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Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PRAMBANAN KENCANA |
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|
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Registered Office : |
Delta Building Block 28-29, Jalan Suryopranoto No. 19, |
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Country : |
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Date of Incorporation : |
02.12.1953 |
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Com. Reg. No.: |
No. AHU-06986.AH.01.02.Tahun 2013 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Trading and
Distribution of Bakery, Pastry and Confectionery Ingredients, Pharmaceutical,
Products, Fruits and Nuts, Raisin, Biscuits |
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|
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No. of Employees : |
172 |
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 |
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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 |
Name of company :
P.T.
PRAMBANAN KENCANA
A d d r e s s :
Head
Office
Formerly address
Delta Building Block 28-29
Jalan Suryopranoto No. 19
Jakarta 10130
Indonesia
Phones - (62-21) 380 6464 (hunting)
Faxes -
(62-21) 384 3281, 380 6470
Head
Office (New Address)
Jl. Tanah Abang II No. 36
Petojo Selatan
Jakarta 10160
Phones - (62-21) 3810380 (hunting)
Faxes -
(62-21) 3810340
Email - info@prambanan-kencana.co.id
Website - http://www.prambanan-kencana.co.id
Building Area - 3 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Branches
a. Jakarta
b. Bandung, West Java
c. Palembang, South Sumatra
c. Makassar, South Sulawesi
d. Semarang, Central Java
e. Surabaya, East Java
Date of
Incorporation :
02 December 1953 as CV. PRAMBANAN TRADING COMPANY, chanted its name to
PT. PRAMBANAN KENCANA on September 26, 1972
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C2-6772.HT.01.04.TH.98
Dated 18 June 1998
b. No. AHU-82662.AH.01.02.Tahun 2008
Dated 06 November 2008
c. No.
AHU-06986.AH.01.02.Tahun 2013
Dated 18 February 2013
Company Status :
Private Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 1.313.261.8-032
The Department of Trade
a. No. 1011/09-03/PDB/NAS/5, dated 27 May 1982
b. No. 2844/1011-P/09-01/PB/V/87/6
Related/Affiliated
Companies :
a. P.T. SELINDO SEJAHTERA (Investment Holding)
b. P.T. SELINDO SEJAHTERA TAMA (Bakery and Pastry Raw Materials
Industry)
c. P.T. GANDUM MAS KENCANA (Baking Chocolate and Desert Mixes Industry)
d. P.T. GIRI MANUNGGAL (General Trading)
e. P.T. TANDES LAUTAN (General Trading)
Capital Structure :
Authorized Capital - Rp. 5,040,000,000.-
Issued Capital -
Rp. 5,040,000,000.-
Paid up Capital -
Rp. 5,040,000,000.-
Shareholders/Owners :
a. Mrs. Sunny Liawati Solichin - Rp.
252,000,000.- ( 5.00%)
b. Mr. Dani Hidayat Solichin - Rp. 919,800,000.- (18.25%)
c. Mrs. Susana Suriani Solichin - Rp.
793,800,000.- (15.75%)
d. Mrs. Kristiawaty Solichin - Rp. 768,600,000.- (15.25%)
e. Mr. Wahyudi Solichin - Rp.1,008,000,000.- (20.00%)
f.
Mrs. Ingrid Farida Solichin -
Rp. 743,400,000.- (14.75%)
g. Mrs. Agnes Alida Solichin - Rp. 554,400,000.- (11.00%)
Lines of Business
:
a. Trading and
Distribution of Bakery, Pastry and Confectionery Ingredients, Pharmaceutical
Products, Fruits and Nuts, Raisin,
Biscuits.
b. Sole Agent of:
- KONINKLIJKE ZEELANDIA, Bakery, Pastry and
Confectionery Ingredients of the Netherlands
- US
DRIEN Fruits and Nuts of the USA
- FABBRI Confectionery Ingredients of
France
- MARIANI CALIFORNIA Raisins of the USA
- JULES DESTROOPER Premium Belgian Biscuit
of Belgium
- Etc.
c. Sole Distributor of:
- PT. SELINDO SEJAHTERATAMA Bakery and
Pastry Raw Materials of Indonesia
- PT. GANDUM MAS KENCANA, Baking Chocolates
and Dessert Mixes of Indonesia
Production
Capacity :
None
Started Operation
:
a. 1954 as CV.
