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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. PRIMA SENTRA MEGAH |
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Formerly Known As : |
P.T. GT MEGAH PRIMA |
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Registered Office : |
Wisma Hayam Wuruk, 12th Floor, Jalan Hayam Wuruk No. 8, |
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Country : |
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Date of Incorporation : |
10.01.2000 |
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Com. Reg. No.: |
No. AHU-58987.AH.01.02.Tahun 2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in trading and distribution of
Styrene Butadiene Rubber (SBR) and Nylon Tire Cord |
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No. of Employees |
140 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Indonesia |
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 |
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. PRIMA SENTRA MEGAH
Head Office
Wisma Hayam Wuruk, 12th Floor
Jalan Hayam Wuruk No. 8
Jakarta 10120
Indonesia
Phone -
(62-21) 231 1528 (Hunting)
Fax - (62-21) 345 3475-6
Email - marketing@indopol-ssj.com
Building Area - 26 storey
Office Space - 620 sq. meters
Region - Commercial Building
Status - Rent
10 January 2000 as P.T. GT MEGAH PRIMA, changed its name to P.T. PRIMA
SENTRA MEGAH, on December 20, 2004.
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. C-00844 HT.01.04.TH.2005
Dated 11 January 2005
b. No. AHU-58987.AH.01.02.Tahun 2010
Dated 17 December 2010
Private National Company
The Department of Finance
NPWP No. 1.960.285.3-025
P.T. GAJAH TUNGGAL Tbk (Investment Holding)
A Member Company of the GAJAH TUNGGAL Group
Capital Structure
:
Authorized Capital - Rp. 1,000,000,000.-
Issued Capital -
Rp. 250,000,000.-
Paid up Capital -
Rp. 250,000,000.-
Shareholders/Owners
:
a. P.T. GAJAH
TUNGGAL Tbk. - Rp. 247,500,000.-
(99%)
Address : Jl. Hayam Wuruk No. 8
Jakarta Pusat -
Indonesia
b. Mr. Gunawan
Slamet Pryana - Rp. 2,500,000.- ( 1%)
Address : Jl. KH Royani I No. I-B
Jakarta Selatan
- Indonesia
Lines of Business
:
Trading and Distribution of Styrene
Butadiene Rubber (SBR) and Nylon Tire Cord
Production
Capacity :
None
Total Investment :
None
Started Operation
:
March 2000
Brand Name :
INDOPOL
Technical
Assistance :
None
Number of Employee
:
140 persons
Marketing Area :
Domestic - 80%
Export - 20%
Main Customers :
a. P.T. GAJAH TUNGGAL Tbk
b. P.T. POLYCHEM INDONESIA Tbk
c. P.T. BANDO INDONESIA
d. P.T. INOUE RUBBER
INDONESIA
e. P.T. NITTO RUBBER
INDONESIA
f. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRANTA MULIA TEIJIN INDONESIA (Nylon Tire Cord Industry)
b. P.T. INDO KORDSA Tbk. (Nylon Tire Cord
Industry)
Business Trend :
Growing
Bankers :
a. The Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav.
29-31
Jakarta Selatan, 12930
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Lapangan Stasiun 1
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 244.0 billion
2011 – Rp. 280.0 billion
2012 – Rp. 340.0 billion
2013 – Rp. 405.0 billion
Net Profit
(estimated) :
2010 – Rp. 9.7 billion
2011 – Rp. 12.8 billion
2012 – Rp. 15.6 billion
2013 – Rp. 22.8 billion
Payment Manner :
Almost Promptly
Financial Comments
:
Satisfactory
Board of
Management :
President Director - Mr. Hendra Soerijadi
Vice President Director -
Mr. Johan Setiawan
Director -
Mrs. Marisa Kolonas
Board of Commissioners :
President Commissioner -
Mr. Drs. Haji Sutrisno
Vice Pres. Commissioner -
Mr. Kisyuwono
Commissioner -
Mr. Drs. Sunaria Tadjuddin
Signatories :
President Director (Mr.
Hendra Soerijadi) or Vice President Director (Mr. Johan Setiawan) or Director
(Mrs. Marisa Kolonas) which must be approved by Board of Commissioners (Mr.
Drs. Haji Sutrisno, Mr. Kisyuwono and Mr. Drs. Sunaria Tadjuddin)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
The company was initially named P.T. GT MEGAH PRIMA, it was established in January 2000 with an authorized capital of Rp. 250,000,000 fully issued and paid up. The founding shareholders of the company are P.T. GAJAH TUNGGAL Tbk and P.T. TUNAS SEPADAN INVESTAMA. The articles of association of the company have frequently been revised. In December 2004, the company renamed to P.T. PRIMA SENTRA MEGAH (P.T. PSM). The company notary deed has frequently been changed and in February 2005, P.T. GAJAH TUNGGAL Tbk and P.T. TUNAS SEPADAN INVESTAMA both are pulled out and the whole shares has been controlled by Mr. Iman Hascarya (30%), Mr. Riza Permana Wahyudi (10%), Mr. Bima Harbani (30%) and Mr. Melvin Sakiris Korompis (30%) as new shareholders. In October 2010, the authorized capital was raised to Rp. 1,000,000,000.- of which Rp. 250,000,000.- was issued and fully paid up.
