|
Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DNP INDONESIA |
|
|
|
|
Registered Office : |
Jl. Pulogadung Kav. 11 Block H No. 2-3 Jakarta
Industrial Estate Pulogadung Jakarta Timur 13920 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
22.10.203 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is dealing with Flexible Packaging and Offset Printing |
|
|
|
|
No. of Employees : |
1,520 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
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, 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 |
P.T. DNP INDONESIA
Head Office &
Factory I
Jl. Pulogadung Kav. 11 Block H No. 2-3
Jakarta Industrial Estate Pulogadung
Jakarta Timur 13920
Indonesia
Phones - (62-21) 4605790, 4610313, 4616061
Fax -
(62-21) 4605795, 4619745, 4619934
Email - sales@dnpi.co.id
Land Area - 38,000 sq.
meters
Building Area - 22,000 sq.
meters
Region - Industrial
Estate
Status - Rent
Factory
II
Jl. Maligi Raya Lot F1/F2
Kawasan Industri KIIC, Karawang
Bekasi, West Java
Phones - (62-21)
89107223-25, 89108156
Fax. - (62-21)
89108157
Land Area - 53,809 sq.
meters
Building Area - 28,500 sq.
meters
Region - Industrial
Estate
Status - Rent
Date of
Incorporation :
a. 28 April 1971
as P.T. DAI NIPPON GITAKARYA PRINTING
b. 19 December
1986 as P.T. DAI NIPPON PRINTING INDONESIA
c. 22 October
2003 as P.T. DNP INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No.
C-29542.HT.01.04.TH.2003
Dated
18 December 2003
b. No.
AHU-AH.01.10-2476
Dated
31 January 2008
c. No.
AHU-AH.01.10.19064
Dated 04 August 2008
d. No. AHU-16265.AH.01.02.Tahun 2009
Dated 28 April 2009
e. No.
AHU-AH.01.10-21751
Dated 11 July 2011
f. No.
AHU-AH.01.10-38699
Dated 30 October 2012
Company Status
:
Foreign
Investment (PMA) Company
Permit by the Government Departments :
a. The Department of Finance
NPWP No. 01.000.594.0-092.000
b. The President of the Republic of Indonesia
No. B-113/Pres/8/1970
Dated 04 August 1970
c. The Capital Investment Coordinating Board
- No. 210/III/PMA/1992
Dated 16 March 1992
- No. 101/II/PMA/1993
Dated 07 October 1993
- No. 178/II/PMA/1996
Dated 06 September
1996
- No. 164/II/PMA/2000
Dated 20 July 2000
d. The Department of Industry
No. 631/SK/II/1974
Dated 23 November 1974
Affiliated/Associated
Companies :
a. DAI NIPPON
PRINTING CO. LTD., of Japan (Investment Holding)
b. A member of
the RODA MAS Group (see attachment)
Capital
Structure :
Authorized
Capital -
US$ 30,000,000.-
Issued Capital - US$ 26,000,000.-
Paid up Capital - US$ 26,000,000.-
Shareholders/Owners
:
a. P.T. RODA MAS of Indonesia - US$. 12,740,000.- (49%)
Address: Jl. Letjend. S. Parman Kav. 32-34
Jakarta 11480
Indonesia
b. DAI NIPPON PRINTING CO. LTD., of Japan - US$. 13,260,000.- (51%)
Address: 1-1-1,
Ichigaya-Kogfacho,
Shinjuku-ku,
Tokyo 162-8001
Japan
Lines of
Business :
Flexible packaging and Offset Printing Industry
Production
Capacity :
Factory I
(Pulogadung) :
a. Gravure
Printing -
371,274,000 sq. meters p.a.
b. Offset
Printing -
361,720,000 sq. meters p.a.
c. Coating - 18,000,000 sq. meters p.a.
d. Laminating - 24,000,000 sq. meters p.a.
e. Cutting &
Crushing - 18,000,000 sq. meters p.a.
f. Decorative Paper Printing -
24,000,000 sq. meters p.a.
g. LDDPE Film - 4,821 sq. meters p.a.
Factory II
(Karawang) :
a. Gravure
Printing -
213,840,000 sq. meters p.a.
b. LLDPE Film - 8,784 sq. meters p.a.
c. CPP Film - 2,257 sq. meters p.a.
d. Metalizing -
181,440,000 sq. meters p.a.
e. Bag in Box - 3,456,000 units p.a.