PRAMBANAN TRADING COMPANY
b. 1972 as PT. PRAMBANAN KENCANA
Brand Name :
PRAMBANAN KENCANA
Number of Employee
:
172 persons
Marketing Area :
Domestic (Local) - 90%
Export -
10%
Main Customers :
a. Food Services (Bakery, Cafe, Catering, Home Industry,
Hotel & Restaurnat, Specialty Store)
b. Industries (Pharmaceuticals, Cosmetic, Milk and Food,
Ice Cream,etc)
c. Retail (Hypermarkets, Supermarkets, Minimarket and
Traditional Markets)
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. GIVAUDAN INDONESIA
b. P.T. ESSENCE INDONESIA
c. P.T. HARUMSARI SURYAAMPUH
d. P.T. JEERINDO SARI UTAMA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T.
Bank MANDIRI Tbk
Komplek Duta Merlin Blok A/26-28
Jl. Gajah Mada No. 3-5
Jakarta Pusat
b. P.T. Bank CENTRAL ASIA Tbk
Menara BCA Grand Indonesia
Jl. M.H. Thamrin No. 1
Jakarta Pusat
Auditor :
Not Available
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 252.0 billion
2010 – Rp. 280.0 billion
2011 – Rp. 320.0 billion
2012 – Rp. 345.0 billion
2013 – Rp. 362.0 billion
Net Profit
(estimated) :
2009 – Rp. 13.0 billion
2010 – Rp. 14.5 billion
2011 – Rp. 16.6 billion
2012 – Rp. 17.8 billion
2013 – Rp. 18.5 billion
Payment Manner :
Average
Financial Comment
:
Fairly strong
Board of
Management :
President Director - Mr. Dani Hidayat Solichin
Director - Mrs. Sri Anggraini Irwan Sentausa
Board of
Commissioner :
President
Commissioner - Mrs. Susana Suriani Solichin
Commissioners - a. Mrs. Emiliana Solichin
b. Mrs. Kristiawaty Solichin
Signatories
:
President
Director (Mr. Dani Hidayat Solichin) or Director (Mrs. Sri Anggraini Irwan Sentausa)
which must be approved by the Board of Commissioners
Management
Capability :
Satisfactory
Business Morality
:
Satisfactory
Credit Risk :
Below Average
Credit
Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Originally named C.V. PRAMBANAN TRADING
COMPANY, the company was established
in December 1953 under the style of C.V. (Commanditaire Vennotschap) or
limited partnership. Its founding
owners are Mr. Gregorius Hidayat Solichin and his wife Mrs. Elizabeth
Herawaty, both are Indonesians of
Chinese extraction. In September 1972 the company’s legal status was converted
into P.T. (Perseroan Terbatas) or Limited Liability Company and its name
changed to
P.T. PRAMBANAN KENCANA (P.T. PK). The company’s notarial act was since
revised a number of times, in January 1991 when its authorized capital was
increased to Rp 630,000,000.- entirely issued and paid up. In November 1994 Mr. Gregorius Hidayat
Solichin died and his shares entirely was taken over by his son Mr. Dani
Hidayat Solichin (40%) and his uncles
Mr. Taufic Solichin (40%) and Mr. Wahyudi Solichin (20%).
In
1998, the authorized capital was raised to Rp. 1,260,000,000 entirely issued
and paid up. Since that time, the
shareholders of the company are Mrs. Sunny Liawati Solichin (20%), Mr. Dani
Hidayat Solichin (12%), Mrs. Susana Suriani Solichin (12%), Mrs. Kristiawaty
Solichin (12%), Mr. Wahyudi Solichin (20%), Mrs. Ingrid Farida Solichin (12%),
and Mrs. Agnes Alida Solichin (12%). The amendment Articles of Association was
made by Mr. James Herman Rahardjo, SH., a public notary in Jakarta under
Company Registration Number No. C2-6772.HT.01.04.TH.98 dated 18 June 1998 and
No. AHU-82662.AH.01.02.Tahun 2008 dated 06 November 2008.
