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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. PRAMBANAN KENCANA |
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Formerly Known As : |
CV. PRAMBANAN TRADING COMPANY |
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Registered Office : |
Jl. Tanah Abang II No. 36 Petojo Selatan Jakarta 10160 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.12.1953 |
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Com. Reg. No.: |
No. AHU-06986.AH.01.02.Tahun 2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Bakery, Pastry and Confectionery
Ingredients, Pharmaceutical Products, Fruits and Nuts, Raisin, Biscuits. |
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No. of Employees : |
165 persons |
RATING & COMMENTS
|
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) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 |
Name of company :
P.T. PRAMBANAN
KENCANA
Address :
Head Office
Jl. Tanah Abang II No. 36
Petojo Selatan
Jakarta 10160
Phones - (62-21) 3810380 (hunting)
Faxes - (62-21) 3810340
Email - info@prambanan-kencana.co.id
Website - http://www.prambanan-kencana.co.id
Building Area - 3 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Branches
a. Jakarta
b. Bandung, West Java
c. Palembang, South Sumatra
c. Makassar, South Sulawesi
d. Semarang, Central Java
e. Surabaya, East Java
Date of
Incorporation :
02 December 1953 as CV. PRAMBANAN TRADING COMPANY, chanted its name to
PT. PRAMBANAN KENCANA on September 26, 1972
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-6772.HT.01.04.TH.98
Dated 18 June 1998
b. No. AHU-82662.AH.01.02.Tahun 2008
Dated 06 November
2008
c. No. AHU-06986.AH.01.02.Tahun 2013
Dated 18 February 2013
Company Status :
Private Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 1.313.261.8-032
The Department of Trade
a. No. 1011/09-03/PDB/NAS/5, dated 27 May 1982
b. No. 2844/1011-P/09-01/PB/V/87/6
Related/Affiliated
Companies :
a. P.T. SELINDO SEJAHTERA (Investment Holding)
b. P.T. SELINDO SEJAHTERA TAMA (Bakery and Pastry Raw Materials
Industry)
c. P.T. GANDUM MAS KENCANA (Baking Chocolate and Desert Mixes Industry)
d. P.T. GIRI MANUNGGAL (General Trading)
e. P.T. TANDES LAUTAN (General Trading)
Capital Structure
:
Authorized Capital -
Rp. 5,040,000,000.-
Issued Capital - Rp. 5,040,000,000.-
Paid up Capital - Rp. 5,040,000,000.-
Shareholders/Owners
:
a. Mrs. Sunny Liawati Solichin -
Rp. 252,000,000.- ( 5.00%)
b. Mr. Dani Hidayat Solichin -
Rp. 919,800,000.- (18.25%)
c. Mrs. Susana Suriani Solichin -
Rp. 793,800,000.- (15.75%)
d. Mrs. Kristiawaty Solichin -
Rp. 768,600,000.- (15.25%)
e. Mr. Wahyudi Solichin -
Rp.1,008,000,000.- (20.00%)
f. Mrs. Ingrid Farida Solichin - Rp.
743,400,000.- (14.75%)
g. Mrs. Agnes Alida Solichin -
Rp. 554,400,000.- (11.00%)
Lines of Business
:
a. Trading and Distribution of Bakery, Pastry and Confectionery
Ingredients, Pharmaceutical
Products, Fruits and Nuts,
Raisin, Biscuits
b. Sole Agent of:
- KONINKLIJKE ZEELANDIA,
Bakery, Pastry and Confectionery Ingredients of the Netherlands
- US DRIEN Fruits and Nuts of
the USA
- FABBRI Confectionery
Ingredients of France
- MARIANI CALIFORNIA Raisins
of the USA
- JULES DESTROOPER Premium
Belgian Biscuit of Belgium
- Etc.