Total
Investment :
Factory I
(Pulogadung)
a. Equity Capital - US$. 30.0 million
b. Reinvested
Profit -
US$. 29.4 million
c. Loan
Capital -
US$. 51.4 million
d. Total
Investment -
US$. 110.8 million
Factory II
(Karawang)
a. Equity Capital - US$. 0
million
b. Loan
Capital -
US$. 41.0 million
c. Total
Investment -
US$. 41.0 million
Started
Operation :
1973
Brand Name :
DNP INDONESIA
Technical
Assistance :
DAI NIPPON
PRINTING CO. LTD., of Japan
Number of
Employee :
1,520 persons
Marketing Area
:
Domestic (Local) - 95%
Export -
5%
Main Customers
:
a. P.T. RASA
MURNI UTAMA
b. P.T. GENERAL
FOOD INDUSTRY
c. P.T. SUPERMIE
INDONESIA
d. P.T. NUTRIFOOD
INDONESIA
e. P.T. NISSIN
BISCUIT FACTORY
f. Etc.
Market Situation
:
Very Competitive
Main
Competitors :
a. P.T. SAMAFITRO
b. P.T. PUTRA MANDIRI ABADI
c. P.T. HOLOCAD
INDONESIA
d. P.T. EXPRESS
GRAFIKA PRINTING
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Bekasi Branch
Jalan Raya Bekasi Km. 21
Jakarta Timur
b. P.T. Bank
BUANA INDONESIA Tbk
Kota Branch
Jalan Asemka
No. 32-35
Jakarta Barat
c. The Bank of
Tokyo Mitsubishi Ltd.
Main Branch
Jalan Jend. Sudirman Kav. 10-11
Jakarta Selatan
Auditor :
None
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2008 – Rp.
1,590.0 billion
2009 – Rp.
1,710.0 billion
2010 – Rp.
1,860.0 billion
2011 – Rp.
2,020.0 billion
2012 – Rp. 2,290.0
billion
2013 – Rp.
2,470.0 billion
Net Profit
(estimated) :
2008 – Rp. 69.0 billion
2009 – Rp. 76.0 billion
2010 – Rp. 83.5 billion
2011 – Rp. 92.0 billion
2012 – Rp. 104.0
billion
2013 – Rp. 112.0
billion
Payment Manner
:
Almost promptly
Financial Comments :
Satisfactory
Board of
Management :
President Director - Mr. Shuichi Kobayashi
Directors -
a. Mr. Masahiko Nakamura
b. Mr. Masayuki Emori
c. Mr. Bong Harli
d. Mr. Nuryadi Thaher
e. Mr. Joseph Harry Irwanto Imam
f. Mr.
Yoshiaki Ishizaka
g. Mr. Samuel Rumbayan
Board of
Commissioner :
President Commissioner -
Mr. Tan Pei Ling
Commissioner -
Mr. Yujiro Kuroda
Signatories :
President Director (Mr. Shuichi Kobayashi)
or one of the Director (Mr. Masahiko Nakamura, Mr. Masayuki Emori, Mr. Bong
Harli, Mr. Nuryadi Thaher, Mr. Joseph Harry Irwanto Imam, Mr. Yoshiaki Ishizaka
or Mr. Samuel Rumbayan) which must be
approved by Board of Commissioners (Mr. Tan Pei Ling and Mr. Yujiro Kuroda).
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
Originally named P.T. DAI NIPPON GITAKARYA
PRINTING, the company was established in Jakarta on April 28, 1971 with an
authorized capital of US$. 1,100,000 and the entirely was issued but it was
just paid up of US$ 900,000. The
founding shareholders of the company are two foreign companies of Japan namely DAI NIPPON PRINTING
Co. Ltd., and SUMITOMO SHOJI KAISHA
Ltd., with a state-owned enterprise named
P.T. Pertjetakan, Penerbit dan Pabrik Tinta GITA KARYA. The company notary deed has been changed frequently. In 1986, SUMITOMO SHOJI KAISHA Ltd, and P.T.
Percetakan, Penerbit dan
Pabrik Tinta GITA KARYA pulled out and they were replaced by P.T. TUMBAK MAS, a private company. Concurrently the authorized capital was
raised to US$ 10,000,000.-, entirely was issued and fuly paid up. Concurrently the company was renamed P.T. DAI
NIPPON PRINTING INDONESIA. In March 1994 the authorized capital was raised to
US$ 20,000,000.-, issued and paid up capital to US$ 10,000,000.-. By the same
time P.T. TUMBAK MAS pulled out and joined in a new shareholder P.T. RODA MAS,
a private company dealing with trading and investment holding.
The company's notary deed has frequently
been revised, in December 2001 the authorized capital was raised again to US$
30,000,000.-, issued and paid up capital to US$ 21,660,000.-. In October 2003,
the company renamed to P.T. DNP INDONESIA (P.T. DNPI) and in 2008, the issued
capital was raised to US$ 26,000,000.- and fully paid up. The shareholders of the company are P.T.
