|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PABRIK KERTAS |
|
|
|
|
Registered Office : |
Jalan Kertopaten No. 3, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
25.05.1974 |
|
|
|
|
Com. Reg. No.: |
No. AHU-74513.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Industrial Paper |
|
|
|
|
No. of Employees : |
1,550 |
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
Full Name of Company :
P.T. PABRIK KERTAS INDONESIA (PAKERIN)
A d d r e s s :
Head Office
Jalan Kertopaten No. 3
Surabaya, East Java
Indonesia
Phones -
(62-31) 3716173 (hunting)
Fax - (62-31) 3714345, 3717223
P.O. Box - 1990 SBY 61364
Email - contact@pakerin.co.id
Website - http://www.pakerin.co.id
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Factory
Desa Bangun
Kecamatan Pungging
Mojosari, Mojokerto 61384
East Java
Indonesia
Phones -
(62-321) 591377-78
Fax - (62-321) 591376
Land Area - 38,000 sq.
meters
Office Space - 23,000 sq.
meters
Region - Industrial
Zone
Status -
Owned
Jakarta Office
Jalan Malaka II / 21-H
Jakarta 11230
Indonesia
Phones -
(62-21) 6910974
Fax - (62-21) 6910973
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
25 May 1974
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
No. AHU-74513.AH.01.02.TH.2008
Dated 16 October 2008
Company Status :
Domestic Investment Company (PMDN)
Permit by the Government Department :
The Department of Finance
NPWP No. 01.122.763.4-092.000
The Department of Industry and Trade
- No. 020/IUS/DJ/XI/76
Dated 11 November 1976
- No. 425/DJ.IKD/IZ/1993
Dated 9 October 1993
The Capital Investment Coordinating Board
- No. 62/A/Sp.01/BKPM/VI/77
Dated 10 June 1977
- No. 10/VI/PMDN/1980
Dated 12 June 1980
- No. 17/II/PMDN/1983
Dated 17 March 1983
- No. 60/II/PMDN/1984
Dated 26 November 1984
- No. 53/II/PMDN/1988
Dated 9 March 1988
- No. 184/II/PMDN/1990
Dated 26 March 1990
- No. 18/II/PMDN/1994
Dated 9 October 1994
Holding Companies :
a. P.T. INTI ANUGERAH (Investment Holding)
b. P.T. SUPREME AGUNG (Investment Holding)
Affiliated/Associated Companies :
a. P.T. ASIA CARTON LESTARI (Corrugated Carton Box and Paper Tube
Industry)
b. P.T. INDOPACK PRATAMA (Corrugated Carton Box Manufacturing)
c. P.T. PRIMA MASTER Bank (Banking Services)
d. P.T. ARATIKA (General Trading)
e. C.V. TRISAKTI (General Trading)
f. Etc
Capital Structure :
Authorized Capital - Rp.
1,000,000,000,000.-
Issued Capital -
Rp. 261,000,000,000.-
Paid up Capital -
Rp. 261,000,000,000.-
Shareholders/Owners :
a. P.T. INTI ANUGERAH -
Rp. 169,600,000,000.- (64.98%)
b. P.T. SUPREME AGUNG -
Rp. 88,200,000,000.- (33.79%)
c. Mr. Soegiharto -
Rp. 3,200,000,000.- ( 1.23%)
Lines of Business :
Industrial Paper Manufacturing
Production Capacity :
a. Coated Duplex - 45,000 tons p.a.
b. Paper Board - 6,000 tons p.a.
c. Kraft Liner & Corrugated Medium - 30,000 tons p.a.
d. NCR Papers - 4,600 tons p.a.
e. Industrial Papers -
354,000 tons p.a.
f. Cultural Papers - 45,000 tons p.a.
g. Tissue Papers - 6,000 tons p.a.
h. Pulps Papers - 129,000 tons p.a.
i. Caustic Soda - 15,000 tons p.a.
Total Investment :
a. Equity Capital - Rp.
261.0 billion
b. Reinvested Profit -
Rp. 8.5 billion
c. Loan Capital - Rp. 304.4
billion
d. Total Investment - Rp.
573.5 billion
Started Operation :
1980
Brand Name :
PAKERIN
Technical Assistance :
None
Number of Employee :
1,550 persons
Marketing Area :
Local - 70%
Export - 30%
Main Customer :
Trading and Distributor of Papers
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Pabrik Kertas TJIWI KIMIA Tbk
b. P.T. INDAH KIAT PULP & PAPER Tbk
c. P.T. LONTAR PAPYRUS
d. P.T. RIAU ANDALAN PULP & PAPER
e. P.T. RIAU ANDALAN KERTAS
f. P.T. PELITA CENGKARENG PAPER
g. P.T. SURABAYA AGUNG KERTAS
h. P.T. SUPARMA Tbk
i. P.T. SURABAYA MEKA BOX
j. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Jembatan Merah 25
Surabaya,
East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Darmo
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 1,240.0 billion
2010 – Rp. 1,385.0 billion
2011 – Rp. 1,572.0 billion
2012 – Rp. 1,705.0 billion
2013 – Rp. 1,840.0 billion
Net Profit (estimated) :
2009 – Rp. 87.0 billion
2010 – Rp. 95.0 billion
2011 – Rp. 106.0 billion
2012 – Rp. 115.0 billion
2013 – Rp. 124.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. David Siemens Kurniawan
Director - Mr. Njoo Steven Tirtowidjojo
Board of Commissioners :
President Commissioner - Mr. Soegiharto
Commissioner - Mr. Njoo Henry Susilowidjojo
Signatories :
President Director (Mr. David Siemens
Kurniawan) or the Director (Mr. Njoo Steven Tirtowidjojo) which must be
approved by Board of Commissioners
Management Capability :
G o o d
Business Morality :
G o o d
P.T. PABRIK KERTAS INDONESIA abbreviated P.T. PAKERIN was established in
May 1974 in Surabaya, East Java. The founders and original shareholders are Mr.
