|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PRIMAYUDHA MANDIRIJAYA |
|
|
|
|
Registered Office : |
Menara Kadin Indonesia, 12th Floor, Jalan H.R. Rasuna Said Blok X-5 Kav. 2 and 3, Jakarta 12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
31.05.1996 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-17665 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Spinning Mills
Industry |
|
|
|
|
No. of Employees : |
1359 |
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 an estimated 6.2% and 6.5% 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 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. PRIMAYUDHA MANDIRIJAYA
Head Office
Menara Kadin
Indonesia, 12th Floor
Jalan H.R. Rasuna
Said Blok X-5 Kav. 2 and 3
Jakarta 12950
Indonesia
Phones -
(62-21) 5790 3640 (Hunting)
Fax - (62-21) 5790 2641
E-mail - marketing_prima@cbn.net.id
Website - http://www.primayudha.com
Building Area - 37 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Rent
Factory
Desa Ngadirejo
Kecamatan Ampel,
Kabupaten Boyolali
Central Java
Indonesia
Phones -
(62-298) 327272 (Hunting)
Fax - (62-298) 327288
Land Area - 20.0 hectares
Building Area - 6.5 hectares
Region - Industrial
Zone
Status - Owned
31 May 1996
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
a. No. AHU-89871.AH.01.02.Tahun 2008
Dated 26 November 2008
b. No.
AHU-AH.01.10-17665
Dated 15 MAY 2012
Foreign
Investment Company (PMA)
The Department of Finance
NPWP No. 01.772.049.1-038.000
The Capital Investment Coordinating Board
No. 28/V/PMA/2008
Dated 12 September 2008
a. THG PTE LTD.,
of Singapore (Investment Holding)
b. FIBERS TECHNOLOGY CORP. Pte. Ltd., of Singapore (Investment Holding)
c. TALFORD HOLDINGS Ltd., of Tortola, BVI (Investment Holding)
Capital
Structure :
Authorized Capital - Rp. 1,296,507,000,000.-
Issued Capital - Rp. 903,007,000,000.-
Paid up Capital - Rp. 903,007,000,000.-
Shareholders/Owners
:
a. THG PTE., LTD. - Rp. 526,313,040,000.-
(58.28%)
Address : 15 Hoe Chiang Road 12-02
Tower 17
Singapore
b. FIBERS TECHNOLOGY CORP., PTE., LTD. - Rp. 214,152,700,000.- (23.72%)
Address : 5 Shenton Way 24-01
UIC Building
Singapore
TALFORD
HOLDINGS LTD. -
Rp. 162,541,260,000.- (18.00%)
Address :
Craigmuir Chambers Road Town
Tortola
British Virgin
Island
Lines of
Business :
Spinning Mills
Industry
Production
Capacity :
a. Combed Cotton - 40,000 bales p.a.
b. Synthetic Blend Yarns -
8,500 bales p.a.
c. Synthetic Rich Yarns - 60,000 bales p.a.
Total
Investment :
a. Equity Capital - Rp. 903.0 billion
b. Loan Capital - Rp. 85.0 billion
c. Total Investment - Rp. 988.0 billion
Started
Operation :
1998
Brand Name :
PRIMAYUDHA
Technical
Assistance :
None
Number of
Employee :
1,359 persons
Marketing Area
:
Export -
63%
Local -
37%
Main Customers
:
Textile
Industries
Market
Situation :
Very Competitive
Main Competitors :
a. P.T. ARGO
PANTES Tbk
b. P.T. PANASIA INDOSYNTEX Tbk
c. P.T. CANDRATEX SEJATI
d. P.T. SIPATEX
e. P.T. APAC INTI CORPORA
f. Etc.
Business Trend
:
Growing
Bankers :
a. The Hongkong
and Shanghai bank Corp.
World Trade Center
Jl. Jend. Sudirman Kav. 29-31
Jakarta Selatan
b. P.T. Bank
DANAMON INDONESIA Tbk
Danamon Building
Jl. H.R. Rasuna Said Kav. C-10
Jakarta Selatan
c. P.T. Bank CENTRAL ASIA Tbk
Rasuna Said
Branch
Jl. H.R. Rasuna
Said Kav.1-2
Auditor :
Hadori Sugiarto Adi & Rekan
Litigation :
No litigation
record in our database
Net
Sales/Income :
2010 – US$. 71.3 million
2011 – US$. 95.9 million
2012 – US$.118.0 million (estimated)
Net Profit
(loss):
2010 – US$. 10.1
million
2011 – US$. 5.2 million
2012 – US$. 6.8 million (estimated)
Payment Manner
:
Almost promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Krishna Kumar Agrawal
Directors -
a. Mr. Arvind Kumar Shankerlal Ladha
b. Mr. Devendra Singh Chatha
c. Mr. Abhay Kumar Agarwal
d. Mr. Surender Kumar Sharma
e. Mr. Rajesh Kumar Jain
f. Mr.
