|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PUSAKA PRIMA MANDIRI |
|
|
|
|
Registered Office : |
Jalan Brigjend.
Zein Hamid Km. 6.9, Titi Kuning, Medan Johor, Medan, 20146, North Sumatra |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
25.06.2013 |
|
|
|
|
Legal Form : |
National Private and Domestic Investment (PMDN) Company |
|
|
|
|
Line of Business : |
Subject is engaged in Cigarette Paper Industry. |
|
|
|
|
No of Employees : |
178 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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, 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 |
BASIC SEARCH |
Name of
Company :
P.T. PUSAKA
PRIMA MANDIRI
Address :
Head Office
Jalan Brigjend. Zein Hamid Km. 6.9
Titi Kuning, Medan Johor
Medan, 20146
North Sumatra
Indonesia
Phones - (62-61)
7867648, 7867973
Fax - (62-61) 7863004
Land Area - 30,200 sq.
meters
Office Space - 15,600 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 24 February 1984 as P.T.
KIMSARI PAPER INDONESIA
b. 12 April 2004 as P.T. PDM
INDONESIA
c. 25 June 2013 as P.T. PUSAKA
PRIMA MANDIRI
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
- No. C2-6181.HT.01.01.TH.84
Dated 31 October 1984
- No. AHU-100730.AH.01.02.TH.2008
Dated 31 December 2008
- No. AHU-AH.01.10-14096
Dated 26 August 2009
- No. AHU-AH.01.10-12216
Dated 11 April 2012
- No. AHU-40005.AH.01.02.TH.2013
Dated 23 July 2013
- No. AHU-AH.01.10-51543
Dated 29 November 2013
Company Status
:
National Private and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.060.153.2-123.001
The President of the
Republic of Indonesia
No. B-47/Pres/12/1983
Dated 27 December 1983
The Capital Investment
Coordinating Board
No. 859/A/PMA/2013
Dated 7 May 2013
Related
Companies :
None
CAPITAL AND OWNERSHIP |
Capital
Structure :
Authorized Capital :
Rp. 10,945,000,000.-
Issued Capital :
Rp. 8,159,000,000.-
Paid up Capital :
Rp. 8,159,000,000.-
Shareholders/Owners
:
a. Mr. Djoni Tjandra -
Rp. 7,751,050,000.-
Address : Jl. Komplek Padang
Golf Block B-2
Kelurahan
Sukadamai, Kecamatan
Medan Polonia,
Medan, North Sumatera
Indonesia
b. Mrs. Sisilia Tjandra - Rp. 407,950,000.-
Address : Jl. Komplek Padang
Golf Block B-2
Kelurahan
Sukadamai, Kecamatan
Medan Polonia,
Medan, North Sumatera
Indonesia
BUSINESS ACTIVITIES |
Lines of
Business :
Cigarette Paper Industry
Production
Capacity :
a. Cigarette Papers - 6,000 tons p.a.
b. Flug-Wrap Papers - 500 tons p.a.
c. Tripping Papers - 900 tons p.a.
Total
Investment :
a. Equity Capital -
Rp. 8.2 billion
b. Loan Capital -
Rp. 7.3 billion
c. Total Investment -
Rp. 15.5 billion
Started
Operation :
March 1985
Brand Name :
Pusaka Paper
Technical
Assistance :
SCHWEITZER MAUDUIT FRANCE of France
Number of
Employee :
178 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. P.T. BENTOEL PRIMA
b. P.T. BINTANG JAGAT SEJATI
c. P.T. HM SAMPOERNA TBK.
d. P.T. KISARAN TOBACCO
e. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. ARGAPURA
b. P.T. BUKIT MURIA JAYA
c. P.T. FILTRONA INDONESIA
d. P.T. SURYA ZIG ZAG
e. Etc.
Business Trend
:
Fluctuating
BANKER, AUDITOR & LITIGATION |
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan Bukit Barisan, Medan
North Sumatra
Indonesia
b. CITIBANK N.A.
