
|
|
|
|
Legal Form : |
No. AHU-24140.AH.01.02.TH.2008 |
|
|
|
|
Line of Business : |
Pipe Screen Manufacturing |
|
|
|
|
No. of Employees : |
365 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 – 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.
PIPA MAS PUTIH
Head Office
Gedung
Cipta Graha
Jalan Kramat Asem Raya No. 1
Utan
Kayu Utara
Jakarta
Timur, 13120, Indonesia
Phones -
(62-21) 8194370 (Hunting)
Fax -
(62-21) 8563363
E-mail - contact@pipamas.com
Website - http://www.pipamas.com
Building Area - 3 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Owned
Repairshop
Jalan
Duri Dumai Km. 4 Point 5
Pekanbaru,
Riau Province
Indonesia
Phone -
(62-765) 91730
Fax - (62-765) 91730
E-mail - sec.pdfi@pipamas.com
Land Area - 2,000 sq.
meters
Building Space - 1,200 sq. meters
Region - Industrial
Zone
Status - Owned
Factory
Jalan Tenggiri No. 1
Batu Ampar Industrial Estate
Batam
Island
Kepulauan
Riau Province
Indonesia
Phones -
(62-778) 412522 (Hunting)
Fax - (62-778) 412557
E-mail - pbfi@pipamas.com
Land Area - 24,500 sq.
meters
Building Space - 17,600 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
27
September 1984
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C-20168.HT.01.04.TH.1999
Dated 16 December 1999
- No. AHU-24140.AH.01.02.TH.2008
Dated 9 May 2008
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
a.
The Department of Finance
NPWP No. 01.062.048.2-001.000
b.
The Capital Investment Coordinating
Board
- No. 53/I/PMDN/1985
Dated 4 May 1985
-
No.
45/II/PMDN/1991
Dated 26 February 1991
c.
The Department of Industry
No. 117/Industri/1986
Dated 30 September 1986
Related
Company :
A
Member Company of the PIPA MAS Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp. 16,000,000,000.-
Issued
Capital :
Rp. 16,000,000,000.-
Paid
up Capital :
Rp. 16,000,000,000.-
Shareholders/Owners
:
a. DR. Sopar Pandjaitan - Rp.
14,498,000,000.-
Address : Jl. Tegal No. 4 RT. 010/007
Menteng, Jakarta Pusat
Indonesia
b. Mrs. Tiolan Sopar
Pandjaitan -
Rp. 1,500,000,000.-
Address :
Jl. Tegal No. 4 RT. 010/0
Menteng, Jakarta Pusat
Indonesia
c. Mr. Yusuf Ginting Munthe - Rp. 1,000,000.-
Address :
Jl. Camat Gabun No. 1
Lenteng Agung, Jagakarsa
Jakarta Selatan
Indonesia
d. Mr. Bambang Eko Agus Soenarko -
Rp. 1,000,000.-
Address : Jl. Rasamala RT. 008/006
Utan Kayu Selatan, Matraman
Jakarta Timur
Indonesia
Lines
of Business :
Pipe
Screen Manufacturing
Production
Capacity :
a.
Pipe-Base Screens - 9,100 unit p.a.
b.
Rod-Base Screens - 120 unit p.a.
c.
Pre-Pack Base Screens - 20 unit p.a.
d.
Tell-Tale Base Screens - 20 unit p.a.
e.
Pup-Joints - 1,200 unit p.a.
f. Down Hole Tool Repairs - 15,200 unit p.a.
g.
Waterwell Screens - 1,800 unit p.a.
i. Tubing Repairs -
9,000 unit p.a.
Total
Investment :
a.
Equity Capital -
Rp. 16.0 billion
b.
Loan Capital -
Rp. 3.1 billion
c.
Total Investment -
Rp. 19.1 billion
Started
Operation :
1986
Brand
Name :
Pipa
Mas Putih
Technical
Assistance :
None
Number
of Employee :
365
persons
Marketing
Area :
Local -
80%
Export - 20%
Main
Customers :
a.
P.T. PERTAMINA
b.
BEYOND PETROLEUM (BP)
c.
P.T. CHEVRON PACIFIC INDONESIA
d.
EXXONMOBIL OIL INDONESIA INC.
e.
Etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. CITRA TUBINDO Tbk
b.
P.T. HI-TECH OILFIELD INDONESIA
c. P.T. PATRAINDO NUSA PERTIWI
d.
P.T. WOOD GROUP INDONESIA
e.
Etc.
Business
Trend :
Growing
B
a n k e r :
P.T.
Bank MANDIRI TBk
- Jalan Thamrin No. 5
Jakarta Pusat
- Jalan R.E. Martadinata
Sekupang, Batam
Kepulauan Riau Province
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 85.0 billion
2008
– Rp. 94.0 billion
2009
– Rp. 108.0 billion
Net
Profit (estimated) :
2010
– Rp. 6.8 billion
2011
– Rp. 8.0 billion
2012
– Rp. 9.4 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - DR. Sopar Pandjaitan
Directors -
a. Mrs. Helena Tornauli Pandjaitan
b. Mr. Paul Iman Parasi Pandjaitan
c. Mr.
