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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. PROLIMAS UTAMA JAYA |
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Registered Office : |
Roxy Mas Office Complex, Block C5 No. 14 Jl. K.H. Hasyim Ashari No. 125 Kel. Cideng, Kec. Gambir Jakarta Pusat 10150 |
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Country : |
Indonesia |
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Date of Incorporation : |
05.05.1981 |
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Com. Reg. No.: |
No. AHU-53988.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Aromatic Chemicals such as flavour and fragrance |
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No. of Employees : |
48 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
PROLIMAS UTAMA JAYA
Head
Office
Roxy
Mas Office Complex, Block C5 No. 14
Jl.
K.H. Hasyim Ashari No. 125
Kel.
Cideng, Kec. Gambir
Jakarta
Pusat 10150
Phones -
(62-21) 633 2034 (hunting)
Fax - (62-21) 633 2035
Email - cs@prolimas.com
Building Area - 3 storey
Office Space - 210 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
05
May 1981
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-53988.AH.01.02.Tahun 2008
Dated
22 August 2008
Company
Status :
National
Private Company
Permit
by the Government Department :
a. The Department of Finance
NPWP No. 01.360.767.6-028.000
b. The Department of Industry and Trade
TDP No. 09.05.1.51.41877
Affiliated/Associated
Company :
Not
available
Capital Structure :
Authorized Capital - Rp. 1,500,000,000.-
Issued Capital - Rp. 550,000,000.-
Paid up Capital - Rp. 550,000,000.-
Shareholders/Owners :
a. Mr. Benny Goenawan - Rp. 220,000,000.- (40%)
Address : Jl. Dr.
Nurdin II Gang I No. 1
Kel. Grogol Petamburan
Jakarta Barat
b. Mrs. Martha Haryanti - Rp. 275,000,000.- (50%)
Address : Jl. Dr. Nurdin
II Gang I No. 1
Kel. Grogol Petamburan
Jakarta Barat
c. Mr. Ronald Cahyana Gunawan - Rp.
55,-000,000.- (10%)
Address : Jl. Dr.
Nurdin II Gang I No. 1
Kel. Grogol Petamburan
Jakarta Barat
Lines
of Business :
a. Trading and Distribution of Aromatic
Chemicals such as flavour and fragrance
b. Trading and Distribution of Foundry and
refractory Equipments
c. Railway Contracting Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1
9 8 2
Brand
Name :
PROLIMAS
Technical
Assistance :
None
Number
of Employee :
48
persons
Marketing
Area :
Local -
100%
Main Customers :
a. Food and Beverage
Industries
b. Biscuit and Snack Industries
c. Fertilizer Industries
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ESSENCE
INDONESIA
b. P.T. FIRMENICH
INDONESIA
c. P.T. FOODEX
INGREDIENT INDONESIA
d. P.T. INDESCO AROMA
e. P.T. MANE INDONESIA
f. P.T. OGAWA INDONESIA
g. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank INTERNASIONAL INDONESIA Tbk
Head
Office
Jl. M.H. Thamrin Kav. 22
Jakarta Pusat
Indonesia
b. P.T. Bank PERMATA Tbk
Kedoya
Branch
Jl.
Kedoya Agave Raya,
Ruko Tomang Tol
Blok A1 No. 6
Jakarta Barat
Indonesia
c. P.T. Bank CENTRAL ASIA Tbk
Daan Mogot Branch
Jl. Daan Mogot No. 48A
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total
Sales/Revenue (estimated) :
2009 – Rp. 28.0 billion
2010 – Rp. 32.0 billion
2011 – Rp. 36.2 billion
2012 – Rp. 42.8 billion
Net Profit
(estimated) :
2009 – Rp. 1.4 million
2010 – Rp. 1.6 billion
2011 – Rp. 1.8 billion
2012 – Rp. 2.1 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Benny Goenawan
Director - Mr. Ronald Cahyana
Gunawan
Board of Commissioner :
Commissioner - Mrs. Martha
Haryanti
Signatories :
President Director (Mr. Benny Goenawan)
or Director (Mr. Ronal Cahyana Gunawan) which must be approved by Board of
Commissioner (Mrs. Martha Haryani)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T.