Since the time, the shareholders of the company are P.T. GAJAH TUNGGAL Tbk. (99%) and Mr. Gunawan Slamet Pryana (1%). The deed of amendment was made by Mrs. Hannywati Gunawan, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-58987.AH.01.02.Tahu 2010, dated December 12, 2010. No changes have been effected in term of its shareholding composition and capital structures to date.
We observe that P.T. GAJAH TUNGGAL Tbk., is parent company of the GAJAH TUNGGAL Group, a large sized national private company group in the country. Originally, the GAJAH TUNGGAL Group was established by Mr. Sjamsul Nursalim, the first class fugitive of the attorney general on the abuse case of Bank Indonesia Liquidity Fund (BLBI) being absorbed by its bank P.T. Bank DAGANG NASIONAL INDONESIA (liquidated). However, on 26 April 2004 the IBRA issued the released and discharge statement to the bad obligor Mr. Sjamsul Nursalim. Having been closed down on 30 April 2004, the whole assets of the company were shifted to P.T. (Persero) PERUSAHAAN PENGELOLA ASET (P.T. PPA). Besides, in July 2004 the Attorney General issued a statement to stop the investigation on Mr. Sjamsul Nursalim.
P.T. PSM has been operating since 2000 in the field of trading, supplies and distribution of styrene butadiene rubber (SBR) and nylon tire cord. The company is as distributor of P.T. SENTRA SINTETIKAJAYA (styrene butadiene rubber manufacturing) and nylon tire cord produced by P.T. POLYCHEM INDONESIA Tbk., both are subsidiary company of P.T. GAJAH TUNGGAL Tbk., is the biggest producers of tire manufacturing in the country. Meanwhile P.T. POLYCHEM INDONESIA Tbk is a large producer of nylon tire cord manufacturing. Since end 2004, P.T. GAJAH TUNGGAL Tbk took over fixed assets of nylon tire cord division of P.T. POLYCHEM INDONESIA Tbk worth Rp. 1,044 billion and fixed assets of P.T. SENTRA SINTETIKAJAYA dealing with styrene butadiene rubber industry worth Rp. 643.7 billion.
The product is largely for SBR and nylon tire cord requirement of its parent company P.T. GAJAH TUNGGAL Tbk. (in tire manufacturing), P.T. BANDO INDONESIA (industrial and automotive belts industry), P.T. NITTO RUBBER INDONESIA (motorcycle tires industry), P.T. INOUE RUBBER INDONESIA (automotive rubber parts industry), P.T. GOOYEAR INDONESIA Tbk and others tires industries. And the rest for other tire and rubber product industries at home and a small part is exported to Philippines, China, Malaysia, Pakistan, India and other countries. We observe that the operation of P.T. PSM has been growing in the last five years.
Generally outlook, the demand for styrene butadiene rubber (SBR) has kept on rising within the last five years, in line with the growth of tire industries in the country. Indonesian Tires Industry Association (APBI) data show that production of tires has been rising in the last five years. But, as from October 2008, the demand growth for SBR has kept on dwindling as an impact of global economic crisis as told above. The global economy is expected to grow faster in 2013 than it did in 2012, although it still face risks stemming from the slowing economic growth in developed countries and the on going crisis in Europe. Despite the slowing global economy, Indonesia’s economy still grew quite briskly in 2012. Indonesia’s economic growth reached 6.23% in 2012, or slightly below the projection continued in the 2012 Revised State Budged and 2011’s economic growth of 6.5%
Indonesian
Economic Indicators
|
Economic Indicators |
2011 |
2012 |
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Economic Growth |
(%) |
6.5 |
6.23 |
|
Gross Domestic Product |
(Rp trillion) |
7,422.8 |
8,241.9 |
|
GDP per Capita |
(Rp million) |
30.4 |
33.3 |
|
PDB per Capita |
(US$) |
3,498.2 |
3,562.6 |
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Inflation |
(%) |
3.79 |
4.30 |
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Middle Rate |
(Rp/US$) |
9,068 |
9,670 |
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BI Rate (Rate of Bank Indonesia) |
(%) |
6.00 |
5.75 |
Source: Central Bureau
of Statistics and Bank of Indonesia
Until this time P.T. PSM 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. PSM’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 2010 amounted to Rp. 244.0 billion increased to Rp. 280.0 billion in 2011 to Rp. 340.0 billion in 2012 and its estimated rose again to Rp. 45.0 billion in 2013. The operation in 2013 yielded an estimated net profit at least Rp. 22.8 billion and the company has an estimated total networth at Rp. 140.0 billion. 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. PSM is led by Mr. Hendra Soerijadi (69) as president director, a professional manager with experienced for more than 20 years in trading, distribution and supplies of nylon tire cord and styrene butadiene rubber. He holds a Diploma in Business Management from the National University of Singapore. In daily activities, he is assisted by Mr. Johan Setiawan (68) as vice president director and Mrs. Marisa Kolonas (66) as director. They also are employing a number of professional managers from outside the family. The company's management commands a very good reputation. They are widely connected with many private businessmen within and outside the country, and also have quite good relations with the government sector. We did not hear that the company has been black listed by Bank Indonesia (Central Bank) and recorded at the court for detrimental cases. So far we have never yet heard of the company's management having been involved in business malpractices or having detrimental cases being settled in local district court.
P.T. PRIMA SENTRA MEGAH is considered to be good for normal business transaction. But, considering unstable political condition in the country, we recommend to treat warily in extending any loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
UK Pound |
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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 |
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<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.