|
Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PUPUK
SRIWIDJAJA PALEMBANG |
|
|
|
|
Registered Office : |
Jl. Mayor Zen,
Kel. Sungai Selayur, Kec. Kalidoni, Palembang 30118, South Sumatra |
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|
Country : |
Indonesia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
12.11.2010 |
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Com. Reg. No.: |
No. AHU-AH.01.10-21028 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· engaged in Urea and Ammonia Fertilizer Industry Engaged as an Investment
Holding |
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No of Employees : |
4,250 |
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 |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
P.T. PUPUK SRIWIDJAJA PALEMBANG
Head Office &
Factory
Jl. Mayor Zen, Kel. Sungai Selayur
Kec. Kalidoni, Palembang 30118
South Sumatra
Indonesia
Phone -
(62-711) 712 111, 712 222
Fax. - (62-711) 712 100, 712 020
Email - info@pusri.co.id or humas@pusri.co.id
Website - http://www.pusri.co.id
Land Area - 480.0 hectares
Building Area - 220.0 hectares
Region - Industrial
Zone
Status - Owned
Jakarta Office
Gedung Pusri, 2nd Floor
Jl. Taman Anggrek, Kemanggisan Jaya
Jakarta Barat 11480
Indonesia
Phone -
(62-21) 548 1208 (hunting)
Fax. - (62-21) 530 5281
Email - kpj@pursi.co.id
12 November 2010
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-57993.AH.01.01.Tahun 2010
Dated 13 December
2010
b. No. AHU-15923.AH.01.02.Tahun 2011
Dated 29 March 2011
c. No. AHU-AH.01.10-21028
Dated 30 May 2013
State Owned Company (Persero)
The Department of
Finance
NPWP No. 01.061.355.2-051.000
P.T. PUPUK INDONESIA - Persero (Investment Holding)
A member company of the PUPUK INDONESIA Group of the PUSRI Group
Capital Structure
:
Authorized Capital - Rp.
15,000,000,000,000.-
Issued Capital - Rp. 3,904,782,000,000.-
Paid up Capital - Rp. 3,904,782,000,000.-
Shareholders/Owners
:
a. P.T. PUPUK
INDONESIA (Persero) - Rp.
3,904,772,000,000.- (99.9997%)
Address : Jl. Raya Pasar Minggu Km. 17,5
Kel. Pejaten Timur, Ps
Minggu
South Jakarta
Indonesia
b. YAYASAN KESEJAHTERAAN KARYAWAN
P.T. PUSRI - Rp. 10,000,000.- ( 0.0003%)
Address : Jl. Mayor
Zen, Palembang 30118
Palembang, South Sumatra
Indonesia
Lines of Business
:
a. Ammonia and Urea Fertilizer Industry
b. Investment Holding
Production
Capacity :
a. Urea Fertilizer -
2,262,000 tons p.a.
b. Ammonia -
1,412,000 tons p.a.
Total Investment :
Owned Capital - Rp. 924.4 billion
Started Operation
:
January 2011
Technical
Assistance :
None
Number of Employee
:
4,250 persons
Marketing Area :
a. Local - 90%
b. Export - 10%
Main Customers :
a. State Owned Plantation Companies (PTP)
b. Directorate General of Plantation
c. Directorate General of Forestry
d. Fertilizer Wholesalers and Distributors
e. Overseas buyers in Vietnam, Thailand, Malaysia, Bangladesh and
Australia
Market Situation :
Very Competitive
Main Competitors :
a. PT. Pupuk Kujang
b. PT. Pupuk Kaltim
c. PT. Pupuk Iskandar Muda
d. PT. Petrokimia Gresik
e. PT. Pupuk Agro Flora
Indonesia
f. Etc.
Business Trend :
Fluctuating
Bankers :
a. P.T. Bank RAKYAT INDONESIA Tbk
Wisma BRI
Jalan
Jend. Sudirman Kav. 44-46
Jakarta
Selatan
Indonesia
b. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI
Kota 46
Jalan
Jend. Sudirman
Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales :
2011 – Rp. 6,741.9 billion
2012 – Rp. 5,923.9 billion
2013 – Rp. 7,213.7 billion
Profit Before Tax:
2011 – Rp. 1,390.3 billion
2012 – Rp. 1,615.1 billion
2013 – Rp. 1,065.1 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Ir. Musthofa
Director s -
a. Mr. M. Djohan Safri
b. Mr. Ir. H. Benny Haryoso, ST
c. Mr. Ir. Bambang Lesmoko
d. Mr. M. Romli H.M, SE
Board of Commissioners :
President
Commissioner - Mr. Burhanudin Amin
Commissioners -
a. Mr. Sutiyono
b. Mr. Maulana Yusuf Singedikane
c. Mr. Amzulian Rifai
d. Mr. H. Achmad Asyik
e. Mr. Drs. Achmad Tossin Sutawikara
Signatories :
President
Director (Mr. Ir. Musthofa) or one of the Directors (Mr. M. djohan Safri, Mr.
