|
Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. VOITH PAPER ROLLS INDONESIA |
|
|
|
|
Registered Office : |
Karawang
International Industrial City Jalan Permata V Lot EE-1 Karawang, 41361 West
Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
18.11.2005 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Plastic and Rubber (Roll Cover) |
|
|
|
|
No. of Employees |
238 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
P.T. VOITH
PAPER ROLLS INDONESIA
Head Office & Factory
Karawang
International Industrial City
Jalan Permata V
Lot EE-1
Karawang, 41361
West Java
Indonesia
Phones -
(62-267) 419 719 (Hunting)
Fax - (62-267) 419 718
Land Area - 20,000 sq. meters
Building Area - 16,700 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
a. 24 September
1999 as P.T. VOITH SULZER PAPER TECHNOLOGY SERVICES INDONESIA
b. 1 March 2003
as P.T. VOITH PAPER SERVICES INDONESIA
c. 18 November
2005 as P.T. VOITH PAPER ROLLS INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-15600 HT.01.01.TH.2000
Dated 27 July 2000
- No. W7-HT.01.10-11201
Dated 27 September 2007
- No. AHU-72424.AH.01.01.TH.2008
Dated 13 October 2008
- No. AHU-AH.01.10-28274
Dated 19 July 2012
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.882.618.0-052.000
The Capital Investment Coordinating Board
- No.
328/I/PMA/1999
Dated 26 May 1999
- No.
1260/III/PMA/1999
Dated 24 September 1999
- No.
225/II/PMA/2004
Dated 16 December 2004
Related
Company :
A Member Company
of the SINAR MAS Group (see attachment)
Capital
Structure :
Authorized Capital - US$ 11,000,000.-
Issued Capital - US$ 3,570,000.-
Paid up Capital - US$ 3,570,000.-
Shareholders/Owners
:
a. VOITH PAPER HOLDING GMBH & CO. KG - US$ 2,713,200.-
Address :
Sankt Poltener Strasse 43
89522
Heildenheim
Germany
b. P.T.
PURINUSA EKAPERSADA -
US$ 856,800.-
Address : Jl. Fachrudin No. 18
Jakarta Pusat
Indonesia
Lines of
Business :
Plastic and
Rubber (Roll Cover) Manufacturing
Production
Capacity :
a. Roll Cover - 25,466
tons p.a.
b. Paper Mill
Machinery Reparation
and Services - US$ 1.0 million
Total
Investment :
a. Equity Capital - US$ 3.5 million
b. Loan
Capital -
US$ 11.0 million
c. Total
Investment - US$
14.5 million
Started
Operation :
2002
Brand Name :
VPRI
Technical
Assistance :
VOITH PAPER
HOLDING GmbH & Co., KG of Germany
Number of
Employee :
238 persons
Marketing Area
:
Local - 90%
Export -
10%
Main Customers
:
a. P.T. INDAH
KIAT PULP AND PAPERS
b. P.T. PINDO
DELI PULP AND PAPER
c. P.T. Pabrik Kertas TJIWI KIMIA Tbk
d. P.T. LONTAR PAPYRUS SAKTI
e. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
P.T. VOITH PAPER
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Jalan
M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
b. DEUTSCHE Bank
AG
Wisma Deutsche Bank
Jalan Imam Bonjol No. 80
Jakarta Pusat
Indonesia
c. P.T. Bank
SINARMAS
Wisma Bank
SInarmas
Jalan M.H.
Thamrin No. 51
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 170.0
billion
2012 – Rp. 181.0
billion
2013 – Rp. 192.0
billion
Net Profit
(estimated) :
2011 – Rp. 15.0
billion
2012 – Rp. 15.9
billion
2013 – Rp. 16.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Robert Kietaibl
Vice President Director -
Mr. Tinggar Praharso Urip Simeon
Directors -
a. Mr. Stephan Keuschniggzingl
b. Mr. Thomas Ludwig Holzer
Board of Commissioners :
President Commissioner -
Mr. Martin Gustav Scherrer
Commissioners -
a. Mr. Adam Moran
b. Mr. Tjandra Sujanto
Signatories :
President Director (Mr.
