|
Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PRIMAYUDHA
MANDIRIJAYA |
|
|
|
|
Registered Office : |
Menara
Kadin Indonesia, 12th Floor, Jalan H.R. Rasuna Said Blok X-5 Kav.
2 and 3, Jakarta 12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
31.05.1996 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-43540 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Spinning
Mills Industry |
|
|
|
|
No. of Employees |
1,424 |
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) |
|
Indonesia |
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 |
Name
of Company :
P.T.
PRIMAYUDHA MANDIRIJAYA
A
d d r e s s :
Head
Office
Menara
Kadin Indonesia, 12th Floor
Jalan
H.R. Rasuna Said Blok X-5 Kav. 2 and 3
Jakarta
12950
Indonesia
Phones -
(62-21) 5790 3640 (Hunting)
Fax - (62-21) 5790 2641
E-mail - marketing_prima@cbn.net.id
Website - http://www.primayudha.com
Building Area - 37 storey
Office Space - 1,200 sq. meters
Region - Commercial
Status - Rent
Factory
Desa
Ngadirejo
Kecamatan
Ampel, Kabupaten Boyolali
Central
Java
Indonesia
Phones -
(62-298) 327272 (Hunting)
Fax - (62-298) 327288
Land Area - 20.0 hectares
Building Area - 6.5 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
31
May 1996
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Laws and Human Rights
a. No. AHU-89871.AH.01.02.Tahun 2008
Dated 26 November
2008
b.
No. AHU-AH.01.10-17665
Dated 15 MAY 2012
c.
No. AHU-AH.01.10-43540
Dated 23 October 2013
Company
Status :
Foreign
Investment Company (PMA)
Permits
by the Government Department :
a. The Department of Finance
NPWP No. 01.772.049.1-038.000
b. The Capital Investment Coordinating Board
No. 28/V/PMA/2008
Dated 12 September 2008
Related/Affiliated
Companies :
a.
THG PTE LTD., of Singapore (Investment
Holding)
b. FIBERS TECHNOLOGY CORP. Pte. Ltd., of Singapore (Investment Holding)
c. TALFORD HOLDINGS Ltd., of Tortola, BVI (Investment Holding)
Capital
Structure :
Authorized Capital - Rp. 1,296,507,000,000.-
Issued Capital - Rp. 903,007,000,000.-
Paid up Capital - Rp. 903,007,000,000.-
Shareholders/Owners
:
a. THG PTE., LTD. - Rp. 526,313,040,000.-
(58.28%)
Address : 15 Hoe Chiang Road 12-02
Tower 17
Singapore
b.
FIBERS TECHNOLOGY CORP., PTE., LTD. -
Rp. 214,152,700,000.- (23.72%)
Address : 5 Shenton Way 24-01
UIC Building
Singapore
c. TALFORD HOLDINGS LTD. - Rp.
162,541,260,000.- (18.00%)
Address : Craigmuir Chambers Road Town
Tortola
British Virgin Island
Lines
of Business :
Spinning
Mills Industry
Production
Capacity :
a. Combed Cotton - 40,000 bales p.a.
b. Synthetic Blend
Yarns - 8,500 bales p.a.
c. Synthetic Rich
Yarns - 60,000 bales p.a.
Total
Investment :
a. Equity Capital - Rp. 903.0 billion
b. Loan Capital - Rp. 85.0 billion
c. Total Investment - Rp. 988.0 billion
Started
Operation :
1998
Brand
Name :
PRIMAYUDHA
Technical
Assistance :
None
Number
of Employee :
1,424
persons
Marketing
Area :
Export - 63%
Local -
37%
Main
Customers :
Textile
Industries
Market
Situation :
Very
Competitive
Main Competitors :
a. P.T. ARGO
PANTES Tbk
b. P.T. PANASIA INDOSYNTEX Tbk
c. P.T. CANDRATEX SEJATI
d. P.T. SIPATEX
e. P.T. APAC INTI CORPORA
f. Etc.
Business
Trend :
Declining
B
a n k e r s :
a.
The Hongkong and Shanghai bank Corp.
World Trade Center
Jl. Jend. Sudirman Kav. 29-31
Jakarta Selatan
b.