Ir. H. Benny Haryoso, ST., Mr. Ir. Bambang Lesmoko or Mr. M. Romli H.M., SE)
which must be approved by Board of Commissioners
Management Capability :
Good
Business Morality :
Good
P.T. PUPUK SRIWIDJAJA PALEMBANG (P.T. PSP) was
established in Palembang (South Sumatra) based on Notarial Deed of Fathiah
Helmi, SH., No. 14 dated November 12, 2010 with the founding shareholders of
the company are P.T. PUPUK SRIWIDJAJA (Persero) and YAYASAN KESEJAHTERAAN
KARYAWAN P.T. PUSRI. The Deed of
establishment was approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decision Letter No. AHU-57993.AH.01.01.Tahun 2010
dated December 13, 2010. The company’s
notary deed has been changed frequently, most recently by notarial deed of Siti
Hikmah Nuraeni, SH., No. 133 dated April 30, 2013 the authorized capital was
raised to Rp. 15,000,000,000,000.- of which Rp. 3,904,782,000,000.- was issued
and fully paid up. Since at the time,
the shareholders composition of the company are P.T. PUPUK INDONESIA (Persero)
– (99.9997%) and YAYASAN KESEJAHTERAAN KARYAWAN P.T. PUSRI (0.0003%). The amendment to notarial
Deed was approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-AH.01.10-21028 dated May 30, 2013. No changes have been effected in term
of its shareholding composition and capital structures to date.
P.T. PSP is engaged in urea fertilizer and
ammonia industry with its plant located at Jalan Mayor Zen, Sungai Selayur sub-district,
Kalidoni district, South Sumatra. Based
on Extraordinary General Meeting of Shareholders on December 24, 2010, P.T.
PUPUK INDONESIA (Persero) was P.T. PUPUK SRIWIDJAJA (Persero) as holding
separating the asset and duty through spin-off mechanism toward P.T. PUPUK
SRIWIDJAJA PALEMBANG (P.T. PSP) used effectively per January 1, 2011. Products
that are produced by P.T. PSP are Urea Fertilizer and Ammonia. In 2013, it has production capacity per year
2,262,000 tons of urea fertilizer and 1,412,000 tons of ammonia. Based on the government policy, the sole
distributor appointed by the government for marketing fertilizers to the
farmers is P.T. PUPUK INDONESIA, including urea fertilizers produced by P.T.
PSP. Besides, the company’s products of
urea and ammonia are being marketed by P.T. PSP itself through distributors of
food sectors surrounding the plant, industrial sector and plantation sectors.
According to annual report of P.T. PUPUK
INDONESIA, the net sales of P.T. PSP in 2011 amounted to Rp 6,741.9 billion
with a net profit before tax of Rp 1,390.3 billion declined to Rp 5,923.9
billion with a net profit before tax of Rp 1,615.1 billion in 2012 and rose
again to Rp 7,213.7 billion with a net profit before tax of Rp 1,065.1 billion
in 2013. The Company’s total asset was
recorded at Rp 9,188.3 billion in 2013, or increased to 31.99% compared to 2012
Rp. 6,961.3 billion. Financial condition of the company as of 31 December 2011,
2012 and 2013 are below:
(In Million
Rupiah)
|
Description |
2011 |
2012 |
2013 |
|
Net Sales |
6,741,894 |
5,923,932 |
7,213,698 |
|
Income (Loss) Before Tax |
1,390,334 |
1,615,134 |
1,065,078 |
|
Income Comprehensive for the Year |
1,117,682 |
1,351,441 |
563,316 |
|
Total Asset |
5,889,264 |
6,961,309 |
9,188,325 |
Source: PT. Pupuk
Indonesia
So far, we did not hear that P.T. PSP having
been black listed by Bank Indonesia (Central Bank) and registered in district
court for detrimental cases. The company punctual payment habit within 1 to 3
months is running smoothly.
Since April 2013, the management of P.T. PSP has been headed by Mr. Ir. Musthofa (59) as President Director. He is a professional manager with broad experience in industry and trading of urea fertilizers and ammonia. In his daily activities, he is assisted by Mr. M. Djohan Safri (51), Mr. Ir. H. Benny Haryoso, ST (55), Mr. Ir. Bambang Lesmoko (55) and Mr. M. Romli H.M.,SE (56). The management is handled by professional managers having wide relation with private businessmen of home and overseas 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. The management of the company has never been registered in the district court for detrimental cases.
P.T. PUPUK SRIWIDJAJA PALEMBANG (PSP) is
sufficiently fairly good for business transaction. However, in view of the
economic slowdown and 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.60.14 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.