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Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. TANJUNG ENIM LESTARI PULP AND PAPER |
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Registered Office : |
Menara Jamsostek, 18th Floor Suite TA-1802 Jalan Jend. Gatot Subroto No. 38 Jakarta Selatan, 12710
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Country : |
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Date of Incorporation : |
18.06.1990 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing paper pulp. |
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No. of Employees |
1,320 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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B1 |
A2 |
|
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, 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. TANJUNG ENIM LESTARI PULP AND PAPER
Head Office
Menara Jamsostek, 18th Floor Suite TA-1802
Jalan Jend. Gatot Subroto No.
38
Jakarta Selatan, 12710
Phones - (021) 5290 2088 (Hunting)
Fax -
(021) 5290 2099
E-mail - fazri@telpp.com
Website - http://www.telpp.com
Building Area - 30 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Rent
Branches
a. Jalan
Sukarno - Hatta Km. 14
Batu Sarampok, Kelurahan Srengsem
Kec. Panjang, Bandar Lampung
Lampung
Phones
- (0721) 342312-3, 342311
Fax -
(0721) 342266
b. Jalan
Resident H. Abdul Rozak Rt. 16
Palembang, South Sumatera
Phone - (0711) 718112
Fax - (0711) 718112
Factory (Mill Site)
Desa Niru-Tebat Agung
Kec. Rambang
Dangku
Kabupaten Muara
Enim
South Sumatra
31172
Phones - (0713) 324150, 324160
Fax -
(0713) 324182, 324189
Date of
Incorporation :
18 June 1990
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
a. No. C2-3538.HT.01.01.TH.92
Dated 01 May 1992
b. No. AHU-60196.AH.01.02.TH.2008
Dated 8 September 2008
c. No. AHU-AH.01.10-05506
Dated 8 May 2009
d. No. AHU-47772.AH.01.02.TH.2012
Dated 07 September 2012
e. No. AHU-AH.01.10-50550
Dated 25 November 2013
Company Status
:
Foreign Investment (PMA) Company
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 01.357.596.4-092.000
b. The Capital Investment Coordinating
Board
- No. 17/V/PMA/1996
Dated 7 February 1996
- No.
723/III/PMA/199
Dated 14 June 1999
- No.
930/III/PMA/1999
Dated 21 July 1999
- No.
1518/III/PMA/1999
Dated 19 November 1999
- No.
626/III/PMA/2007
Dated 8 May 2007
Related Companies
:
a. JAPAN INDONESIA PETROCHEMICAL INVESTMENT CORP. (Investment Holding)
b. MARUBENI CORPORATION (Trading House and Investment Holding)
c. SUMTRA PULP CORPORATION (Investment Holding)
Capital
Structure :
Authorized Capital -
Rp. 3,245,792,000,000.- (US$ 621,782,490)
Issued Capital -
Rp. 3,245,792,000,000.- (US$ 621,782,490)
Paid up Capital -
Rp. 3,245,792,000,000.- (US$ 621,782,490)
Shareholders/Owners
:
a. MARUBENI
CORPORATION of Japan - Rp.
3,013,591,000,000.- (92.85%)
Address :
4 – 2 Ohtemachi 1, Chome
Chiyoda-Ku,
Tokyo
Japan
b. SUMATRA PULP Corp. of Japan - Rp. 232,201,000,000.- ( 7.15%)
Address : Nishikicho Bld. 23 Kanda
Nishiki-Cho
Come, Tokyo
Japan
Lines of Business :
Pulp Mill
Industry
Production Capacity :
Pulps -
500,000 tons p.a.
