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Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. PERHUTANI ANUGERAH KIMIA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
20.03.2002 |
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Com. Reg. No.: |
No. AHU-AH.01.10-37777 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Gum Rosin Processing Industry |
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No. of Employees : |
170 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) |
|
|
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 |
|
Source
: CIA |
Name of Company :
P.T. PERHUTANI
ANUGERAH KIMIA
Address :
Head Office
Graha Pratama Building, 14th Floor
Jl. MT Haryono Kav. 15
Jakarta 12210
Indonesia
Phones -
(62-21) 8370 9362 (hunting)
Fax. -
(62-21) 8370 9363
Email -
rosin@pak.co.id
/ rosin@pak.co.id
Building Area -
24 storey
Building Space -
260 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Kanjeng Jimat,
Trenggalek, East Java
Indonesia
Phones -
(62-35) 5795995
Fax. -
(62-35) 5796096
Land Area -
15,000 sq. meters
Building Space - 9.500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
20 March 2002
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Justice and Human Rights
a. No. C-10447 HT.01.01.TH.2002
Dated 12 June 2002
b. No. W7-HT.01.04.1113
Dated 22 September 2006
c. No.
AHU-63896.AH.01.02.Tahun 2008
Dated 16
September 2008
d. No. AHU-AH.01.10-37777
Dated 10 September 2013
Company Status :
Semi State Owned Company
Permit by the
Government Department :
The Directorate
General of Tax
NPWP No. 02.145.976.3-015.000
Holding Companies :
a. P.T. (Persero) PERHUTANI (Integrated Wood-based Industry and
Investment Holding)
b. P.T. BINA ANUGERAH INTI KIMIA (Chemical Industry and Investment
Holding)
Capital Structure
:
Authorized Capital - Rp.
60,000,000,000.-
Issued Capital - Rp.
30,000,000,000.-
Paid up Capital - Rp.
30,000,000,000.-
Shareholders/Owners
:
a. P.T. PERUM
PERHUTANI - Rp.
16,500,000,000.- (55%)
Address : Gedung Manggala Wanabakti
Jl. Jend. Gatot Subroto, Senayan
Jakarta Selatan
b. P.T. BINA ANUGERAH INTI KIMIA -
Rp. 13,500,000,000.- (45%)
Address : Jl. Kapuas No. 24
Tegalsari, Surabaya
East Java
Lines of Business
:
Gum Rosin Processing Industry
Production
Capacity :
Gum Rosin - 20,000 tons p.a.
Total Investment :
a. Equity Capital - Rp. 30.0 billion
b. Loan Capital -
Rp. 9.0 billion
c. Total Investment - Rp.
39.0 billion
Started Operation
:
2003
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
170 persons
Marketing Area :
Export - 60%
Local - 40%
Main Customers :
a. Export marketed to Japan, India, Pakistan, Taiwan, Australia and several
European Countries
b. Local marketed to various paint industries, adhesive industries and
others.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CHEMINDO INTERBUANA
b. P.T. MAKRO CHEMINDO
c. P.T. SANICHEM TUNGGAL PERTIWI
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Plaza BNI Kota 46
Jl. Jend.
Sudirman Kav. 1
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 110.0 billion
2010 – Rp. 165.0 billion
2011 – Rp. 190.0 billion
2012 – Rp. 216.0 billion
2013 – Rp. 122.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 7.1 billion
2010 – Rp. 10.6 billion
2011 – Rp. 12.2 billion
2012 – Rp. 13.8 billion
2013 – Rp. 7.7 billion (January
– June)
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Bambang Triatmodjo
Director -
Mr. Ir. H. Zulfi Ramlan Pohan, MM
Board of Commissioners :
President Commissioner -
Mr. Ir. Bambang Sukmananto, MSc
Commissioners -
a. Mr. Fransiscus Budhi Santoso Suwandi Putra
b. Dr. Ir. H. Mohammad Naiem, MAGR
Signatories :
President Director (Mr. Bambang
triatmodjo) or Director (Mr. Ir. H. Zulfi Ramlan Pohan, MM) 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
P.T. PERHUTANI ANUGERAH KIMIA (P.T. PAK) was established in Jakarta on
March 20, 2002 with the authorized capital of Rp. 60,000,000,000.- of which Rp.
15,000,000,000.- was issued and fully paid up.