c. Sole Distributor of:
- PT. SELINDO SEJAHTERATAMA
Bakery and Pastry Raw Materials of Indonesia
- PT. GANDUM MAS KENCANA,
Baking Chocolates and Dessert Mixes of Indonesia
Production
Capacity :
None
Started Operation
:
a. 1954 as CV. PRAMBANAN TRADING COMPANY
b. 1972 as PT. PRAMBANAN KENCANA
Brand Name :
PRAMBANAN KENCANA
Number of Employee
:
165 persons
Marketing Area :
Domestic (Local) - 90%
Export - 10%
Main Customers :
a. Food Services (Bakery, Cafe, Catering, Home
Industry, Hotel & Restaurnat, Specialty Store)
b. Industries (Pharmaceuticals, Cosmetic, Milk and
Food, Ice Cream,etc)
c. Retail (Hypermarkets, Supermarkets, Minimarket
and Traditional Markets)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. GIVAUDAN INDONESIA
b. P.T. ESSENCE INDONESIA
c. P.T. HARUMSARI SURYAAMPUH
d. P.T. JEERINDO SARI UTAMA
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Komplek
Duta Merlin Blok A/26-28
Jl.
Gajah Mada No. 3-5
Jakarta
Pusat
b. P.T.
Bank CENTRAL ASIA Tbk
Menara
BCA Grand Indonesia
Jl.
M.H. Thamrin No. 1
Jakarta Pusat
Auditor :
Not Available
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 252.0 billion
2010 – Rp. 280.0 billion
2011 – Rp. 320.0 billion
2012 – Rp. 345.0 billion
Net Profit
(estimated) :
2009 – Rp. 13.0 billion
2010 – Rp. 14.5 billion
2011 – Rp. 16.6 billion
2012 – Rp. 17.8 billion
Payment Manner :
Average
Financial Comment :
Fairly strong
Board of Management :
President Director -
Mr. Dani Hidayat Solichin
Director -
Mrs. Sri Anggraini Irwan Sentausa
Board of Commissioner :
President Commissioner -
Mrs. Susana Suriani Solichin
Commissioners -
a. Mrs. Emiliana Solichin
b. Mrs. Kristiawaty Solichin
Signatories :
President Director (Mr. Dani Hidayat Solichin) or Director (Mrs. Sri
Anggraini Irwan Sentausa) which must be approved by the Board of Commissioners
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit
Limit :
Moderate amount
Originally named C.V. PRAMBANAN TRADING COMPANY, the company was
established in December 1953 under the
style of C.V. (Commanditaire Vennotschap) or limited partnership. Its founding owners are Mr. Gregorius Hidayat
Solichin and his wife Mrs. Elizabeth Herawaty, both are Indonesians of Chinese
extraction. In September 1972 the company’s legal status was converted into
P.T. (Perseroan Terbatas) or Limited Liability Company and its name changed to
P.T. PRAMBANAN KENCANA (P.T. PK). The company’s notarial act was since revised
a number of times, lastly in January 1991 when its authorized capital was
increased to Rp 630,000,000.- entirely issued and paid up.
In November 1994 Mr. Gregorius Hidayat Solichin died and his shares
entirely was taken over by his son Mr. Dani Hidayat Solichin (40%) and his uncles Mr. Taufic
Solichin (40%) and Mr. Wahyudi Solichin (20%).
In 1998, the authorized capital was raised to Rp. 1,260,000,000 entirely
issued and paid up. Since that time,
the shareholders of the company are Mrs. Sunny Liawati Solichin (20%), Mr. Dani
Hidayat Solichin (12%), Mrs. Susana Suriani Solichin (12%), Mrs. Kristiawaty
Solichin (12%), Mr. Wahyudi Solichin (20%), Mrs. Ingrid Farida Solichin (12%),
and Mrs. Agnes Alida Solichin (12%). The amendment Articles of Association was
made by Mr. James Herman Rahardjo, SH., a public notary in Jakarta under
Company Registration Number No. C2-6772.HT.01.04.TH.98 dated 18 June 1998 and
No. AHU-82662.AH.01.02.Tahun 2008 dated 06 November 2008.