Jakarta Main Office
Jalan Jend. Sudirman - Jakarta
Indonesia
Auditor :
KAP Purwantono, Suherman
& Surja (ERNST & YOUNG)
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales :
2011 – Rp. 145.0 billion
2012 – Rp. 153.0 billion
2013 – Rp. 120.0 billion
2014 – Rp. 62.0 billion (January
– June)
Net Profit
(estimated) :
2011 – Rp. 5.8 billion
2012 – Rp. 9.2 billion
2013 – Rp. 8.0 billion
2014 – Rp. 4.2 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
President Director - Mr. Djoni Tjandra
Director -
Mrs. Shirley Tjandra
Board of Commissioner :
Commissioner - Mrs. Suty Halim
Signatories :
President Director (Mr. Djoni Tjandra)
or the Director (Mrs. Shirley Tjandra) which must be approved by Board of
Commissioner
CAPABILITIES
|
Management Capability :
Satisfactory
Business Morality :
Satisfactory
OVERALL PERFORMANCE |
Originally the company name is P.T. KIMSARI
PAPER INDONESIA it was established in February 1984 with an authorized capital
of US$ 11,000,000 of which US$ 8,200,000 was paid up. The founders and
shareholders are P.T. SARIDA PERKASA, P.T. DUTA MENDUT (both are private
companies) and KIMBERLY CLARK CORPORATION of USA. It’s articles of association
has been amended frequently. In October 2001, P.T. SARIDA PERKASA, pulled-out
and replaced by P.T. RISDA MANDALA PERKASA as new shareholder. P.T. RISDA
MANDALA PERKASA majority share is controlled by Mr. Ibrahim Risjad also founder
and majority business stakes owner of the RISJADSON Group, a medium-sized
business group suffering from financial problem. In April 2004, the company renamed to P.T. PDM
INDONESIA). In February 2005, whole shareholders of P.T. PDMI withdrew and
replaced by SCHWEITZER MAUDUIT FRANCE S.A.R.L., of France (95%) and P.T.
NOMINDOJASA RAYA of Indonesia (5%). The taking over of shares of the company by
SCHWEITZER MAUDUIT FRANCE valued US$ 8.5 million.
Then in August 2009 P.T. NOMINDOJASA RAYA pulled out and replaced by Mr.
Djoni Tjandra as new shareholder. With this time the composition of its
shareholders has been changed to become SCHWEITZER-MANDUIT FRANCE S.A.R.L of
France (95%) and Mr. Djoni Tjandra (5%). Then according to the revision of
notary deed Mrs. Aryanti Artisari, SH., no. 53 dated 13 March 2012 the company
board of director and the board of commissioner had been changed to lead and
runs of the company’s operation. Later based on notary deed Mrs. Mala Mukti,
SH., no. 112 dated 25 June 2013 the whole SCHWEITZER MAUDUIT FRANCE S.A.S’s
shares sold to Mr. Djoni Tjandra. On the same occasion the company name was
changed to P.T. PUSAKA PRIMA MANDIRI (P.T. PPM). Concurrently the company
authorized capital was converted into Rupiah with an authorized capital of Rp.
10,945,000,000 issued capital of Rp. 8,159,000,000 entirely paid up. With this
time the composition of its shareholders is controlled by Mr. Djoni Tjandra
(100%). The latest according to the revision of notary deed Mr. Jhon Lansung,
SH., no. 132 dated 17 September 2013 his daughter Mrs. Sisilia Tjandra entered
into the company as new shareholder. With this time the composition of its
shareholders has been changed to become Mr. Djoni Tjandra (95%) and his
daughter Mrs. Sisilia Tjandra (5%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-51543
dated November 29, 2013.
P.T. PPM is one of the producer of cigarette paper industry in the
country which operation since December 1985. The company produces of cigarette paper industry including plug-wrap
and tipping paper. Its factory is located at Jalan Brigjend. Zein Hamid Km.
6.9, Titi Kuning, Medan Johor, Medan, North Sumatera on a land of 3 hectares,
with a building of around 15,600 square meters. This factory had initially a
production capacity of 5,000 tons plug-wrap paper and 900 tons tipping paper
per year respectively. In October 1990, this company received an expansion
license from the BKPM for the construction of a fine cigarette paper unit with
a capacity of 1,000 tons per year. The construction of this expansion unit was
finished in early 1991 and its commercial production commenced at the end of
1991. The construction of this expansion had absorbed an estimated investment
of Rp. 4.1 billion fully from loan.