Robeert Kietaibl) or Vice President Director (Mr. Tinggar Praharso Urip Simeon)
or one of the Directors (Mr. Stephan Keuschniggzingl or Mr. Thomas Ludwig
Holzer) which must be approved by Board of Commissioners.
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Initially the company named P.T. VOITH SULZER PAPER TECHNOLOGY SERVICES
INDONESIA was established in Bekasi, West Java on 24 September 1999 with the
authorized capital of US$ 11,900,000 issued capital of US$ 3,570,000 wholly
paid up. The founding and shareholders of the company are VOITH PAPER HOLDING
GmbH & CO. KG., of Germany (76%) as foreign partner and P.T. PURINUSA
EKAPERSADA (24%) as local partner. The company notary deed has frequently been
revised. In March 2003, the company renamed P.T. VOITH PAPER SERVICES
INDONESIA. Then, on 18 November 2005, the company renamed P.T. VOITH PAPER
ROLLS INDONESIA (P.T. VPRI). The deed of amendment was made by Mrs. Linda
Herawati, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. W7-HT.01.10-11201, dated September 27, 2007. Then according
to the latest revision of notary documents of Mrs. Linda Herawati, SH., No. 45
dated 19 July 2012 the board of director and the board of commissioner had been
changed (see profile of this report). The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-28274 dated July 31, 2012.
We observe that local partner P.T. PURINUSA EKAPERSADA is a national
private company dealing with specialist carton box, paper cone and paper tube
products and investment holding which majority business stakes is controlled by
Mr. Dr. Eka Tjipta Widjaja AKA Oei Ek Tjhong and family members. The family
also controls the major business stakes and primemover of the SINAR MAS Group,
a big-size business group in Indonesia based in Jakarta.
P.T. VPRI operates in the frame works of Foreign Investment (PMA)
company license to deal with plastic and rubber (roll cover) manufacturing. The
plant located at Karawang International Industrial City, Jalan Permata V Lot
EE-1, Karawang, West Java on a land of 20,000 sq. meters. The plant started its
commercial operation since 2002 and has been expanding frequently to increasing
production capacity. The plant produces Roll Cover (plastic, rubber,
polyurethane covering) of 25,466 tons per annum. The plant has absorbed an
investment of US$ 14.5 million, come from owned capital of US$ 3.5 million and
the rest from loans. Besides, the company has provides maintenance and
recondition of roll cover products. Some 90% of the products like Roll Covers
marketed locally to pulp and paper industry, board paper industries and tissue
machines industries. The rest 10% is exported to the Europe Union, China, Asian
countries and others.
Indonesia as the largest paper making market in South East Asia has been
a major hub for P.T. VPRI for more than 15 years to serve Voith Paper’s
customer base in Asia Pacific. The growth of the Indonesian paper, board,
tissue and pulp production combined with ever growing and stronger commitment
to the customers, has fueled the growth of Voith’s operations in Karawang
over this time period.
Since 2012, P.T. VPRI is already well on the way to meet these
demands. By tripling its manpower, building up its after-market products
& services business including stock preparation and paper machine rebuilds
providing local resources with increased international capabilities, Voith
Karawang shall integrate as a full scale project execution location into the
worldwide network of the application, design and engineering competence centers
within Voith Paper worldwide.
P.T. Voith Paper Rolls Indonesia, the roll service center being an
integral part of Voith Karawang, is going to expand and invest as the demand
for all types of roll covers and mechanical roll service in constantly increasing. The
roll service center has, since many years, major commitments in corporate
contracts to customers throughout the Asia Pacific region and with the
forecasted growth, would soon reach its capacity limits. Driven by space
requirements of mechanical roll service, the service center in Karawang will
double its overall output capacity and in addition install a high end, state of
the art manufacturing line for composite calendar covers, providing
fastest process and turnaround times along with the added security of reduced
transportation costs and risks for producers within this market
segment. In further addition to capacity, and to service the growing
Tissue Industry, Voith Paper Rolls Indonesia will expand its mobile tissue
cylinder grinding and thermal coating equipment along with manpower to increase
both flexibility and availability for onsite service.