Njono Soetjipto, Mr. Kusuma Sudarga, Mr. Iwan Kentjana, Mr. Sulistio
Hadiwidjojo, Mr. Harianto Simka, Mr. Siswanto Godjali (all of them ethnic
Chinese businessmen) and Mr. Soebijono, an indigenous businessman. The
company's authorized capital was set at Rp. 500,000,000 issued capital at Rp.
100,000,000 entirely paid up. The company's articles of association were
converted for several times. The latest in November 1994 the authorized capital
was raised to Rp. 800,000,000,000 issued and paid up capital to Rp.
164,046,600,000. By the same time the above shareholders have all pulled out
and replaced by P.T. INTI ANUGERAH and P.T. SUPREME AGUNG, both are national
private companies owned by Mr. Njono Soetjipto and family.
The latest in September 2008, the authorized capital was increased to
Rp. 1,000,000,000,000 issued capital to Rp. 261,000,000,000 fully and paid up.
On the same occasion Mr. Soegiharto joined the company as new shareholder. The
deed of amendment was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-74513.AH.01.02.TH.2008, dated October 16, 2008. No
changes have been effected in term of its shareholding composition and capital
structures to date.
P.T. PAKERIN deals with industrial paper manufacturing by operating a
plant located in Desa Bangun, Kecamatan Pungging, Mojosari, Mojokerto, East
Java. Since starting commercial
production in 1980, the company has expanded its installed capacity from 15,000
tonnes per annum (tpa) to 700,000 tpa in 1998 and continually increased the
range of products it manufactures. PT.
PAKERIN is committed to increase its market share through low cost, high
efficiency and advanced manufacturing.
PT. PAKERIN has a vertically integrated operation with its own plants
producing several pulps, caustic soda, electricity and steam and pouring raw
water, and various waste paper which are the main ingredients in the paper
production process. PT. PAKERIN manufactures industrial paper which is used to
make boxes and a wide range of packaging material for industrial and consumer
goods. Its main products are Kraft liner, corrugating medium, coated duplex
board, chip board, and core board.
In 1997, P.T. PAKERIN took over a corrugated carton Box and Paper Tube
factory totally with its assets and established a Corrugated Carton Box and Paper
Tube company under the name PT. ASIA CARTON LESTARI. The establishment of PT.
ASIA CARTON LESTARI was one of the expansion projects of PT. PAKERIN to supply
Corrugated Carton Boxes and Paper Tubes to Jabotabek and its surrounding area.
Present, some 70% of P.T. PAKERIN's products are sold domestically while the
rest 30% are exported to more than 20 countries such as Singapore, Malaysia,
Hong Kong, the People's Republic of China, Sri Lanka, Australia and Pakistan.
P.T. PAKERIN is classified as a large sized company in the country dealing with
paper making of which the operation had been running smoothly and growing in
the last three years.
Generally outlook, 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.
Details on Indonesian last six years, pulp and paper production and
export value is listed below:
Indonesian Pulp
and Paper Production and Export, 2007 – 2012
|
Year |
Pulp Production
(tones) |
Paper Production
(tons) |
Export of Pulp
and Paper (tons) |
Export of Pulp
and Paper (million US$) |
|
2007 |
6,282,330 |
8,680,804 |
6,542,620 |
4,395.90 |
|
2008 |
5,910,416 |
8,251,972 |
6,676,940 |
5,162.10 |
|
2009 |
6,525,099 |
9,308,225 |
6,512,660 |
4,226.13 |
|
2010 |
7,900,000 |
11,040,000 |
7,111,190 |
5,655.07 |
|
2011 |
7,600,000 |
11,990,000 |
7,219,490 |
5,726.98 |
|
2012 |
8,000,000 |
13,000,000 |
7,435,680 |
5,559.73 |
Sources: APKI (Indonesian Pulp and Paper Association) and Central Bureau
of Statistic
Until this time P.T. PAKERIN has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of P.T.
PAKERIN is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that
total sales turnover of the company in 2011 amounted to Rp. 1,572.0 billion
increased to Rp. 1,705.0 billion in 2012 to Rp. 1,840.0 billion in 2013 and
projected to go on rising by at least 8% in 2014. The operation in 2013 gained an estimated
net profit of at least Rp. 124.0 billion and the company has an estimated total
asset of at least Rp. 780.0 billion. So far, we did not heard that the company
having been black listed by the Central Bank (Bank Indonesia). The payment
habit of the company ranging from 1 to 3 months is running smoothly.
The management of P.T. PAKERIN is headed by Mr. David Siemens Kurniawan (58)
as President Director, a professional manager with wide experience in industry
and trading of paper. In his daily activities, he is assisted by Mr. Njoo
Steven Tirtowidjojo (56) as director. The management of the company is handled
by professional managers having wide relation with overseas and national
private businessmen as well as with the government sectors. So far, we did not
hear that the company’s management involved in a dirty business practice or
detrimental cases that settled in the country. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. PAKERIN is sufficiently fairly good for business transaction.
However, in view of the political situation in the country is warming we recommend
to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.