|
Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PDM |
|
|
|
|
Registered Office : |
Jalan Brigjen. Szein Hamid Km. 6.9 Titi Kuning, Medean
20146 North Sumatra |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
March 1985 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-12216 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is a producer of cigarette paper industry |
|
|
|
|
No. of Employees |
178 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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, 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. PDM
INDONESIA
Head Office & Factory
Jalan Brigjen. Szein Hamid Km. 6.9
Titi Kuning, Medean 20146
North Sumatra
Indonesia
Phones - (62-61)
7867648, 7867973
Fax - (62-61) 7863004
Land Area - 30,200 sq.
meters
Office Space - 15,600 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 24 February 1984 as P.T.
KIMSARI PAPER INDONESIA
b. 12 April 2004 as P.T. PDM
INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
- No. C2-6181.HT.01.01.TH.84
Dated 31 October 1984
- No. AHU-100730.AH.01.02.TH.2008
Dated 31 December 2008
- No. AHU-AH.01.10-14096
Dated 26 August 2009
- No. AHU-AH.01.10-12216
Dated 11 April 2012
Company Status
:
Foreign Investment (PMA) Company
Permit by the
Government Department :
The President of the
Republic of Indonesia
NPWP No. 01.060.153.2-123.001
The President of the
Republic of Indonesia
No. B-47/Pres/12/1983
Dated 27 December 1983
The Capital Investment
Coordinating Board
- No. 41/I/PMA/1983
Dated 31 December 1983
- No. 160/II/PMA/1990
Dated 10 October 1990
- No. 96/III/PMA/2004
Dated
06 February 2004
Related Companies :
a. SCHWEITZER MAUDUIT FRANCE (Investment Holding)
b. P.T. NOMINDOJASA RAYA (Investment Holding and Trading)
Capital Structure
:
Authorized Capital :
US$. 11,000,000.-
Issued Capital :
US$. 8,200,000.-
Paid up Capital :
US$. 8,200,000.-
Shareholders/Owners
:
a. SCHWEITZER MAUDUIT FRANCE S.A.R.L - US$.
7,790,000.-
Address : B.P.34, 29393
Quimperle Cedex
France
b. Mr. Djoni Tjandra -
US$. 410,000.-
Address : Jl. Imam Bonjol Block
Bo. 15/O
Fetisah Tengah,
Medan
North Sumatera
Indonesia
Lines of
Business :
Cigarette Paper Industry
Production
Capacity :
a. Cigarette Papers - 6,000 tons p.a.
b. Flug-Wrap Papers - 500 tons p.a.
c. Tripping Papers - 900 tons p.a.
Total
Investment :
a. Equity Capital -
US$ 8.5 billion
b. Loan Capital -
US$ 7.6 billion
c. Total Investment -
US$ 15.8 billion
Started
Operation :
March 1985
Brand Name :
PDM PAPER
Technical
Assistance :
SCHWEITZER MAUDUIT FRANCE of France
Number of
Employee :
178 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. P.T. BENTOEL PRIMA
b. P.T. BINTANG JAGAT SEJATI
c. P.T. HM SAMPOERNA TBK.
d. P.T. KISARAN TOBACCO
e. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. ARGAPURA
b. P.T. BUKIT MURIA JAYA
c. P.T. FILTRONA INDONESIA
d. P.T. SURYA ZIG ZAG
e. Etc.
Business Trend
:
Fluctuating
B a n k e r s :
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan Bukit Barisan, Medan
North Sumatra
Indonesia
b. CITIBANK N.A.
Jakarta Main Office
Jalan Jend. Sudirman - Jakarta
Indonesia
Auditor :
KAP Purwantono, Suherman
& Surja (ERNST & YOUNG)
Litigation :
No litigation record in our database
Annual Sales :
2011 – Rp. 145.0 billion
2012 – Rp. 153.0 billion
2013 – Rp. 164.0 billion
Net Profit
(estimated) :
2011 – Rp. 5.8 billion
2012 – Rp. 9.2 billion
2013 – Rp. 10.7 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Jean-Albert Le Roux
Director -
Mr. Djoni Tjandra
Board of Commissioner :
Commissioner - Mr. John Winn Rumely Junior
Signatories :
President Director (Mr. Jean-Albert Le Roux)
or the Director (Mr. Djoni Tjandra) which must be approved by Board of
Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Originally the company name is P.T. KIMSARI
PAPER INDONESIA it was established in February 1984 with an authorized capital
of US$ 11,000,000 of which US$ 8,200,000 was paid up. The founders and
shareholders are P.T. SARIDA PERKASA, P.T. DUTA MENDUT (both are private
companies) and KIMBERLY CLARK CORPORATION of USA. It’s articles of association
has been amended frequently. In October 2001, P.T. SARIDA PERKASA, pulled-out
and replaced by P.T. RISDA MANDALA PERKASA as new shareholder. P.T.RISDA
MANDALA PERKASA majority share is controlled by Mr. Ibrahim Risjad also founder
and majority business stakes owner of the RISJADSON Group, a medium-sized
business group suffering from financial problem. In April 2004, the company renamed to P.T. PDM INDONESIA
(P.T. PDMI). In February 2005, whole shareholders of P.T. PDMI withdrew and
replaced by SCHWEITZER MAUDUIT FRANCE S.A.R.L., of France (95%) and P.T.
NOMINDOJASA RAYA of Indonesia (5%). The taking over of shares of the company by
SCHWEITZER MAUDUIT FRANCE valued US$ 8.5 million. Then in August 2009 P.T.
