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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PDM |
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Registered Office : |
c/o P.T. PUSAKA PRIMA MANDIRI, Jalan Brigjen. Szein Hamid
Km. 6.9, Titi Kuning, Medean 20146, North Sumatra |
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Country : |
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Date of Incorporation : |
24.02.1984 |
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Com. Reg. No.: |
- No. AHU-AH.01.10-12216 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Cigarette Paper Industry |
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No. of Employees : |
178 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Taken over company |
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Payment Behaviour : |
--- |
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Litigation : |
--- |
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 |
Name of
Company :
P.T. PDM
INDONESIA
A d d r e s s
:
Head Office
c/o P.T. PUSAKA PRIMA MANDIRI
Jalan Brigjen. Szein Hamid Km. 6.9
Titi Kuning, Medean 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
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
Company Status
:
Foreign Investment (PMA) Company
Permit by the
Government Department :
The President of the
Republic of Indonesia
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. 41/I/PMA/1983
Dated 31 December 1983
- No. 160/II/PMA/1990
Dated 10 October 1990
- No. 96/III/PMA/2004
Dated
06 February 2004
Related Companies :
a. SCHWEITZER MAUDUIT FRANCE (Investment Holding)
b. P.T. NOMINDOJASA RAYA (Investment Holding and Trading)
Capital
Structure :
Authorized Capital :
US$. 11,000,000.-
Issued Capital :
US$. 8,200,000.-
Paid up Capital :
US$. 8,200,000.-
Shareholders/Owners
:
a. SCHWEITZER MAUDUIT FRANCE S.A.R.L - US$.
7,790,000.-
Address : B.P.34, 29393
Quimperle Cedex
France
b. Mr. Djoni Tjandra -
US$. 410,000.-
Address : Jl. Imam Bonjol Block
Bo. 15/O
Fetisah Tengah,
Medan
North Sumatera
Indonesia
Lines of
Business :
Cigarette Paper Industry
Production
Capacity :
a. Cigarette Papers - 6,000 tons p.a.
b. Flug-Wrap Papers - 500 tons p.a.
c. Tripping Papers - 900 tons p.a.
Total
Investment :
a. Equity Capital -
US$ 8.5 billion
b. Loan Capital -
US$ 7.6 billion
c. Total Investment -
US$ 15.8 billion
Started
Operation :
March 1985 but since July 2013 the whole assets had been sold to P.T.
PUSAKA PRIMA MANDIRI
Brand Name :
PDM 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
B a n k e r s :
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
Annual Sales :
2011 – Rp. 145.0 billion
2012 – Rp. 153.0 billion
2013 – Rp. 60.0 billion (January
– June)
Net Profit
(estimated) :
2011 – Rp. 5.8 billion
2012 – Rp. 9.2 billion
2013 – Rp. 4.0 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Jean-Albert Le Roux
Director -
Mr. Djoni Tjandra
Board of Commissioner :
Commissioner - Mr. John Winn Rumely Junior
Signatories :
President Director (Mr. Jean-Albert Le
Roux) or the Director (Mr. Djoni Tjandra) which must be approved by Board of
Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
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 (P.T. PDMI). 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%). The latest 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. The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-12216 dated April 11, 2012.
Previously P.T.
PDMI is one of the producer of cigarette paper industry in the country which
operation since December 1985. The
company obtained its foreign capital investment (PMA) license from the Capital
Investment Coordinating Board (BKPM) in cigarette paper industry including
plug-wrap and tipping paper. Its factory is located at Jalan Brigjend. Zein
Hamid Km. 6,9, Titi Kuning, Medan, on a land plot of three 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. The construction of this factory unit had absorbed an
investment of US$ 11.7 million, consisting of US$ 8.2 million equity capital
and US$ 3.5 million was covered by loan. In 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 US$ 4.1 million fully from loan. For the production of cigarette paper, P.T.
PDMI 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. All the production is marketed in the country to cloves cigarette
factories as well as to ordinary cigarette factories. Its marketing is handled
by P.T. DUTA MENDUT. The products are sold to P.T. SUMATRA TOBACCO TRADING COMPANY,
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,
etc. However according information the whole assets had been taken over by P.T.
PUSAKA PRIMA MANDIRI, a national private company dealing with cigarette paper
industry.
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. In
overall we find the clove cigarette industries kept on rising in the last five
years and nothing wrong with the global economic crisis occurred in October
2008 because they used mostly local contents. But the number of cigarettes
companies in Indonesia this year is down 17% to 1,381 units in 2012 compared to
2011, according to industry association. 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 cigarette companies
Indonesia in 2007 reached 5,000 units, then felt to 1,500 units in 2010.
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 – 2012*
|
Description |
2009 |
2010 |
2011 |
2012* |
|
Total Production (billion stick) |
245.2 |
249.1 |
270.8 |
278.9 |
|
Number of Companies (unit) |
3,255 |
1,994 |
1,664 |
1,381 |
|
Number of Employee (person) |
687,224 |
700,000 |
725,000 |
780,000 |
|
Tax Receivable (trillion Rupiah) |
55.4 |
63.3 |
73.3 |
84.4 |
Source: GAPPRI (Indonesia Cigarette Producers
Association)
Until this time
P.T. PDMI has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The
management of P.T. PDMI 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. As from January to June 2013 the sales turnover has amounted at Rp. 60.0
billion with a net profit Rp. 4.0 billion. Since July 2013 the whole assets
including factory and employee had been took over by P.T. PUSAKA PRIMA MANDIRI.
The management
of P.T. PDMI is led by Mr. Jean-Albert Le Roux (48) a professional manager with
experience in cigarette paper industry and trading. Daily activity he is
assisted by Mr. Djoni Tjandra (57) 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. Considering the
whole assets had been took over by P.T. PUSAKA PRIMA MANDIRI, we recommend to
stop any new proposed loan to P.T. PMD INDONESIA.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.