P.T. Bank DANAMON INDONESIA Tbk
Danamon Building
Jl. H.R. Rasuna Said Kav. C-10
Jakarta Selatan
c. P.T. Bank CENTRAL ASIA Tbk
Rasuna Said
Branch
Jl. H.R. Rasuna
Said Kav.1-2
Auditor :
Hadori Sugiarto Adi & Rekan
Litigation
:
No
litigation record in our database
Net
Sales/Income :
2010 – US$. 71.3 million
2011 – US$. 95.9 million
2012 – US$. 87.4 million
2013 – US$ 84.0 million
(estimated)
Net
Profit (loss):
2010
– US$. 10.1 million
2011
– US$. 5.2 million
2012
– US$. 4.3 million
2013
– US$ 4.1 million (estimated)
Payment
Manner :
Almost
promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Krishna Kumar Agrawal
Directors -
a. Mr. Arvind Kumar Shankerlal Ladha
b. Mr. Devendra Singh Chatha
c. Mr. Abhay Kumar Agarwal
d. Mr. Surender Kumar Sharma
e. Mr. Rajesh Kumar Jain
f. Mr.
Manish Rakhecha
g. Mr. Jay Prakash Jajoo
Board of Commissioners :
President Commissioner - Mr. Kartar Singh Thakral
Commissioners - a. Mr. Karan Singh Thakral
b. Mr. Gulmukh Singh Thakral
c. Mr. Rinkhipal Singh Thakral
d. Mr. Mohan K. Vaswani
e. Mr. Sajen Aswani
f.
Mrs. Lusilawati Surya
Signatories :
President
Director (Mr. Krishna Kumar Agrawal) or one of the Directors (Mr. Arvind Kumar
Shankerlal Ladha, Mr. Devendra Singh Chatha, Mr. Abhay Kumar Agarwal, Mr.
Surender Kumar Sharma, Mr. Rajesh Kumar Jain, Mr. Manish Rakhecha or Mr. Jay
Prakash Jajoo) which must be approved by Board of Commissioners.
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
P.T.
PRIMAYUDHA MANDIRIJAYA (P.T. PM) was established in May 1996 with the
authorized capital of Rp 25,000,000 totally issued and paid-up by Mr. Frans
Awuy and Mr. Sanusi both are Indonesian of Chinese extraction. It’s articles of
association has been amended frequently. In July 1996 whole shareholders pulled
out and replaced by P.T. NUSA PERKASA PERMATA and P.T. GEMAKREASI MULIANUSA
both are BATIK KERIS Group members. Concurrently the authorized capital was
raised to Rp. 1,000,000,000.-, issued capital of Rp. 500,000,000 fully paid-up.
In 1998 P.T. GEMAKREASI MULIANUSA withdrew and replaced by P.T. HANSON INDUSTRI
UTAMA Tbk. (ex. P.T. MAYERTEX INDONESIA), a public listed company. In December
2002 the authorized capital was increased to Rp. 1,296,507,000,000 issued and
paid up capital to Rp. 903,007,000,000. In August 2006, the whole share has
been controlled by P.T. HANSON INTERNATIONAL Tbk and P.T. PREMIER TEXTILE both
are the BATIK KERIS Group members.
On
September 2008, P.T. HANSON INTERNATIONAL Tbk and P.T. PREMIER TEXTILE pulled
out and the whole share has been controlled by THG PTE. LTD., (55.48%); FIBERS
TECHNOLOGY CORPORATION Pte., Ltd., (22.57%) both are of Singapore; TALFORD
HOLDINGS Ltd., of Hong Kong (18%) and SOHANS ENTERPRISES (H) LItd., of British
Virgin Island (3.95%) as new shareholders. On the same occasion the company
status was converted into Foreign Investment (PMA) company facility. The deed
of amendment was made by Mr. Benny Kristianto SH., was approved by the Ministry
of Law and Human Right in its Decision Letter No. AHU-AH.01.10.25333, dated
December 16, 2008.