NOMINDOJASA RAYA pulled out and replaced by Mr. Djoni Tjandra as new
shareholder. With this time the composition of its shareholders has been
changed to become SCHWEITZER-MANDUIT FRANCE S.A.R.L of France (95%) and Mr.
Djoni Tjandra (5%). The latest according to the revision of notary deed Mrs.
Aryanti Artisari, SH., no. 53 dated 13 March 2012 the company board of director
and the board of commissioner had been changed to lead and runs of the company’s
operation. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-12216 dated April 11, 2012.
P.T. PDMI is one of the producer of cigarette paper industry in the
country which operation since December 1985. The company obtained its foreign capital investment (PMA) license from
the Capital Investment Coordinating Board (BKPM) in cigarette paper industry
including plug-wrap and tipping paper. Its factory is located at Jalan
Brigjend. Zein Hamid Km. 6,9, Titi Kuning, Medan, on a land plot of three
hectares with a building of around 15,600 square meters. This factory had
initially a production capacity of 5,000 tons plug-wrap paper and 900 tons
tipping paper per year respectively. The construction of this factory unit had
absorbed an investment of US$ 11.7 million, consisting of US$ 8.2 million
equity capital and US$ 3.5 million was covered by loan. In 1990, this company
received an expansion license from the BKPM for the construction of a fine cigarette
paper unit with a capacity of 1,000 tons per year. The construction of this
expansion unit was finished in early 1991 and its commercial production
commenced at the end of 1991.
The construction of this expansion had
absorbed an estimated investment of US$ 4.1 million fully from loan. For the
production of cigarette paper, P.T. PDMI utilizes the technology from PDM
cigarette paper of France. This company does not use any trade mark since its
buyers are limited and the sales continuous. All the production is marketed in
the country to cloves cigarette factories as well as to ordinary cigarette
factories. Its marketing is handled by P.T. DUTA MENDUT. The products are sold
to P.T. SUMATRA TOBACCO TRADING COMPANY, P.T. PABRIK ROKOK TJAP BENTOEL, P.T.
BENTOEL PRIMA, P.T. HM SAMPOERNA Tbk, P.T. KISARAN TOBACCO, P.T. WONGSO PAWIRO,
P.T. NOJORONO TOBACCO INTERNATIONAL, Pabrik Rokok SUKUN, P.T. Perusahaan Dagang
Dan Indsutri TRESNO, P.T. BOKOR MAS, P.T. Perusahaan Dangang Dan Industri SUBUR
AMAN, P.T. LESTARIPUTRA WIRASEJATI, etc. We observe the operation of P.T. PDMI
have been fluctuating in the last three years.
Generally, demand for cigarette paper, packaging cigarette paper has
kept on rising in line with the rapid growth of cigarette industries in the
last five years. In overall we find the clove cigarette industries kept on
rising in the last five years and nothing wrong with the global economic crisis
occurred in October 2008 because they used mostly local contents. But the
number of cigarettes company in Indonesia this year is down 17% to 1,381 units
in 2012 compared to 2011, according to industry association. Decrease in the
number of tobacco companies influenced the tight government regulations
governing the production, promotion and cigarette consumption. Mr. Hasan Aoni
Aziz, Corporate Communication of the United Association of Cigarette
Manufacturing Indonesia (GAPPRI), assess increasing stringent government
regulation of the tobacco industry has been continuously decrease the number of
firms in the sector, especially small-medium in industries. Based on data
compiled by the Ministry of Industry, the industry association, the number of
cigarette companies Indonesia in 2007 reached 5,000 units, then felt to 1,500
units in 2010.
The cigarette industries will keep going down within the coming four
year years. Competition is very tight as there are 73 cigarette producers
operating in the country. The most leading producers are P.T. GUDANG GARAM Tbk,
of 35.5% market segment, P.T. HM SAMPOERNA Tbk., of 15.2% market segment, P.T.
DJARUM of 11.9% market segment, P.T. BENTOEL PRIMA of 1.5% and the rest is
controlled by other small producers. The growth cigarette industries in
Indonesia is seen from the table as below:
The Growth of Cigarettes in Indonesia Period 2009 –
2012*
|
Description |
2009 |
2010 |
2011 |
2012* |
|
Total Production (billion stick) |
245.2 |
249.1 |
270.8 |
278.9 |
|
Number of Companies (unit) |
3,255 |
1,994 |
1,664 |
1,381 |
|
Number of Employee (person) |
687,224 |
700,000 |
725,000 |
780,000 |
|
Tax Receivable (trillion Rupiah) |
55.4 |
63.3 |
73.3 |
84.4 |
Source: GAPPRI (Indonesia Cigarette
Producers Association)
Until this time P.T. PDMI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. PDMI is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in 2011 amounted to Rp. 145.0 billion rose to Rp. 153.0 billion in 2012
increased to Rp. 164.0 billion in 2013 and projected to go on rising by at
least 6% in 2014. The operation in 2013 yielded an estimated net profit of at
least Rp. 10.7 billion and the company has an estimated total networth of at
least Rp. 75.0 billion. We observe that P.T. PDMI is supported by foreign
partner with has financially strong and sound behind it. So far, we did not
heard 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. PDMI is led by Mr. Jean-Albert Le Roux (48) a
professional manager with experience in cigarette paper industry and trading.
Daily activity he is assisted by Mr. Djoni Tjandra (57) as director. The
company's management is handled by professional staff in the above business.
They have wide relations with private businessmen within and outside the
country.
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. PDM INDONESIA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.46 |
|
|
1 |
Rs.100.14 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.