Drs. Yusuf Ginting Munthe
Vice President & Business Dev. - Mr. Saut Siahaan
Board of Commissioners :
President Commissioner - Mrs. Tiolan Sopar Pandjaitan
Commissioner - Mr. Bambang Eko Soenarko
Signatories :
President
Director (DR. Sopar Pandjaitan) or one of the Directors (Mrs. Helena Tornauli
Pandjaitan, Mr. Paul Iman Parasi Pandjaitan or Mr. Drs. Yusuf Ginting Munthe)
which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
P.T. PIPA MAS PUTIH (P.T. PMP) was
established in September 1984 with an authorized capital of Rp. 1,000,000,000
entirely issued, of which Rp. 100,000,000 was paid up. The company was founded
by Mr. Leo Lopulisa (a retired Army Lieutenant General), his wife Mrs.
Blondiene Lopulisa, DR. Sopar Pandjaitan and his wife Mrs. Tiolan Sopar
Pandjaitan as the original shareholders. They are all indigenous businessmen and
businesswomen. The company's articles of association were subsequently revised
several times, lastly in August 1993 when the authorized capital was increased
to Rp. 6,000,000,000 entirely issued and paid up. Meanwhile, the shareholders
are comprised of DR. Sopar Panjaitan and his wife Mrs. Tiolan Sopar Panjaitan.
The latest in April 2008 the authorized capital was raised to Rp.
16,000,000,000 entirely issued and paid up. On the same occasion Mr. Yusuf
Ginting Munthe and Mr. Bambang Eko Agus Soenarko entered into the company as
new shareholders. With this development the composition of its shareholders has
been changed to become DR. Sopar Pandjaitan (90.61%), his wife Mrs. Tiolan
Sopar Pandjaitan (9.37%), Mr. Yusuf Ginting Munthe (0.01%) and Mr. Bambang Eko
Agus Soenarko (0.01%). The
deed of amendment was made by Mr. Robert Purba, SH., was approved by the
Ministry of Law and Human Right in its Decision Letter No.
AHU-24140.AH.01.02.TH.2008, dated April 21, 2008.
We observe that DR. Sopar Pandjaitan is a
young brother of the late Mr. D.I. Panjaitan, an Army Major General who was
killed in 1965. P.T. PMP is a member company of the PIPA MAS Group, a
small-sized business group headed by DR. Sopar Panjaitan.
P.T. PMP obtained a Domestic Investment
(PMDN) permit issued by Investment Coordinating Board (BKPM) for dealing with
the manufacturing of oil and gas drilling equipment and maintenance services by
managing a plant located at Jalan Tenggiri No. 1, Batu Ampar Industrial Estate,
Batam, Kepulauan Riau Province standing on 24,500 sq. meters land operating as
from 1986 and expanded frequently for increasing its total production capacity.
The plant produces pipe-base screens, rod-base screens, pre-back base screens,
tell-tale base screens, pup-joints, down hole tool repairs, waterwell screens,
pipe-base screens, repairs and tubing repairs. The construction of the plant
absorbed an investment of Rp. 19.1 billion originating from own capital of Rp.
16.0 billion while the rest is loan. Most of the basic materials in the form of
casing, tubing and others are imported from the USA, Japan and Singapore.
Some 80% of products is sold to P.T.
PERTAMINA EP, P.T. PERTAMINA, state owned oil & gas company, the Department
of Mines & Energy, government owned drinking water supplies utilities, P.T.
CHEVRON PACIFIC INDONESIA, TOTAL E&P INDONESIE, EXXONMOBIL OIL INDONESIA
INC., BEYOUND PETROLEUM (BP PLC), GULF RESOURCES INDONESIA and other
contracting oil companies operating in Indonesia. Some 20% of products are
exported to Singapore, Malaysia and Brunei Darussalam. In quality, P.T. PMP has
been granted an API certificate from American Petroleum Institute Specification
6 A, 7 and 5 CT in 1993. P.T. PMP has been successful in penetrating the Saudi
Arabian market after the company last week realized its firs export of steel
pipeline to the Saudi Arabian oil industry through Batu Ampar ports, Batam
Island on October 03, 2006. P.T. PMP ships three containers of 958-diameter
pipes, each of which loads 141 pipes worth US$ 200,000. Previously, P.T. PMP
has also exported its products to various countries like Libya, Australia,
Bangladesh, and some other Middle Eastern countries.
The export realized after the company wins
the tender for pipe procurement by beating its international competitors. DR.