Later
according to the latest amendment of notarial Deed No. 19 dated 07 December
2012 of Sri Rahayuningsih, SH., the company’s authorized capital was raised
again to Rp. 5,040,000,000.- entirely was issued and fully paid up. Since at the time, the shareholders of the
Company are Mrs. Sunny Liawati Solichin (5.00%), Mr. Dani Hidayat Solichin
(18.25%), Mrs. Susana Suriani Solichin (15.75%), Mrs. Kristiawaty Solichin
(15.25%), Mr. Wahyudi Solichin (20.00%), Mrs. Ingrid Farida Solichin (14.75%),
and Mrs. Agnes Alida Solichin (11.00%). The deed of amendments was approved by
the Ministry of Law and Human Rights in its Decision Letter No.
AHU-06986.AH.01.02.Tahun 2013 dated 18 February 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
The
activities of P.T. PK are to continue the activities of C.V. PRAMBANAN TRADING
COMPANY having been in operation since 1953 dealing with trading and
distribution of agro chemicals. In 1969, the company diversified its business
to the distribution of fine chemicals and pharmaceutical ingredients and
exporting of foodstuffs. Since 1972,
P.T. PK started to import foodstuff mainly from Europe. The products vary from
confectionery items to instant dried yeast. However, since 1983 P.T. PK has
started focusing its business in trading and distribution of bakery, pastry and
confectionery ingredients. The company is the sole agent of Koninklijke
Seelandia of the Netherlands.
The
company has wide marketing networks in the country covering Jakarta, Bandung,
Semarang, Surabaya, Bali and Palembang (South Sumatera). To expand its
business, in 1988 P.T. PK was in cooperation with Koninklijke Zeelandia of the
Netherlands by establishing P.T. SEELINDO SEJAHTERATAMA dealing with bakery and
pastry basic material industry.
Subsequently, to further strengthen the position of Zeelandia products
in the Southeast Asia region, in 1998 both shareholders agreed to create a
sales & marketing company under the name of PT. ZEELANDIA INDONESIA.
P.T.
PK also engaged in investment holding by controlling 99.5% shares of P.T.
GANDUM MAS KENCANA (GMK) to produce baking ingredients and basic materials for
bread, cakes, chocolate and processed chocolate. Its plant located at Jalan Raya Mauk Km. 2.1,
(Jalan Mohamad Toha), Bugel Village, Karawaci, Tangerang, Banten Province on a
land of 26,161 square meters. Some 35% of the products are exported to various
countries while the rest is locally marketed to various food industries, shops
and supermarkets spreading in major cities of Indonesia.
Generally,
demand for bakery, pastry and confectionery ingredients has been increasing by
6% to 7% per annum in the last five years having close relation with the
growing development of hotels, international standard restaurants, food courts,
fast food restaurants and the increase of the public’s purchasing power.
However, the competition is very tight on account of lots of similar companies
operating in country. The business position of P.T. PK is favorable for having
been experienced in the above business.
Until
this time P.T. PK has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management of the company strongly rejected to disclose its financial
condition, but we estimated that total sales turnover of P.T. PK in 2010
amounted to Rp. 280.0 billion increased to Rp. 320.0 billion in 2011 to Rp.
345.0 billion in 2012 to Rp. 362.0 billion in 2013 and projected to be rising
by at least 8% in 2014. The operation
of the company in 2011 is estimated to have gained a profit of Rp. 16.6 billion
increased to Rp. 17.8 billion in 2012 and rose again to Rp. 18.5 billion in
2013. It estimated that the company has
a total assts of Rp. 180.0 billion. So
far, we did not hear that P.T. PK has been black listed by Bank Indonesia
(Central Bank) and involved in detrimental cases being settled in the court.
The
management of the company is led by Mr. Dani Hidayat Solichin (51), a
businessman with more than 25 years experience in trading of bakery, pastry and
confectionery ingredients. He is the
first son of the late Mr. Gregorius Hidayat Solichin, the founding shareholder
of the company. In daily activities, he is assisted by Mrs. Sri Anggraini Irwan
Sentausa (53) as director. 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 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.
P.T.
PRAMBANAN KENCANA is appraised to be good for business transaction. However, in view of the economic condition in the
country is still unstable, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.42 |
|
|
1 |
Rs.97.24 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
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|
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.