RODA MAS of Indonesia (49%) and DAI NIPPON PRINTING Co. Ltd., of Japan
(51%). The amendment to notary deed was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-21751, dated July 11, 2011.
Later according to the latest revision of
notary documents of Mr. Felix Fransiscus Xaverius Handojo, SH., No. 08 dated
October 9, 2012 the company board of directors and the board of commissioners
had been changed. The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-38699 dated October 30, 2012. No changes have been effected in
term of its shareholding composition and capital structures to date.
The local partner of P.T. DNPI, P.T. RODA
MAS is the parent company of the RODAMAS Group, a business group headed by and
the majority business stakes is controlled by Mr. Tan Siong Kie and his family
members. The main businesses of the RODAMAS Group are in G.I. sheet
manufacturing, food seasoning, flat glass and sheet glass manufacturing, property
management, trading, etc.
P.T. DNPI is a foreign capital investment
company (PMA) dealing with Flexible Packaging and Offset Printing. Initially its printing-house used to be
located at Jalan Ceylon No.14-16, Central Jakarta, equipped with modern
printing machines managed by P.T. Pertjetakan, Penerbitan dan Pabrik Tinta CITA
KARYA. But since 1983 the
printing-house was relocated to Jakarta Industrial Estate (JIEP), East Jakarta
with total land area 38,000 sq. meters, using the newest and modern machines.
In 1992 the company was licensed by BKPM (Investment Coordinating Board) to
change its machines/equipment under the restructuring scheme which is expected
to improve quality and to increase production capacity. Besides, in 1993 and
1996 it was also licensed by BKPM to expand and to increase production capacity
as depicted in page-4 of this report.
The development and expansion have absorbed
an investment of US$ 110.8 million coming from company's capital of US$ 30.0
million, reinvested profit of US$ 29.4 million and the rest from loans. P.T.
DNPI is now printing leaflets, posters, calendars, books, labels, stickers,
packages and other printed matters all of high quality. In July 2000 P.T. DNPI was also licensed by
the BKPM to build a new plant located at Kawasan Industri KIIC, Karawang, West
Java, on a land of some 54,000 sq. meters and it has been operating
commercially since the end 2000. P.T.
DNPI is using super modern and high-tech
machines. The new plant has a production
capacity as depicted in page-4 (business activities) of this report, with an
investment of US$ 41.0 million, entirely from loans.
Major customers of P.T. DNPI are large and
potential companies using printed matters, such as, P.T. RASA MURNI UTAMA, P.T.
GENERAL FOOD INDUSTRY, P.T. SUPERMIE INDONESIA, P.T. NUTRIFOOD INDONESIA, P.T.
NISSIN BISCUIT FACTORY INDUSTRIES, P.T. KHONG GUAN BISCUIT FACTORY, P.T. MANDOM
INDONESIA Tbk., (the then P.T. TANCHO INDONESIA Tbk.), P.T. UNILEVER INDONESIA
Tbk., P.T. RADIANCEE, P.T. TANABE ABADI, etc.
P.T. DNPI is classified as a large-sized company in flexible packaging
and offset printing industry in the country and its business operation has kept
on running smoothly and growing in the last five years.
Generally, the demand for gravure and offset
printed products in the country had significantly rising by 8% to 10% per year
in the last five years, in line with the growth of food and beverage
industries, snack food industries including instant noodle, biscuit,
confectioneries, pharmaceutical, cosmetic industries, etc. But, as from October 2008, the demand growth
for flexible packaging and printing has kept on dwindling as an impact of
global economic crisis as told above.
The demand was increasing in the early 2009 due to economic condition
was gradually recovery in the country. The growth rate is now estimated at 5%
to 7% per year in one-two next years. Market competition is very tight due to a
large number of similar companies operating in the country such as PT.
Samafitro, PT. Putra Mandiri Abadi, PT. Holocad Indonesia, PT. Express Grafika
Printing, PT. Ancol Terang Metal Printing, Indonesia Multi Color Printing,
etc. Business position of P.T. DNPI is
favorable for it has controlled a wide marketing network at home and abroad and
their product has been widely known among consumers in the country.
Until this time P.T. DNPI has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Therefore, the company has no obligation to publish financial
statement publicly. We have checked to Department of Trade and Industry and
found that no financial statement has been reported. P.T. DNPI’s management is
very reclusive to outsider and rejecting to disclose its financial condition
but we estimated the total sales turnover of the company in 2011 amounted to
Rp. 2,020.0 billion increased to Rp. 2,290.0 billion in 2012 and rose again to
Rp. 2,470.0 billion in 2013. The
operation in 2013 yielded a net profit at least Rp. 112.0 billion and the
company has a total net worth of Rp. 1,230.0 billion. It is projected that total sales turnover of
the company will increase at least 8% in 2014. So far we did not hear that P.T. DNPI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
Since mid 2007 the management of P.T. DNPI
has been led by Mr. Shuichi Kobayashi (55), a professional manager of DAN
NIPPON CO. LTD., of Japan with broad experience in offset and gravure printing.