Sopar Panjaitan, President Director of the company explained that the initial
export would ship three containers of steel pipelines and after the shipment
would take place every month at various volumes based on demand. Besides, in
May 2000, P.T. PIPA MAS PUTIH through Mr. DR. Sopar Panjaitan (33.3%) and
ISOGAI Japan (66.7%) established P.T. ISOGAI INDONESIA to deal with a high
precision bolt manufacturing plant worth US$ 3.5 million. Its plant is located
in Delta Silicone Industrial Park, Lippo Cikarang, Bekasi, West Java operating
as from the end of 2000 by producing precise screw, screw, nut & washer
with 7,000 tons per annum.
We find that generally the demand for pipe
screen has kept on rising by at least 6% to 8% per years in the last five years
in line with the growth and developing of oil and natural gas exploration and
production in the country as customer. But the market is very competitive in view of
many brands of pipe screen products offered for sales in the market, including
particularly imported ones. Besides that the growing crude oil price started as
from the middle of 1999 and constantly rising within 2007 has blown fresh air
to Indonesian government and oil companies. In the effort of stabilizing the
world's crude oil price above US$ 90 per barrel in 2008 and sharply dropped to
US$ 40 to US$ 100 per barrel in early 2011.
Despite
crude oil price problem, Indonesia has kept on attempting to increase its crude
oil and natural gas production including natural gas. The business position of
P.T. PMP is favorable on account of having already established customers and
wide marketing networks in the country. Details on production growth of
Indonesian crude oil and natural gas as from 2000 to 2012 are pictured bellows.
|
Year |
Petroleum (000 barrels) |
Gas |
||
|
Gas (000 MSCF) |
LNG (000 MMBTU) |
LPG (MT) |
||
|
2000 |
516,503 |
2,907,327 |
1,411,608 |
2,062,616 |
|
2001 |
490,145 |
2,803,034 |
1,257,446 |
2,190,120 |
|
2002 |
474,884 |
3,031,028 |
1,352,878 |
1,792,575 |
|
2003 |
420,995 |
3,142,605 |
1,347,349 |
1,921,757 |
|
2004 |
438,455 |
3,113,338 |
1,390,466 |
1,677,619 |
|
2005 |
387,698 |
3,036,195 |
1,338,782 |
1,581,727 |
|
2006 |
366,993 |
3,178,278 |
1,159,770 |
1,238,572 |
|
2007 |
357,143 |
2,949,506 |
1,258,951 |
1,671,715 |
|
2008 |
357,501 |
3,136,657 |
1,093,435 |
1,800,383 |
|
2009 |
346,312 |
3,023,944 |
970,769 |
1,560,929 |
|
2010 |
341,228 |
3,291,912 |
1,017,216 |
2,538,106 |
|
2011 |
332,752 |
4,811,814 |
1,373,829 |
n.a. |
|
2012* |
238,946 |
2,396,952 |
890,030 |
n.a |
Source: Statistic of
Central Board, 2012* (January – September)
Until
this time P.T. PMP has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management
of the company 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. 85.0 billion rose to Rp. 94.0 billion in 2011 increased to
Rp. 108.0 billion in 2012 and projected to go on rising by at least 6% in 2013.
The operation in 2012 yielded an estimated net profit of at least Rp. 9.4
billion and the company has an estimated total networth of at least Rp. 80.0
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 company's management is led by DR.
Sopar Panjaitan (78), who is well experienced in various business fields. The
experienced management is supported by a team of professional managers who are
skilled in the field of pipe screens manufacturing and distribution. The
management has wide relations with high-ranking government officials and
state-owned business enterprises (BUMN), attributable also to the fact that the
company belongs to the family of national hero. They are also fairly widely
connected with overseas private businessmen. 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. PIPA MAS PUTIH is sufficiently fairly good for business transaction.
Attachment:
List
of the PIPA MAS Group Members
1.
ATLAS NUSANTARA EKA, P.T. (Trading, Supplier
and Maintenance of Heavy Equipment)
2.
ASTEK INDOMAS, P.T. (Certification and
Quality Assurance Consulting Services)
3.
BARITA TOR NAULI, P.T. (Daily Newspaper
Publication)
4.
ISOGAI INDONESIA, P.T. (Bolt and Nuts
Manufacturing)
5.
LAPISINDO PRATAMA, P.T. (Rockwool Thermal
Insulation Specialist)
6.
LEADERSHIP MANAGEMENT INTERNATIONAL, P.T.
(Management Consulting)
7.
NAGAOKA INDONESIA, P.T. (Waste Water
Treatment Contracting)
8.
POLUSINDO UTAMA ENGINEERING, P.T.
(Contracting Services)
9.
PIPA MAS PUTIH, P.T. (Pipe Screen
Manufacturing)
10.
SOLUMAS OIL TOOL, P.T. (Trading, Supplier and
Distribution of Oilfield Equipment)
11.
Etc
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.81 |
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.