Later according to the latest amendment of notarial Deed No. 19 dated 07
December 2012 of Sri Rahayuningsih, SH., the company’s authorized capital was
raised again to Rp. 5,040,000,000.- entirely was issued and fully paid up. Since at the time, the shareholders of the
Company are Mrs. Sunny Liawati Solichin (5.00%), Mr. Dani Hidayat Solichin
(18.25%), Mrs. Susana Suriani Solichin (15.75%), Mrs. Kristiawaty Solichin
(15.25%), Mr. Wahyudi Solichin (20.00%), Mrs. Ingrid Farida Solichin (14.75%),
and Mrs. Agnes Alida Solichin (11.00%). The deed of amendments was approved by
the Ministry of Law and Human Rights in its Decision Letter No.
AHU-06986.AH.01.02.Tahun 2013 dated 18 February 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
The activities of P.T. PK are to continue the activities of C.V.
PRAMBANAN TRADING COMPANY having been in operation since 1953 dealing with
trading and distribution of agro chemicals. In 1969, the company diversified
its business to the distribution of fine chemicals and pharmaceutical
ingredients and exporting of foodstuffs.
Since 1972, P.T. PK started to import foodstuff mainly from Europe. The
products vary from confectionery items to instant dried yeast. However, since
1983 P.T. PK has started focusing its business in trading and distribution of
bakery, pastry and confectionery ingredients. The company is the sole agent of
Koninklijke Seelandia of the Netherlands.
The company has wide marketing networks in the country covering Jakarta,
Bandung, Semarang, Surabaya, Bali and Palembang (South Sumatera). To expand its
business, in 1988 P.T. PK was in cooperation with Koninklijke Zeelandia of the
Netherlands by establishing P.T. SEELINDO SEJAHTERATAMA dealing with bakery and
pastry basic material industry.
Subsequently, to further strengthen the position of Zeelandia products
in the Southeast Asia region, in 1998 both shareholders agreed to create a
sales & marketing company under the name of PT. ZEELANDIA INDONESIA.
P.T. PK also engaged in investment holding by controlling 99.5% shares
of P.T. GANDUM MAS KENCANA (GMK) to produce baking ingredients and basic
materials for bread, cakes, chocolate and processed chocolate. Its plant located at Jalan Raya Mauk Km. 2.1,
(Jalan Mohamad Toha), Bugel Village, Karawaci, Tangerang, Banten Province on a
land of 26,161 square meters. Some 35% of the products are exported to various
countries while the rest is locally marketed to various food industries, shops
and supermarkets spreading in major cities of Indonesia.
Generally, demand for bakery, pastry and confectionery ingredients has
been increasing by 6% to 7% per annum in the last five years having close
relation with the growing development of hotels, international standard
restaurants, food courts, fast food restaurants and the increase of the
public’s purchasing power. However, the competition is very tight on account of
lots of similar companies operating in country. The business position of P.T.
PK is favorable for having been experienced in the above business.
Until this time P.T. PK has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of the company strongly rejected to disclose its financial condition,
but we estimated that total sales turnover of P.T. PK in 2009 amounted to Rp.
252.0 billion increased to Rp. 280.0 billion in 2010 to Rp. 320.0 billion in
2011 to Rp. 345.0 billion in 2012 and projected to be rising by at least 8% in
2013. The operation of the company in
2010 is estimated to have gained a profit of Rp. 14.5 billion increased to Rp.
16.6 billion in 2011 and rose again to Rp. 17.8 billion in 2012 with total
assts of Rp. 160.0 billion. So far, we
did not hear that P.T. PK has been black listed by Bank Indonesia (Central
Bank) and involved in detrimental cases being settled in the court.
The management of the company is led by Mr. Dani Hidayat Solichin (50),
a businessman with more than 24 years experience in trading of bakery, pastry
and confectionery ingredients. He is the
first son of the late Mr. Gregorius Hidayat Solichin, the founding shareholder
of the company. In daily activities, he is assisted by Mrs. Sri Anggraini Irwan
Sentausa (52) as director. The management is handled by professional managers
having wide relation with private businessmen of home and overseas as well as
with the 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. We believed that P.T. PRAMBANAN KENCANA is
good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.