PROLIMAS UTAMA JAYA (P.T. PUJ) was established in 1981 with an authorized
capital of Rp. 25,000,000.- of which Rp. 5,000,000.- was issued and fully paid
up. The founding shareholders of the company are Mr. Benny
Goenawan, Mrs. Elizabeth Lestari Chandradjaya (both
Indonesian entrepreneurs of Chinese
extraction) and two indigenous businessmen named Mr. Muhamad Nur Raisyuli and
Mr. Kuntadiarto as the original shareholders. The company’s Articles of
Association have frequently been changed.
In 1990, Mrs. Elizabeth Lestari Chandradjaya, Mr. Muhamad Nur Raisyuli
and Mr. Kuntadiarto pulled out and the whole shares were taken over by Mr.
Benny Goenawan and his wife Mrs. Martha Ariyanti. On July 2008, the authorized
capital was raised to Rp. 1,500,000,000.- of which Rp. 550,000,000.- was issued
and fully paid up. Since the time, the
shareholders of the company are Mr. Benny Goenawan (40%), his wife Mrs. Martha
Haryanti (50%) and his son Mr. Ronald Cahyana Gunawan (10%). The amendment to Article of Association was
made by FX Budi Santoso Isbandi, SH., notary public in Jakarta based on
notarial deed No.45 and it has been approved by the Minister of Law and Human
Rights through Decision Letter No. AHU-53988.AH.01.02.Tahun 2008 dated August
22, 2008. No changes have been effected
in term of its shareholding composition and capital structures to date.
P.T.
PUJ has been in operation since 1982 in trading, import and distribution of
aromatic chemicals such as flavor and fragrance. Beside, the company is engaged in trading and
distribution of foundry and refractory equipments and railway contracting
services. The company also continues to
provide technical support and engineering services to various industries across
Indonesia including rail and specialized termite welding services and technical
support. The products are imported from
Australia, Taiwan, Japan, the USA, the UK, France, Spain, Belgium, Brazil, etc.
P.T. PUJ has been selling its merchandise products directly to end users,
particularly food and beverage industries, biscuit and snack industries (for
aromatic chemicals) and the government sectors or state owned companies such as
P.T. Pupuk KALTIM in Bontang (East Kalimantan), P.T. PINDAD in Bandung (West
Java), the state electricity company P.T. PLN, P.T. KRAKATAU STEEL Tbk., P.T.
BARATA INDONESIA and others. We observed
that P.T. PUJ is classified as a large sized company of its kind in the country
of which the operation has been growing in the last three years.
On
the whole, we find that the demand
for aromatic chemicals, foundry and refractory equipment and other
technical goods has still been rising by about 7% to
8% per year. The upward trend is in line with the growth of food and
beverages, biscuit and snack food, and various industrial sectors in the
country. However, there is very heavy
competition in this technical goods trade, in view of the great many companies
operating in this type of business in the country. These types of goods are
mostly still comprised of imported and high-technology products. The
demand for these products is projected in the long term to go on rising by at
least 5% per year, but with the competition getting increasingly heavy. P.T.
PUJ is considered to be in a favorable business position in view of the
company's experience in the above business.
The
company is neither public listed nor bond issued company. Therefore, the
company has no obligation to publish financial statement publicly. We have
checked to Department of Trade and Industry and found that no financial
statement has been reported. P.T. PUJ's management is very closed to outsiders
about the company's finances in particular.
The company's sales turnover in 2010 is estimated at Rp 32.0 billion increased
to Rp 36.2 billion in 2011 rose again to Rp 42.8 billion in 2012 and projected
to go on rising by at least 8% in 2013.
The operation in 2012 yielded an estimated net profit at least Rp. 2.1
billion and the company has an estimated total net worth at least Rp. 12.5
billion. We observe that P.T. PUJ is
supported by financially fairly 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.
PUJ's management is headed by Mr. Benny Goenawan (71) as president director,
who already has about 31 years of experience in trading and distribution of
aromatic chemicals, foundry and refractory equipment and railway contracting
services. In day-to-day operations he is assisted by his son Mr. Ronald Cahyana
Gunawan (36) and several professional managers in the above business. They have
wide relations with private businessmen within and outside the country and in
the ranks of senior government officials.
So far, we did not hear that the company’s management involved in the
business malpractices 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. PROLIMAS
UTAMA JAYA is appraised quite good for normal business transactions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
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 |
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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 |
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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 |
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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.