The
latest on July 2009, SOHANS ENTERPRISES (H) Ltd., pulled out and since that
time, the whole shares of the company has been controlled by THG Pte. Ltd.,
(58.28%), FIBERS TECHNOLOGY Corp, Pte Ltd, (23.72%), and TALFORD HOLDING Ltd.,
(18.00%). The latest deed of amendment
was made by Mr. Tri Firdaus Akbarsyah, SH., was approved by the Ministry of Law
and Human Right in its Decision Letter No. AHU-AH.01.10-17665, dated May 15,
2012 and AHU-AH.01.10-43540 dated October 23, 2013.
Initially P.T. PM obtained Domestic Investment (PMDN) facility issued by BKPM
(Investment Coordinating Board) for dealing with spinning mills by managing a
plant located at Desa Ngadirejo, Ample, Boyolali, Central Java on 20 hectares
of land. The plant has been operating in early 1998 with production capacity of
40,000 bales of combed cotton, 8,500 bales of synthetic blended yarn and 60,000
bales of synthetic rich yarn per annum. The company’s plant is equipped with
55,296 spindles of ring spinning and 4,176 drums of jet spinning (equals to
70,000 ring spindles). The products
manufactured are 100% Combed Cotton yarn (Ring Spun), 100% Viscose yarn (Ring
Spun), Combed Cotton/viscose Blended yarn (Ring Spun), 100% Polyester yarn (Jet
Spun), 100% Viscose yarn (MVS) and Poly/Viscose blended yarn (MVS). More than 60% of the annual production is
exported to customers in diverse markets including; USA, Brazil, Europe, China,
Hong Kong, Korea and Japan, and the rest is sold to local market. We observed
that P.T. PM is classified as a medium sized company of its kind in the country
of which the operation has been declining in the last two years.
Generally,
demand for textile and textile product including finished fabrics, garment,
cotton yarn, polyester textured yarn, textile chemicals and raw materials has
been fluctuating in the last five years.
According to the Central Bureau of Statistics (BPS) the Indonesian
garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to
339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9
million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons
(US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 to
417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$
5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million)
in 2010 to 450,900 tons (US$ 7,801.5 million) in 2011 dropped to 450,200 tons
(US$ 7,304.8 million) in 2012 and as of 30 November 2013 amounted to 398.0
thousand tons (US$ 6,847.7 million).
The Indonesia textile products export in
2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$
3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3
tons (US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6 million) in
2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons
(US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009
to 1,525,900 tons (US$ 4,721.8 million) in 2010 declined to 1,493,3000 tons
(US$ 5,563.3 million) in 2011 rose again to 1,508,500 tons (US$ 5,278.1
million) in 2012 and as of 30 November 2013 amounted to 1,360.7 thousand tons
(US$ 4,833.1 million). The export volume
and value of the national TPT products in 2002 to as of 30 November 2013 are
pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 * |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 398.0 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 6,847.7 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,360.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 4,833.1 |
Source: Central Bureau of Statistic
*) January to
November 2013
According
to statement of financial position, the net sales/revenues of P.T. PRIMAYUDHA
MANDIRIJAYA (P.T. PM) in fiscal 2010 amounted to US$ 71.3 million with a net
profit of US$ 10.1 million increased to US$ 95.9 million with a net profit of
US$ 5.2 million in 2011 and declines to
US$ 87.4 million with a net profit of US$ 4.3 million in 2012. Up to present, we have yet to gain the
statement of income of P.T. PM in fiscal 2013.
However, we estimated that net sales of the company in 2013 amounted of
US$ 84.0 million with a net profit of US$ 4.1 million. The company’s statement of financial position
in fiscal 2010, 2011 and 2012 are attached.
So far we did not hear that the P.T. PM 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
December 2008, the management of P.T. PM is headed by Mr. Krishna Kumar Agrawal
(74) as President Director. He is
professional manager with ample experience more than 41 in textile industry. He
is also registered as President Director of P.T. BITRATEX INDUSTRIES. In his daily activities, he is assisted by
seven directors namely Mr. Arvind Kumar Shangkerlal Ladha (53), Mr. Devendra
Singh Ramender Chatha (68), Mr. Abhay Kumar Agarwal (42), Mr. Surender Kumar
Sharma (56), Mr. Rajesh Kumar Jain (53), Mr. Manish Rakhescha (36) and Mr. Jay
Prakash Jajoo (39). The management is having maintained a wide business
relation with private businessmen at home and abroad as well as with government
sectors. So far, we did not hear that the company’s management involved in the
business malpractices 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.