The founding shareholders of the company are P.T. PERUM PERHUTANI (55%),
a state owned company dealing with wood-based industry and P.T. BINA ANUGERAH
INTI KIMIA (45%), a private company dealing with chemical industry and
investment holding. The Deed of
establishment was approved by the Minister of Justice of the Republic of
Indonesia through its Decision Letter No. C-10447.HT.01.01.TH.2002 dated June
12, 2002. The articles of association of the company have frequently been
revised. In July 2006, the issued capital was raised to Rp. 30,000,000,000.-
fully paid up. The deed of amendment was
made by Mr. Sri Rahayu H. Prasetyo, SH., a public notary in Tangerang and it
was approved by the Minister of Law and Human Rights through its Decision
Letter No. W7-HT.01.04.1113 dated September 22, 2006.
In August 2008, based on amendment to Deed of Notary Mr. Merryana
Suryana, SH., No. 65 dated 15 August 2008, the company board of director and
the board of commissioner had been changed. The deed of amendments was approved
by the Ministry of Law and Human Rights in its decision Letter No.
AHU-63896.AH.01.02.Tahun 2008 dated September 16, 2008. Later according to the latest amendment to
Deed of Notary Mr. Vidhya Shah, SH., No. 01 dated 09 July 2013 the company
board of director and the board of commissioner had been changed again. The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision Letter No. AHU-AH.01.10-37777 dated September 10, 2013.
P.T. PAK has been in commercial operation since 2003 dealing with
gondorukem processing industry by managing a plant located in desa Trenggalek,
East Java on a land of 15,000 square meters.
Mr. Bani Sugiono, a marketing staff of the company said that the plant
has frequently been expanded to increase its production capacity. The plant at
present has annual production capacity of 20,000 tons of Rum Rosin and its
derivatives such as; Glycerine Rosin Ester, Penta Rosin Ester, Penta Modified
Rosin Ester, Glyserin Modified Rosin Ester, Maleic Resin, Stabilized Rosin and
Disproportionate Rosin. P.T. PAK has also
producuce Turpentine Oil and planned to develop the derivatives of Turpentine,
which will include; Apha Pinene, Pine Oil, Terpineol, Camphene and
Isolongitolene. The basic materials in
the form of pine saps are supplied by its holding company P.T. (Persero)
PERHUTANI owning wide pine forest in Indonesia.
He went on to say that some 60% of the products is exported to Japan,
India, Pakistan, Taiwan, Australia and several European countries while the
rest is locally marketed to various paint industries, adhesive industries and
other. P.T. PAK is classified as a
large-sized company of its kind in the country of which the operation had been
running smoothly and growing in the last five years up to present.
Generally, local demand for gum rosin and turpentine had been increasing
by 7% to 8% on the average per annum having close relation with the rapid
growth of various industrial sectors such as paint industries, adhesive
industries and other in the above period as consumers. But, the competition is very tight on
account of lots of similar companies operating in the country. The business position of P.T. PAK is
appraised to be favorable for having established regular customers and wide
marketing networks within and outside the country. We believed that the company is in position
to thrive its business in the future.
P.T. PAK is neither public listed nor bond issued company. Therefore, the company has no obligation to
publish financial statement publicly.
The management of the company is very reclusive toward outsiders and
rejected to disclose its financial conditions.
However, the total sales turnover of P.T. PAK in 2010 amount to Rp.
165.0 billion increased to Rp. 190.0 billion in 2011 rose again to Rp. 216.0 billion
in 2012 and projected to be rising by 10% in 2013. The operation of the company in 2012 is
estimated to have gained a profit of Rp. 13.8 billion, with an estimated
networth of Rp. 80.0 billion. So far, we did not hear that P.T. PAK having been
black listed by Bank Indonesia (Central Bank) and registered in district court
for detrimental cases. The company
usually pays its debts punctually to suppliers.
Since July 2013, the management of P.T. PAK is headed by Mr. Bambang
Triatmodjo (44) replaces Mr. Ir. Dodit Artanto (53) as President Director. He
is former a professional manager of P.T. PERUM PERHUTANI with broad experience
in industry and trading of gum rosin and turpentine. In his daily activities, he is assisted by
Mr. Ir. H. Zulfi Ramlan Pohan, MM (53) as director. We observed that management’s reputation in
said business is fairly good. The management of the company is handled by
experienced professional manager 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 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. PERHUTANI ANUGERAH KIMIA 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
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 |
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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 |
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NB |
New Business |
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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.