Manish Rakhecha
g. Mr. Jay Prakash Jajoo
Board of Commissioners :
President Commissioner -
Mr. Kartar Singh Thakral
Commissioners -
a. Mr. Karan Singh Thakral
b. Mr. Gulmukh Singh Thakral
c. Mr. Rinkhipal Singh Thakral
d. Mr. Mohan K. Vaswani
e. Mr. Sajen Aswani
f. Mrs. Lusilawati Surya
Signatories :
President Director (Mr.
Krishna Kumar Agrawal) or one of the Directors (Mr. Arvind Kumar Shankerlal
Ladha, Mr. Devendra Singh Chatha, Mr. Abhay Kumar Agarwal, Mr. Surender Kumar
Sharma, Mr. Rajesh Kumar Jain, Mr. Manish Rakhecha or Mr. Jay Prakash Jajoo)
which must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
P.T. PRIMAYUDHA MANDIRIJAYA (P.T. PM) was established in May 1996 with the authorized capital of Rp 25,000,000 totally issued and paid-up by Mr. Frans Awuy and Mr. Sanusi both are Indonesian of Chinese extraction. It’s articles of association has been amended frequently. In July 1996 whole shareholders pulled out and replaced by P.T. NUSA PERKASA PERMATA and P.T. GEMAKREASI MULIANUSA both are BATIK KERIS Group members. Concurrently the authorized capital was raised to Rp. 1,000,000,000.-, issued capital of Rp. 500,000,000 fully paid-up. In 1998 P.T. GEMAKREASI MULIANUSA withdrew and replaced by P.T. HANSON INDUSTRI UTAMA Tbk. (ex. P.T. MAYERTEX INDONESIA), a public listed company. In December 2002 the authorized capital was increased to Rp. 1,296,507,000,000 issued and paid up capital to Rp. 903,007,000,000. In August 2006, the whole share has been controlled by P.T. HANSON INTERNATIONAL Tbk and P.T. PREMIER TEXTILE both are the BATIK KERIS Group members.
On September 2008, P.T. HANSON INTERNATIONAL Tbk and P.T. PREMIER TEXTILE pulled out and the whole share has been controlled by THG PTE. LTD., (55.48%); FIBERS TECHNOLOGY CORPORATION Pte., Ltd., (22.57%) both are of Singapore; TALFORD HOLDINGS Ltd., of Hong Kong (18%) and SOHANS ENTERPRISES (H) LItd., of British Virgin Island (3.95%) as new shareholders. On the same occasion the company status was converted into Foreign Investment (PMA) company facility. The deed of amendment was made by Mr. Benny Kristianto SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10.25333, dated December 16, 2008.
The latest on July 2009, SOHANS ENTERPRISES (H) Ltd., pulled out and since that time, the whole shares of the company has been controlled by THG Pte. Ltd., (58.28%), FIBERS TECHNOLOGY Corp, Pte Ltd, (23.72%), and TALFORD HOLDING Ltd., (18.00%). The latest deed of amendment was made by Mr. Tri Firdaus Akbarsyah, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-17665, dated May 15, 2012.
Initially P.T. PM obtained Domestic Investment (PMDN) facility issued by BKPM (Investment Coordinating Board) for dealing with spinning mills by managing a plant located at Desa Ngadirejo, Ample, Boyolali, Central Java on 20 hectares of land. The plant has been operating in early 1998 with production capacity of 40,000 bales of combed cotton, 8,500 bales of synthetic blended yarn and 60,000 bales of synthetic rich yarn per annum. The company’s plant is equipped with 55,296 spindles of ring spinning and 4,176 drums of jet spinning (equals to 70,000 ring spindles). The products manufactured are 100% Combed Cotton yarn (Ring Spun), 100% Viscose yarn (Ring Spun), Combed Cotton/viscose Blended yarn (Ring Spun), 100% Polyester yarn (Jet Spun), 100% Viscose yarn (MVS) and Poly/Viscose blended yarn (MVS). More than 60% of the annual production is exported to customers in diverse markets including; USA, Brazil, Europe, China, Hong Kong, Korea and Japan, and the rest is sold to local market. We observed that P.T. PM is classified as a medium sized company of its kind in the country of which the operation has been growing slowly in the last three years.
Generally, demand for textile and textile products including; polyester textured yarn, finished fabrics, garment, textile chemicals and raw materials has been fluctuating in the last five years. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million) in 2010 and to 450,900 tons (US$ 7,801.5 million) in 2011.