Considering
the operation of P.T. PRIMAYUDHA MANDIRIJAYA declined in the last two years and
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
Attachment:
PT. PRIMAYUDHA
MANDIRIJAYA
STATEMENTS OF
FINANCIAL POSITION
As of 31 December 2010, 2011 & 2012
(Expressed in US$)
|
DESCRIPTION |
31 December |
||
|
2012 |
2011 |
2010 |
|
|
ASSETS |
|
|
|
|
a. Current
Assets |
|
|
|
|
- Cash and cash equivalent |
92,410 |
79,160 |
211,022 |
|
- Trade receivables, net |
10,098,373 |
8,396,422 |
9,947,293 |
|
- Inventories |
7,096,718 |
9,356,358 |
9,537,271 |
|
- Prepaid expenses and
advance payments |
249,149 |
911,187 |
79,606 |
|
- Prepaid taxes |
3,318,963 |
2,274,887 |
1,346,994 |
|
Total Current Assets |
20,855,613 |
21,018,014 |
21,122,186 |
|
b. Non Current
Assets |
|
|
|
|
- Property, Plant &
Equipment |
51,906,403 |
48,677,791 |
47,127,837 |
|
- Deferred tax assets |
5,703 |
1,554,557 |
2,083,211 |
|
- Other non-current assets |
67,498 |
86,327 |
86,327 |
|
Total Non Current Assets |
51,979,604 |
50,318,675 |
49,297,375 |
|
TOTAL ASSETS = LIABILITIES AND EQUITY |
72,835,217 |
71,336,689 |
70,419,561 |
|
LIABILITIESAND
EQUITY |
|
|
|
|
LIABILITIES |
|
|
|
|
a. Current
Liabilities |
|
|
|
|
- Trade payables |
5,876,834 |
5,138,875 |
3,596,833 |
|
- Other payables and accrued
liabilities |
1,037,819 |
992,389 |
809,215 |
|
- Taxes payable |
116,247 |
77,755 |
57,103 |
|
- Short Term Bank loans |
2,009,371 |
2,018,212 |
5,457,607 |
|
- Bank loan repayments due
within next 1 year |
5,399,842 |
4,600,158 |
3,400,052 |
|
Total Current Liabilities |
14,440,113 |
12,827,389 |
13,320,810 |
|
b. Non Current
Liabilities |
|
|
|
|
- Long-term bank loans |
8,600,014 |
12,774,869 |
14,275,027 |
|
- Due to related parties |
5,400,000 |
5,700,000 |
8,000,000 |
|
- Employee benefits
liabilities |
358,082 |
331,530 |
286,666 |
|
Total Non-Current Liabilities |
14,358,096 |
18,806,399 |
22,561,693 |
|
EQUITY |
|
|
|
|
- Issued and paid up capital |
124,722,645 |
124,722,645 |
124,722,645 |
|
- Retained Earnings |
(80,685,637) |
(85,019,744) |
(90,185,587) |
|
Total Equity |
44,037,008 |
39,702,901 |
34,537,058 |
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
Net
Sales/Revenues |
87,356,498 |
95,898,510 |
71,254,272 |
|
Cost of Goods sold |
(75,734,243) |
(84,317,352) |
(55,304,786) |
|
Gross Profit |
11,622,255 |
11,581,158 |
15,949,486 |
|
Operating Expenses |
(4,525,729) |
(3,987,614) |
(3,352,755) |
|
Operating Profit |
7,096,526 |
7,593,544 |
12,596,731 |
|
Other income (expenses) |
(1,213,565) |
(1,889,047) |
(2,399,614) |
|
Profit before income tax |
5,882,961 |
5,694,497 |
10,197,117 |
|
Income taxes expense |
(1,548,854) |
(538,654) |
(87,578) |
|
Net Profit |
4,344,107 |
5,165,843 |
10,109,539 |
Note: Audited by Hadori Sugiarto Adi & Rekan
(Registered Public Accountants)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.