With the strong international and experienced optimization team of Voith
Paper Fabrics & Rolls Systems and the after-market Product & Services
business line Voith Paper will continue to lead standards of excellence in
customer support and solutions throughout the industry. Voith sets standards in
the markets of energy, oil & gas, paper, raw materials and transport &
automotive.
Some of the products supplied to P.T. INDAH KIAT PULP & PAPERS, P.T.
PINDO DELI PULP & PAPER, P.T. Pabrik Kertas TJIWI KIMIA, P.T. LONTAR
PAPYRUS SAKTI, P.T. PURINUSA EKAPERSADA, P.T. EKAMAS FORTUNA, P.T. SURABAYA
KERTAS, P.T. SUPARMA Tbk, P.T. RIAU ANDALAN KERTAS, P.T. THE UNIVENUS, P.T.
PELITA CENGKARENG PAPER and others. We observe the operation of P.T. VPRI has
been growing and developing well in the last three years.
Generally, demand for roll cover for pulp, board, paper and tissue
machines has kept increasing in the last five years in line with the growth of
pulp and paper industries, paper industries, board and tissue paper industries
and others. The national pulp and paper industries will be better in 2012 than
in 2011. Market estimates of production and sales will be the norm. Additional
capacity will continue price of pulp is still going up although with a slower
rise in pulp price increases triggered by the low stock of pulp due to the hard
efforts of pulp mills to reduce production, to balance the supply-demand, and the
purchase of pulp on a large scale by China also triggered a rise in pulp
prices. Ir. H. M. Mansur, Chairman of the Presidium APKI (Association of
Indonesian Pulp and Paper) said the increased price of paper is not as big and
as fast as the price of pulp, because the factories are not as intensive as
paper pulp mills to reduce production, so that the paper stock in the world
market is still quite great. Indonesia's pulp paper does not seem necessary to
limit and reduce production because production will be absorbed by the
market-domestic and export markets. Global crisis appears to have started over,
things would be normal, production, consumption and prices will rise again.
Indonesia has very good potential to be leader in the global pulp and paper
industry due to its geographical location. The increase in roll cover in the
county during the economic crisis in the last several years was attributable to
the absorbing power of the users being still growing sufficiently. Business
position of P.T. VPRI is favorable because has been controlled a wide marketing
network in the country.
Indonesian Pulp and Paper
Production, 2007 – 2012
(Tons)
|
Year |
Pulp Production |
Paper Production |
|
2007 |
5,200,000 |
11,000,000 |
|
2008 |
5,900,000 |
9,7000,000 |
|
2009 |
6,500,000 |
12,200,000 |
|
2010 |
7,900,000 |
12,900,000 |
|
2011 |
7,900,000 |
12,900,000 |
|
2012 |
8,216,000 |
13,416,000 |
Until this time
P.T. VPRI has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. P.T. VPRI's management
adopts very reclusive attitude towards outsiders and rejected to unveil its
financial condition. We estimated that P.T. VPRI's operation in 2011 booked a
total sales turnover of Rp. 170.0 billion increased to Rp. 181.0 billion in
2012 rose to Rp. 192.0 billion in 2013 and projected to go on rising by at
least 6% in 2014. The operation in 2013 has yielded a net profit of Rp. 16.3
billion and the company has a total networth of about Rp. 106.0 billion. P.T.
VPRI is backed by financially quite strong and sound foreign partners 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.
The management
of P.T. VPRI is headed by Mr. Robert Kietabibl (51), a professional manager of
Austria with very extensive experience in roll cover manufacturing. Robert
Kietaibl, Senior Vice President of Voith Paper Rolls Asia revealed that
initially the new service center will offer a full
range of rubber roll covers, mechanical roll service and roll cover regrinding,
while it will expand into the roll covers manufacturing area for polyurethane
and composite roll covers in a second phase. The company’s management is
further handled by a team of professional managers with wide experience in the
paper industry and trade. The have extensive relations with national and
foreign private businessmen and with government authorities as well. So far, we
did not hear that the management of the company being filed to the district
court for detrimental cases. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. VOITH PAPER
ROLLS INDONESIA is sufficiently fairly good for business transactions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.