The Indonesia textile products export in
2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$
3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to
1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6
million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to
1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8
million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010 and declined
to 1,493,3000 tons (US$ 5,563.3 million) in 2011. The export volume and value of the national
TPT products in 2002 to 31 March 2012 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 1,873.3 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3
375.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 1,318.1 |
Source: Central Bureau of Statistic
*) January to March 2012
According to statement of financial position, the net sales/revenues of P.T. PRIMAYUDHA MANDIRIJAYA (P.T. PM) in fiscal 2010 amounted to US$ 71.3 million with a net profit of US$ 10.1 million increased to US$ 95.9 million with a net profit of Rp 5.2 million in 2011. Up to present, we have yet to gain the statement of income of P.T. PM in fiscal 2012. However, we estimated that net sales of the company in 2012 increased to US$ 118.0 million with a net profit of US$ 6.8 million. The company’s statement of financial position in fiscal 2010 and 2011 are attached. So far we did not hear that the P.T. PM has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court. The company usually pays its debts punctually to suppliers.
Since December 2008, the management of P.T. PM is headed by Mr. Krishna Kumar Agrawal (73) as President Director. He is professional manager with ample experience more than 40 in textile industry. He is also registered as President Director of P.T. BITRATEX INDUSTRIES. In daily activities, he is assisted by seven directors namely Mr. Arvind Kumar Shangkerlal Ladha (52), Mr. Devendra Singh Ramender Chatha (67), Mr. Abhay Kumar Agarwal (41), Mr. Surender Kumar Sharma (55), Mr. Rajesh Kumar Jain (52), Mr. Manish Rakhescha (35) and Mr. Jay Prakash Jajoo (38). The management is having maintained a wide business relation with private businessmen at home and abroad as well as with government sectors. 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. PRIMAYUDHA MANDIRIJAYA 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.
Attachment:
PT. PRIMAYUDHA
MANDIRIJAYA
STATEMENTS OF
FINANCIAL POSITION
As of 31 December
2010 & 2011
(Expressed in US$)
|
DESCRIPTION |
31 December |
|
|
2011 |
2010 |
|
|
ASSETS |
|
|
|
a. Current
Assets |
|
|
|
- Cash and cash equivalent |
79,160 |
211,022 |
|
- Trade receivables, net |
8,396,422 |
9,947,293 |
|
- Inventories |
9,356,358 |
9,537,271 |
|
- Prepaid expenses and advance
payments |
911,187 |
79,606 |
|
- Prepaid taxes |
2,274,887 |
1,346,994 |
|
Total Current Assets |
21,018,014 |
21,122,186 |
|
b. Non Current
Assets |
|
|
|
- Property, Plant &
Equipment |
48,677,791 |
47,127,837 |
|
- Deferred tax assets |
1,554,557 |
2,083,211 |
|
- Other non-current assets |
86,327 |
86,327 |
|
Total Non Current Assets |
50,318,675 |
49,297,375 |
|
TOTAL ASSETS = LIABILITIES & STOCKHOLDERS
EQUITY |
71,336,689 |
70,419,561 |
|
LIABILITIES |
|
|
|
a. Current
Liabilities |
|
|
|
- Trade payables |
5,138,875 |
3,596,833 |
|
- Other payables and accrued
liabilities |
992,389 |
809,215 |
|
- Taxes payable |
77,755 |
57,103 |
|
- Short Term Bank loans |
2,018,212 |
5,457,607 |
|
- Bank loan repayments due
within next 1 year |
4,600,158 |
3,400,052 |
|
Total Current Liabilities |
12,827,389 |
13,320,810 |
|
b. Non Current
Liabilities |
|
|
|
- Long-term bank loans |
12,774,869 |
14,275,027 |
|
- Due to related parties |
5,700,000 |
8,000,000 |
|
- Employee benefits
liabilities |
331,530 |
286,666 |
|
Total Non-Current Liabilities |
18,806,399 |
22,561,693 |
|
EQUITY |
|
|
|
- Issued and paid up capital |
124,722,645 |
124,722,645 |
|
- Retained Earnings |
(85,019,744) |
(90,185,587) |
|
Total Equity |
39,702,901 |
34,537,058 |
|
INCOME STATEMENT |
|
|
|
Net
Sales/Revenues |
95,898,510 |
71,254,272 |
|
Cost of Goods sold |
(84,317,352) |
(55,304,786) |
|
Gross Profit |
11,581,158 |
15,949,486 |
|
Operating Expenses |
(3,987,614) |
(3,352,755) |
|
Operating Profit |
7,593,544 |
12,596,731 |
|
Other income (expenses) |
(1,889,047) |
(2,399,614) |
|
Profit before income tax |
5,694,497 |
10,197,117 |
|
Income taxes expense |
(538,654) |
(87,578) |
|
Net Profit |
5,165,843 |
10,109,539 |
Note: Audited by Hadori Sugiarto Adi & Rekan
(Registered Public Accountants)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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.