Total Investment :
a. Equity Capital - US$. 490.0 million
b. Loan Capital - US$. 380.0 million
c. Total Investment - US$. 810.0 million
Started Operation :
26 May 2000
Brand Name :
TELPP
Technical Assistance :
a. MARUBENI
Corporation of Japan
b. SUMATRA PULP
Corp., of Japan
Number of Employee :
1,320 persons
Marketing Area :
Export -
95%
Domestic - 5%
Main Customers :
a. P.T. CELMARK
INTERINDO TRADE
b. MARUBENI
CORPORATION
c. SINGAPORE PULP
PRIVATE LIMITED
d. International
market in Japan, France, Germany, the UK, Italy and others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. TJIWI KIMIA
Tbk
b. P.T. INDAH
KIAT Pulp and Paper
c. P.T. PINDO
DELI Pulp and Paper
d. P.T. LONTAR PAPYRUS
e. P.T. RAJA GARUDA MAS
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol 61
Jakarta
Pusat, 10310
b. The Bank of
TOKYO – MITSUBISHI UFJ LTD
Midplaza Building
Jalan
Jend. Sudirman Kav. 10-11
Jakarta Pusat, 10220
Auditor :
Purwantono,
Sarwoko & Sandjaja (ERNST & YOUNG)
Litigation :
No litigation
record in our database
Annual Net
Sales (estimated) :
2010 – US$ 289.1
million
2011 – US$ 312.0
million
2012 – US$ 338.5
million
2013 – US$ 369.0
million
Net Profit
(Loss) :
2010 – US$ 61.2
million
2011 – US$ 65.0
million
2012 – US$ 70.5
million
2013 – US$ 76.8
million
Payment Manner
:
Average
Financial Comments :
Satisfactory
Board of
Management :
President Director -
Mr. Takashi Hashimoto
Vice President Director -
Mr. Hiroyuki Moriyasu
Directors -
a. Mr. Jiro Suzumori
b. Mr. Toshikazu Sakurai
c. Mr. Rudi Fajar
Board of
Commissioner :
President Commissioner -
Mr. Yoshiharu Kambe
Vice President Commissioner -
Mr. Bambang Hendrajatin
Commissioners -
a. Mr. Hiroshi Tanaka
b. Mr. Yasuyuki Amakusa
c. Mr. Mutsuhiko Koike
Signatories :
President Director (Mr. Takashi Hashimoto) or Vice President Director
(Mr. Hiroyuki Moriyasu) or one of Directors (Mr. Jiro Suzumori, Mr. Toshikazu
Sakurai or Mr. Rudi Fajar) which must be approved by Board of Commissioners.
Management
Capability :
G o o d
Business Morality
:
G o o d
Credit Risk :
Below Average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T. TANJUNGENIM LESTARI PULP AND PAPER or P.T.
TANJUNG ENIM LESTARI (P.T. TEL) was established in Jakarta based on Notarial
Deed No. 52 of Susana Zakaria, SH., dated on June 18, 1990 with an authorized
capital of Rp. 180,000,000,000.- of which Rp. 36,000,000,000.- was issued and
fully paid up. The founding shareholders
of the company are Mrs. Siti Hardiyanti Rukmana or Mbak Tutut (indigenous
business woman) and P.T. MUKTILESTARI KENCANA originally named P.T. CAHAYA
PACIFIC DHARMA (a private company). The
Deed of establishment was approved by the Minister of Justice of the Republic
of Indonesia through its Decree No. C2-3538.HT.01.01.TH.92 dated May 1, 1992.
Its
articles of association have subsequently been amended for several times. In
the middle of 1995, its entire original shareholders pulled-out and replaced by
P.T. BARITO PACIFIC TIMBER Tbk, P.T. TRIDAN SATRIAPUTRA INDONESIA (both are
private companies) and SUMATRA PULP CORPORATION of Japan. The authorized
capital had on the same occasion converted into US$ 300,000,000 entirely issued
of which US$ 30,000,000 was paid up. In December 1999, P.T. TRIDAN SATRIAPUTRA
INDONESIA pulled out and replaced by P.T. TUNGGAL SETIA PRATAMA, a private
company (a member company of the BARITO PACIFIC Group) and MARUBENI CORPORATION
of Japan. On the same occasion, the authorized capital was raised and converted
again into Rp. 777,633,000,000 wholly issued and paid-up.
In
December 2002, P.T. TUNGGAL SETIA PRATAMA pulled-out and the whole shares took
over by MARUBENI CORPORATION of Japan. Then in October 2006, P.T. BARITO
PACIFIC TIMBER Tbk pulled out and the whole shares sold to JAPAN INDONESIA
PETROCHEMICAL INVESTMENT Corporation of Japan.
In August 2008 the authorized capital was raised to US$ 621,782,490 (Rp.
3,245,792,000,000) wholly issued and paid up. With this development the
composition of its shareholders has been changed to become MARUBENI Corp. of
Japan (83.26%), JAPAN INDONESIA PETROCHEMICAL INVESTMENT Corp., of Japan
(9.58%) and SUMATRA PULP Corp., of Japan (7.16%). In May 2009, JAPAN INDONESIA PETROCHEMICAL
INVESTMENT Corp., pulled out and the whole shares are sold to MARUBENI
Corp. Since the time, the shareholders
of the Company are MARUBENI Corp., (92.85%) and SUMATRA PULP Corp., (7.15%).
The deed of amendment was made by Mr. Benny Kristianto, SH., a public notary in
Jakarta and it was approved by the Minister of Law and Human Rights through its
Decree No. AHU-AH.01.10-05506 dated May 8, 2009.