In his daily activities, he is assisted by seven directors namely Mr. Masahiko
Nakamura (49), Mr. Masayuki Emori (54), both are from Japan, Mr. Bong Harli (53), Mr. Nuryadi Thaher (57),
Mr. Joseph Harry Irwanto Imam (65), Mr.
Yoshiaki Ishizaka (43) and Mr. Samuel Rumbayan (69). The management is handled by professional
managers of home and overseas having wide relation with local and foreign
businessmen as well as with the government sectors. So far, we did not hear that the management of the company having been
involved in business malpractices.
P.T. DNPI 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.
The RODAMAS Group is a national private business group established in
1960-s by Mr. Tan Siong Kie (94) and his wife Mrs. Liao Man Hua who was died on
24 June 2000. They are wholly Indonesian of Chinese extraction. Mr. Tan Siong Kie married with the late Mrs.
Liao Man Hua in Shanghai in 1947. At
present, Mr. Tan Siong Kie owned 3 children respectively Mrs. Tan Lien Chu
(62), Mrs. Tan Yu Yen (59) and Mr. Mucky Tan AKA Tan Pei Ling (54). They are
wholly married son and daughters.
Parent company of the RODAMAS Group is P.T. RODAMAS Co., Ltd., (PT.
RODAMAS) established in 1959 by Mr. Tan Siong Kie and his family members.
Originally P.T. RODAMAS was dealing with
trading and distribution of electrical parts and components, air conditioners,
technical goods, industrial chemicals and building materials, agricultural
products including copra, coconut oil, cooking oil and others.Apart from
general trading business, P.T. RODAMAS
from 1990-s focused its operation in investment holding business and
management trust of the RODAMAS Group members.
P.T. RODAMAS owns shares directly and indirectly in 23 companies of the
RODAMAS Group members. The subsidiary companies of the RODAMAS can be seen on
the following table:
|
No. |
Subsidiary Company |
P.T. Rodamas's Shares |
Line of Business |
|
1. |
P.T. Tumbakmas Inti Mulia |
100.0% |
G.I. Sheet Manufacturing |
|
2. |
P.T. Dicky Metals |
100.0% |
Office Equipment Manufacturing |
|
3. |
P.T. Mitratama Kencana Sejati |
100.0% |
Food Product Manufacturing |
|
4. |
P.T. Mitratama Rasa Sejati |
100.0% |
Food Seasoning Manufacturing |
|
5. |
P.T. Esti Pura Kencana |
100.0% |
Investment Holding |
|
6. |
P.T. Tumbakmas Niaga Sakti |
100.0% |
Investment Holding |
|
7. |
Rodamas International Holdings |
100.0% |
Investment Holding |
|
8. |
Rodamas Marketing (s) Pte. Ltd. |
100.0% |
Overseas Marketing |
|
9. |
P.T. Sasa Inti |
50.0% |
Food Seasoning Manufacturing |
|
10 |
P.T. Sasa Fermentasi |
50.0% |
Food Seasoning Manufacturing |
|
11. |
P.T. Ajinomoto Indonesia |
50.0% |
Food Seasoning Manufacturing |
|
12. |
P.T. Kao Indonesia |
49.97% |
Consumer Goods Manufacturing |
|
13. |
P.T. DNP Indonesia |
49.0% |
Flexible Packaging and Printing |
|
14. |
P.T. Asahimas Flat Glass Tbk. |
39.69% |
Sheet Glass Manufacturing |
|
15. |
P.T. Sanwamas Metal Industry |
36.74% |
Rolling Door Manufacturing |
|
16. |
P.T. Nabisco Foods |
30.0% |
Biscuit and Snack Manufacturing |
|
17. |
P.T. Salonpas Indonesia |
25% |
Pharmaceutical Manufacturing |
|
18. |
P.T. Saint Gobain Winter Damas |
25.0% |
Tools Manufacturing |
|
19. |
P.T. Eratex Djaja Tbk. |
19.6% |
Textile Manufacturing |
|
20. |
P.T. Asahimas Chemical |
18.0% |
Industrial Chemical Processing |
|
21. |
P.T. Riken Asahi Plastic Indonesia |
10.0% |
PVC Compound Manufacturing |
|
22. |
P.T. Kao Indonesia Chemical |
5.0% |
Chemical (S03) Processing |
|
23. |
P.T. Video Display Glass Indonesia |
5.0% |
TV Bulbs Manufacturing |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.103.47 |
|
Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
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.