The construction of this factory unit had
absorbed an investment of Rp. 15.5 billion, consisting of Rp. 8.2 billion owned
capital while the rest Rp. 7.3 billion was covered by loan. For the production
of cigarette paper, P.T. PPM utilizes the technology from PDM cigarette paper
of France. This company does not use any trade mark since its buyers are
limited and the sales continuous.
Most of raw materials likes precipitated
calcium carbonate, gum arabicum, bevaloid, Nopco, Afranil, needle bleached
kraft pulp, NBKP Caribo, NBKP Harmac, Fax pulp, Abaca pulp and others imported
from Canada, South Arfica, Philippine, France, Japan, Malaysia, and the rest
from locals. All the production is marketed in the country to cloves cigarette
factories as well as to ordinary cigarette factories. The products are sold to
P.T. SUMATRA TOBACCO TRADING COMPANY, P.T. DUTA MENDUT, P.T. PABRIK ROKOK TJAP
BENTOEL, P.T. BENTOEL PRIMA, P.T. HM SAMPOERNA Tbk, P.T. KISARAN TOBACCO, P.T.
WONGSO PAWIRO, P.T. NOJORONO TOBACCO INTERNATIONAL, Pabrik Rokok SUKUN, P.T.
Perusahaan Dagang Dan Indsutri TRESNO, P.T. BOKOR MAS, P.T. Perusahaan Dangang
Dan Industri SUBUR AMAN, P.T. LESTARIPUTRA WIRASEJATI, P.T. SAMPOERNA
PRINTPACK, etc. We observe that P.T. PPM operation has been fluctuating in the
last three years.
Generally, demand for cigarette paper, packaging cigarette paper has
kept on rising in line with the rapid growth of cigarette industries in the
last five years. Decrease in the number of tobacco companies influenced the
tight government regulations governing the production, promotion and cigarette
consumption. Mr. Hasan Aoni Aziz, Corporate Communication of the United
Association of Cigarette Manufacturing Indonesia (GAPPRI), assess increasing
stringent government regulation of the tobacco industry has been continuously
decrease the number of firms in the sector, especially small-medium in
industries. Based on data compiled by the Ministry of Industry, the industry
association the number of cigarettes companies Indonesia in 2009 reached 3,255
units then felt to 2,600 units in 2010 decreased to 2,540 units in 2011 to
1,000 units in 2012 and drop to 800 units in 2013.
The cigarette industries will keep going down within the coming four
year years. Competition is very tight as there are 73 cigarette producers
operating in the country. The most leading producers are P.T. GUDANG GARAM Tbk,
of 35.5% market segment, P.T. HM SAMPOERNA Tbk., of 15.2% market segment, P.T.
DJARUM of 11.9% market segment, P.T. BENTOEL PRIMA of 1.5% and the rest is
controlled by other small producers. The growth cigarette industries in
Indonesia is seen from the table as below:
The Growth of
Cigarettes in Indonesia Period 2009 – 2013
|
Description |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Total Production (billion stick) |
263.2 |
279.0 |
285.1 |
308.0 |
319.2 |
|
Number of Companies (unit) |
3,255 |
2,600 |
2,540 |
1,000 |
800 |
|
Number of Employee (person) |
687,224 |
700,000 |
725,000 |
780,000 |
700,000 |
|
Tax Receivable (trillion Rupiah) |
54.3 |
59.3 |
77.0 |
95.0 |
35.3 |
Until this time P.T. PPM has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. PPM is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in 2011 amounted to Rp. 145.0 billion rose to Rp. 153.0 billion in 2012
drop to Rp. 120.0 billion in 2013. As from January to June 2014 the sales
turnover has amounted at Rp. 62.0 billion with a net profit Rp. 4.2 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. PPM is led by Mr. Djoni Tjandra (57) a
businessman and professional manager with experience in cigarette paper
industry and trading. Daily activity he is assisted by his daughters Mrs.
Shirley Tjandra (24) as director. The company's management is handled by
professional staff in the above business. They have wide relations with private
businessmen within and outside the country. So far, we did not hear that the
management of the company being filed to the district court for detrimental
cases or involved in any business malpractices. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia. We
are convinced P.T. PUSAKA PRIMA MANDIRI is sufficiently fairly good for
business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.