Latest on October 28, 2013, the composition of the
board of directors and commissioner was changed again. But, no changes have
been effected in term of its shareholding composition and capital structures to
date. The amendment to Deed was approved by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Decision Letter No.
AHU-AH.01.10-50550 dated November 25, 2013.
P.T.
P.T. TEL (“the Company”) was established under the framework of the Foreign
Investment Law No. 1 of 1967. The
Company is engaged in manufacturing paper pulp and commenced its commercial
operations on May 26, 2000. Its plant is located at Desa Niru - Tebat Agung,
Kecamatan Rambang Dangku, Muara Enim, South Sumatra, on a land of some 1,250
hectares. The plant produces pulp of
450,000 tons per year and increased to 500,000 tons per year at present. Basic material like log of Mangium Acacia
wood is supplied by its sister company P.T. MUSI HUTAN PERSADA owning an
industrial forest estate concession of 193,500 hectares. The development of the
plant has absorbed an investment of Rp. 2,766.7 billion coming from own capital
of Rp. 777.6 billion and the rest from loan.
To
realize the project, P.T. TEL got a syndication loans from the international
financial agencies amounting to US$ 990,989,000.-, among others from FUJI Bank,
SAKURA Bank of Japan and other banks of the USA. Financing for the project was
an industry first; a unique project financing, namely Limited Resource
Financing. It was made possible by over 29 lenders, comprising mainly Export
Credit Agencies from Sweden, Germany, Canada, Finland and International
Commercial Bank in Asia, Europe and the USA.
The
main contractor of this project is TESSAG Industrie-Anlagen (formerly known as
KLOCKNER INDUSTRIE-Anlagen GmbH) of
Germany and NIPPON PAPER Industries of Japan as an operator of pulp plant. The
consultant is SANDWELL INC., of Canada. The latest technology is used and more
sophisticated than other pulp industries in Indonesia and North America.
Besides, it has a special port located at Tarahan, some 15 km. from Lampung
city and some 350 km. from the plant. The port is equipped with a warehouse of
30,000 tons storage capacity. The pulp from the plant to Tarahan is transported
by special train.
Some
95% of the products are exported to Japan, France, Germany, the UK, Italy, the
Netherlands, Spain, Asia Pacific and other countries, while the other 5% is
marketed to local paper industries. In export P.T. TEL has made a
purchasing-contract for 10 years with MARUBENI Corporation, CELLULOSE MARKETING
INTERNATIONAL (CELMARK) of Sweden and SINGAPORE PULP & PAPER Limited (SPPL)
Singapore. A sharp Rupiah depreciation against US$ and other hard foreign
currencies has a positive impact to the company's financial condition because
some 95% of the products is exported. But the prolonged economic crisis has
made its production cost increased drastically. Business position of P.T. TEL is favorable
for it has controlled a wide marketing network at abroad and their product has
been widely known among consumers.
According
to financial statement which audited by Purwantono, Sarwoko & Sandjaja (a
member of Ernst & Young) that the
net sales/income P.T. TEL in 2008 amounted to US$ 281.0 million with a net
profit of US$ 69.5 million declined to US$ 186.2 million with a net loss of US$
16.2 million in 2009 and rose again to US$. 289.1 million with a net profit of
US$ 61.2 million in 2010. Up to
present, we have yet to gain the statement of income of P.T. TEL in fiscal 2011
to 2013. However, we estimated that net
sales/income of the company in 2011 amounted to US$ 312.0 million with a net
profit of US$ 65.0 million increased to US$ 338.5 million with a net profit of
US$ 70.5 million in 2012 and rose again to US$ 369.0 million with a net profit
of US$ 76.8 million in 2013. So far we
did not hear that P.T. KI has been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The
management is headed by Mr. Takashi Hashimoto (53) as president director, a
well-experienced businessman in pulp industry and trade. He is a professional
manager of SUMATRA PULP Corporation of Japan with experience for some 20 years
in this business. In his daily
activities, he is assisted by Mr. Hiroyuki Moriyasu (47) as vice president
director and three directors namely Mr. Jiro Suzumori (66), Mr. Toshikazu
Sakurai (59) and Mr. Rudi Fajar (45) of Indonesia, and a number of experienced
professional managers in this business, having maintained a wide business
relation among private businessmen at home and abroad as well as among
government authorities. So far, we did not hear that the management of the
company being filed to the district court for detrimental cases or involved in
business malpractices.
P.T.
TANJUNG ENIM LESTARI (P.T. TEL) 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.61.02 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
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 |
|
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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.